ICMA – helping capital markets operate effectively

Corporate Bond Market Liquidity Seminar

516 members in 58 countries (including 27 in Luxembourg)

Offices in London, Zurich, Paris, Hong Kong

Committees and Councils of members for all users of the fixed income market – borrowers, intermediaries and investors

Regional committees in each region – “eyes and ears on the ground”

ICMA Women’s Network - an international network for women in capital markets

Future Leaders - events for the ‘next generation’ of fixed income professionals

Education and events

Capital Market Integration post Brexit

Corporate Bond Market Liquidity Seminar

ICMA has encouraged capital market integration across borders for almost 50 years

Brexit risks fragmenting capital markets in Europe

Our members want maximum clarity and minimum disruption

Brexit is on the agenda of all our Committees – we organise briefings for members as and when updates are available

We are continuing with work streams that fall within the European CMU initiative – covered bonds, securitisation, private placements, Prospectus Regulation, secondary market liquidity etc.

As an international association we are not involved in lobbying efforts on behalf of any one financial centre

ICMA priorities

Corporate Bond Market Liquidity Seminar

Primary Markets“ensuring the new issue process is effective, fair and transparent”

Regulatory priorities include:

Market Abuse Regulation – effective 3 July 2016 – clarifying impact on market soundings

Prospectus Directive Review – political agreement on final text of Prospectus Regulation by end 2016

Packaged Retail and Insurance-based Investment Products (PRIIPs) –application date remains 31 December 2016

ICMA prioritiesSecondary markets: Liquidity

• ICMA second study published in July• ECB Corporate Sector Purchase Programme & Bank of England Corporate Bond

Purchase Scheme – monitoring impact on market functioning and liquidity• IOSCO Consultation on corporate bond market liquidity – ICMA submitted a

response based on our own study• European Commission Expert Group on bond market liquidity – ICMA

represented• ICMA Buy-in rules – consultation with members

Regulatory priorities include• MiFID II/MiFIR – joint buy and sell-side Working Group discussing

implementation of ESMA Level II RTS relating to transparency• CSDR, SFTR, NSFR, MAR etc

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ICMA priorities

Repo & collateral: Leverage ratio – ICMA ERCC responded to BCBS consultation with

suggested recalibrations

SFTR – ICMA ERCC responding to ESMA consultation

31st ICMA European Repo Market Survey – headline figure for repo market size EUR 5,379 billion, 1.6% year on year decrease

ICMA ERCC report on the trade registration models used by European CCPs for repo transactions

ICMA ERCC Operations Group – Fintech Working Group on Fintech solutions in post-trade space

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ICMA priorities

Asset Management:

“ICMA represents the entire value chain, with buy and sell side integrated into cross industry working groups wherever possible. Where a distinct buy side view is needed this is represented by the ICMA asset Management and investors council”

Joint report with EFAMA on Fund Liquidity

Bail-in Working Group – paper stressing importance of consistent clear communication and harmonised disclosure sent to ECB, European Commission and Single Resolution Board - active ongoing discussions

ICMA’s AMIC part of joint industry efforts to highlight importance of securitisation

Covered Bond Investor Council

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ICMA prioritiesCapital market products Green Bonds

• Green Bond Principles Resource Hub launched (allows investors to assess level of compliance with GBP)

• Involved in the G20 Green Finance Study Group • Broader industry green finance initiative

European Corporate Private Placements – updated market guide launched at an event with the European Commission

Infrastructure finance – Guide to Infrastructure Financing in Asia published with ASIFMA

GDP-Linked bonds – consultation with ICMA’s Asset Management and Investors Council

Silk Road Bonds – Hong Kong Working Group

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49th ICMA Annual General Meeting & Conference Luxembourg, May 3 to 5, 2017

AGM and ConferenceEuropean Convention Centre Luxembourg

Welcome reception, Wednesday, 3 May Philharmonie Luxembourg

Gala reception, Thursday, 4 May Neumünster Abbey

Put it in the diary now!

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