Setting standards internationally

The International Capital Market Association (ICMA) is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers. ICMA’s market conventions and standards have been the pillars of the international debt market for almost 50 years.

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News in brief

Employment Opportunity
19 January 2015 ICMA is seeking to recruit an Associate, Business Development, within its Membership team, working in ICMA’s London office.
For more information, click here.
ICMA is pleased to welcome the following new members in January 2015:
Adamant Capital Partners Jsc, Sofia
Ahorro Corporación Financiera, S.V., S.A., Madrid
Liquidity Finance LLP, London
Orrick, Herrington & Sutcliffe (Europe) LLP, London
Shanghai Clearing House, Shanghai
Click here to view the full list of ICMA members.

ICMA now has 472 members in 55 countries.
Pan-European Private Placement Working Group supports exemption from withholding tax on interest on private placements contained in HM Treasury’s Autumn Statement
5 December 2014 The Pan-European Private Placement Working Group (PEPP WG) welcomes the new exemption from withholding tax for interest on private placements contained in HM Treasury’s Autumn Statement, which was released on 3 December 2014. We believe that this exemption will help unlock new financing opportunities for UK businesses.
To view the press release, click here.
Liquidity in the European secondary bond market: perspectives from the market. ICMA publishes survey on current state and future evolution of the European corporate bond market
25 November 2014 A new study from the International Capital Market Association (ICMA) identifies the main causes of the potential crisis facing liquidity in the corporate secondary bond markets in Europe and calls for constructive and coordinated action from all market stakeholders to find solutions.
To view the report, click here.
To view the press release, click here.
A recording of the ICMA briefing call held on 3 December is available here (ICMA Members only)
Participate in the ICMA European Repo Council's 28th European repo market survey
All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 10 December 2014.
PARTICIPATE
Eurepo index to be discontinued on 2 January 2015
3 November 2014 (Brussels) The European Money Markets Institute (EMMI) and the ICMA European Repo Council (ERC) announce the discontinuation of the Eurepo index as of 2 January 2015.
To view the press release, click here.
AFME-ICMA Capital Markets and Growth Roundtable and Dinner Discussion
AFME and ICMA held a roundtable at the European Parliament in Brussels on 30 September 2014. The event was held under the Chatham House Rule. Participants were from both the official sector and the private sector. Click here to view the summary notes.

Market Practice & Regulatory Policy

ICMA responds to the UK FCA’s consultation on restrictions on the retail distribution of regulatory capital instruments
27 January 2015 ICMA has responded to the FCA’s consultation on restrictions on the retail distribution of regulatory capital instruments.
To view the response, click here.
ICMA responds to the Fair and Effective Markets Review
15 January 2015 ICMA has responded to the Fair and Effective Markets Review.
To view the response click here.
ICMA responds, jointly with others, to EBA’s consultation on “simple, standard and transparent securitisations"
14 January 2015 ICMA has responded, jointly with AFME, the BBA and ISDA, to the EBA’s Discussion Paper on “simple, standard and transparent securitisations".
To view the response, click here.
ICMA Quarterly Report First Quarter 2015
9 January 2015 The latest edition of the ICMA quarterly report is now available.
To download the report, click here.
ICMA Secondary Market Practices Committee updated Terms of Reference
The ICMA SMPC has updated its Terms of Reference and mission statement to better reflect its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit market, it is also broadening its membership to include both sell-side and buy-side trader representation from ICMA members. If your firm is interested in becoming a member of the SMPC, please contact Andy Hill, secretary to the SMPC.
To view the Terms of Reference, click here.
ICMA responds to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation
15 October 2014 ICMA has responded to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation.
To view the response, click here.
AMIC: Maternity leave cover
ICMA is considering the appointment of a buy-side expert to provide maternity cover. For more information, click here.
ICMA AMIC Responds to FCA Discussion Paper DP14/3 - the use of dealing commission regime
10 October 2014 The AMIC has responded to the FCA's Discussion Paper DP14/3.
To view the response, click here.
ICMA Quarterly Report Fourth Quarter 2014
8 October 2014 The latest edition of the ICMA quarterly report is now available.
To download the report, click here.
Move to Settlement at T+2 on 6 October
On 6 October 2014 the settlement period for securities transactions in Europe migrated from T+3 (trade date plus 3 days) to T+2. The move to T+2 for many securities markets will also impact the repo and securities financing markets.
For more information click here.
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