ICMA documentation
ICMA’s objectives are to ensure that the international capital market works as efficiently as possible and to promote best market practice. Consistent with these objectives, ICMA develops market-standard documentation for use by and within the international capital market.

Market participants themselves ensure the efficient working of the international capital market by applying their practical experience to set good market standards and develop suitable documentation. Such ICMA self-regulation complements and may obviate the need for further statutory or mandatory regulation.


See the links below for ICMA documentation:


Sovereign bond markets:

Sovereign Buyback Guidance - 11 April 2011
Collective Action Clauses
Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets - 22 November 2004


Primary markets:

ICMA Primary Market Handbook - Password protected: ICMA members and Handbook on-line subscribers only
New Safekeeping Structure documentation - 2010
ICMA explanatory note on use of senior and negative pledge covenant - 12 October 2006
New Global Note documentation - 2006


Secondary markets:

ICMA Secondary Market Rules and Recommendations - Password protected: ICMA members and Secondary Market Rules and Recommendations on-line subscribers only
Bond Markets: Structures and Yield Calculations by Patrick J Brown An ISMA Publication in association with GDP. © 1998 International Securities Market Association


Repo and collateral markets:

Global Master Repurchase Agreement (GMRA)
ICMA GMRA legal opinions - Password protected: ICMA members and associate members only
Repo trading practice guidelines & documentation
Section 1000 Repo Dealers - Password protected: ICMA members and Secondary Market Rules and Recommendations on-line subscribers only
Securities Financing Transaction Annex (SFT Annex) to the ISDA Resolution Stay Protocol
Information Statement Securities Financing Transactions Regulation - 13 May 2016
Code of Conduct on Disclosure in the ABCP Market - 28 June 2008

ICMA Executive Education