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ICMA ERCC Operations Group
 
The ICMA ERCC Operations Group was established in 2006 to address operations specific activities arising from the work of the ERCC Committee. It is composed of operations specialists from ERCC member firms, each of whom has significant practical experience to bring to the group’s work and discussions. The main mandate of the Group is to develop operational best practices and processes to improve the timeliness, completeness and efficiency of the repo product in the local, European and Global market places.

The ICMA ERCC Operations Group is currently chaired by Nicholas Hamilton, Executive Director at J.P. Morgan, and Adam Bate, Executive Director at Morgan Stanley. Alexander Westphal (ICMA) is acting as Secretary of the Group.

For the more detailed Terms of Reference of the ERCC Operations Group, please click here.


Working Groups

In addition to its general activities, the ICMA ERCC Operations Group has established the following dedicated Working Groups:

1. Regulatory reporting of SFTs (Chaired by Jonathan Lee, J.P. Morgan)

2. SFT Trade Matching and Affirmation (Chaired by Adam Bate, Morgan Stanley)

3. TARGET2-Securities (Chaired by Rob Mason, RBS)

4. FinTech (Chaired by Sanjiv Ingle, Société Générale)

5. Ongoing review of the ICMA ERCC Guide to best practice in the European Repo Market (coordinated by Richard Comotto, ICMA Centre)

The ICMA ERCC Operations Group also establishes on an ad-hoc basis Focus Groups to address specific, typically more short-term projects. One such Focus Group is currently looking at Confirmation practices and standards in the repo market. The group is led by David John Laredo of Danske Bank.


Future challenges

As an overarching work stream the ICMA ERCC Operations Group is looking at the Future challenges in repo post-trade processing on an aggregate level. This work brings together all of the different working groups above and attempts to “join the dots” of the various regulatory initiatives.

The future challenges in repo post-trade processing was also in the focus of the second edition of the ICMA ERCC Ops Post-Trade Seminar 2016, which was held on Wednesday 10 February 2016 in London. Please click here for further information on the event.


Latest publications by the ICMA ERCC Operations Group
  • SFT reporting: ERCC response to ESMA’s consultation paper on Draft RTS and ITS under the SFTR and specific comments on the list of proposed reporting fields (submitted on 30 November 2016).
  • Future challenges for repo: Regulatory overview paper (last update: 9 August 2016) on the reporting and identification of SFTs, supplemented by the Impact Analysis slides (last update: 8 February 2016).
  • SFT reporting: ERCC response to ESMA’s discussion paper on Draft RTS and ITS under the EU SFT Regulation (submitted on 22 April 2016).
  • T2S: Response to the ECB consultation on RTGS services launched as part of the Eurosystem’s vision on the future of Europe’s financial market infrastructure (submitted on 4 April 2016)
  • T2S: Joint report by AFME and ICMA on the lessons learned from T2S wave 1 (published on 20 January 2016)
  • TMA: Template of recommended matching fields for repos and accompanying Glossary of terms (published on 8 December 2015)
  • SFT reporting: ICMA ERC* Operations Group response to the Bank of England’s public consultation on A new sterling money market data collection and the reform of SONIA (published on 1 October 2015)
  • T2S: Briefing note on the implication for the repo product related to the projected  ‘go live’ for Monte Titoli in TARGET2-Securities (published on 10 August 2015)
  • T2S: ICMA ERC*/Rule Financial webinar on TARGET2-Securities: presentation (held on 10 November 2014)
  • T+2 settlement cycle: Report on the successful migration of the European bond markets to T+2 (published on 13 October 2014)
  • T+2 settlement cycle: Report on the impact of T+2 settlement on the European bond and repo markets (last update: 16 September 2014)
 
Click here to access the ICMA ERCC Operations Group Members' area (login required)

(This is only available to members of this working group. If you have any enquiries or are interested in joining the group, please contact Alexander Westphal)


Nicholas Hamilton
Chair
J.P. Morgan Securities plc

Adam Bate
Co-Chair
Morgan Stanley & Co. International PLC

Alan Hodgins
Bank of America Merrill Lynch

José Manuel Perez Huertas
BANKIA, S.A.

Robert Lethaby
Barclays Capital Securities Limited

María Camacho
BNP Paribas

Lee Greenleaf
BrokerTec Europe Limited

Steve Walsh
Citigroup Global Markets Limited

Jordan Mungovan
Commonwealth Bank of Australia

Raphael Demaizieres
Credit Agricole

Barry Cowan
Credit Suisse Securities (Europe) Limited

Brian Norwood
Daiwa Capital Markets Europe Limited

Karin Iben Winding
Danske Bank A/S

Ian O'Connor
Deutsche Bank AG

Alessia Tirassa
EuroMTS Limited

Kathleen Bendernagel
Goldman Sachs International

Nicolas Barnes
HSBC Bank

Isabelle Fourrier

HSBC France

Katherine Mitchell
Intesa Sanpaolo S.p.A.

Jeffrey Johnstone
Jefferies International Limited

Jonathan Lee
J.P. Morgan Securities plc

Manoj Shah
Lloyds Bank plc

Gary Martin
Mizuho International plc

Rajeshpal Sangha
Nomura International plc

Thomas Man
RBC Europe Limited

Urs Sauer
SIX SIS AG

Sanjiv Ingle
Société Générale S.A.

Gesine Gehring
Swiss Reinsurance Company Ltd

Peter Kasteel
The Bank of New York Mellon

Rob Mason
The Royal Bank of Scotland plc

Stuart Robinson
UBS Limited

Liza Brenner

UniCredit Bank AG