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ICMA ERCC Reports
In recent years, ICMA has produced a series of reports, briefings and white papers on various topical issues, highlighting their relation to, and impact on, the European repo market.

These are available from the pages below.

On 4 December 2015, the name of the European Repo Council (ERC) was changed to the European Repo and Collateral Council (ERCC).


The euro repo market at March 2017 quarter-end
  • An update of the ICMA ERCC report 'Closed for business' looking at repo market behaviour over the March 2017 quarter-end.

Closed for business: a post-mortem of the European repo market break-down over the 2016 year-end
  • This report, based on available market data and interviews with market participants (including repo market-makers, buy-side firms, and infrastructure providers), attempts to document repo market moves and behaviour in the final week of December of 2016. More specifically it seeks to answer: (i) what happened? (ii) why it happened? and (iii) what possible measures can be taken to avoid future extreme dislocation?

Farewell 2016.... Welcome 2017
  • Presentation of the way one ICMA ERCC member firm saw, and may expect to see, things.



The Counterparty Gap
  • ICMA ERCC report on the trade registration models used by European CCPs for repo transactions - September 2016



Perspectives from the eye of the storm: The current state and future evolution of the European repo market
  • ICMA ERC study which looks at how the repo market in Europe is changing in response to regulatory pressures - November 2015
  • IFLR article: BANKING & PROJECT FINANCE - REPO REFORM - Hit by a train. By Andy Hill, Director, Market Practice and Regulatory Policy, ICMA - September 2015



Future challenges in repo post-trade processing: Changes, impacts & consequences
  • SFT identification and reporting: Regulatory overview paper and impact analysis
  • Harmonised template for repo trade matching and affirmation
  • ICMA seminar on The Future Challenges in Post-Trade Processing for Repo



ICMA ERC report on the successful migration of the European bond markets to T+2
  • Report on the successful migration of the European fixed income markets to T+2 - October 2014



CSDR Mandatory Buy-ins and the treatment of SFTs
  • ICMA CSDR Mandatory Buy-in Impact Study - February 2015
  • An ICMA-ERC Briefing Note: Covers existing remedies for failing SFTs; SFTs and secondary market liquidity; collateral fluidity; CSDR mandatory buy-ins and SFTs; and the ICMA ERC* position on mandatory buy-ins and SFTs - September 2014



Collateral Fluidity
  • Collateral is the new cash: the systemic risks of inhibiting collateral fluidity – April 2014



Avoiding Counterproductive Regulation in Capital Markets - October 2013




The impact of the Financial Transaction Tax on the European repo market

  • Collateral damage: the impact of the Financial Transaction Tax on the European repo market and its consequences for the financial markets and the real economy - April 2013

 

 




CICF Collateral Fluidity WP
  • Written in conjunction with the CICF: Collateral Fluidity White Paper – November 2012



Shadow banking and repo
  • Shadow banking and repo - March 2012
  • Repo: guilty notwithstanding the evidence? - April 2012
  • Haircuts and initial margins in the repo market - February 2012

 



European repo market report on the role of central and commercial bank money in European clearing and settlement
  • The interconnectivity of central and commercial bank money in the clearing and settlement of the European repo market - September 2011

 



European repo market white paper on short-selling and settlement failures and updates
  • 25 March 2011: Update on reform of market infrastructure in Italy and Greece since the ERC* white paper of 13 July 2010
  • Update to July European repo market white paper, 17 December 2010
  • European repo market white paper published 13 July 2010