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ICMA Workshop: Ethics and the Capital Markets
Date and Venue

Date: 13 June 2017
Time: 8.30-17.00

International Capital Market Association (ICMA) Limited
23 College Hill
London EC4R 2RP
United Kingdom

Event Overview

For the financial markets, the period since the millennium may unfortunately be largely remembered for the corporate collapses of major companies such as Enron, WorldCom and Parmalat due to fraud, then by the excesses of the global financial crisis.

Inevitably this prompted a robust global regulatory response covering every area of the financial markets with waves of new regulations, corporate governance rules, increased legislation and litigation. Everywhere and in every institution the compliance function has grown both in importance and in size to ensure adherence to the new regulatory environment.

But are we in danger of relying too much on a compliance-driven culture to protect the financial markets, rather than re-establishing a clear ethical culture – both at the individual and the corporate level?

This ICMA Workshop looks at the balance and raised awareness of ethics and bringing ethical values to bear in the financial markets. The course defines what ethics is about and the development of ethical values. It looks at the principal ethical theories from moral philosophers to economists using examples along the way to enhance understanding.

The workshop considers the purpose of business and how moral values play a key role in the modern business environment. Finally, it  looks at ethical issues in the financial markets by working on case studies drawn from today’s international debt markets.

If trust and integrity are to return to centre stage in the capital markets then mere compliance with the rules is not enough. This workshop aims to help market participants re-establish and redefine their moral compass.

If you have any queries regarding this event please contact Natasha Lee.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice. Please register here.


8.30 Registration, Tea and Coffee - Presentations will begin at 9.00.

Session One: Introduction

•    Introductions
•    Honesty and cheating
      o    How do we match up?
•    Role of Rationalisation
•    Personal ethics

Session Two: What is Ethics?

•    Ethics
      o    Feelings of right or wrong?
      o    Acceptable standards of behaviour?
      o    Doing what the law requires?
      o    Following religious beliefs?
•    Moral conduct
•    Our response
•    Moral intensity
•    Ethics and others
•    Ethics vs. Compliance

Session Three: Ethical Theories

•    Normative ethics
•    Absolutism
•    Relativism
•    Virtue ethics
•    Deontological
      o    Duty based
      o    ‘Categorical imperative’
•    Teleological
      o    Consequentialist
      o    Utilitarianism
      o    Egoism
•    Kohlberg’s Cognitive Moral Development (CMD) theory

Session Four: Business Ethics

•    Ethical Values
•    The Purpose of Business
     o    Smith’s “Invisible hand”
     o    Friedmans view
     o    Drucker’s view
     o    Value Creation
     o    Stakeholder Theory
     o    Creating Shared Value

•    The post-Enron world
•    Performance pay incentives
•    The ‘Fraud Triangle’
•    Corporate culture

Session Five: Ethics in Financial Markets

•    The Finance Scorecard
•    Key ethical lapses
•    Trust and the markets
•    Failure to develop a culture of integrity
•    Review of unethical activity

Session Six: Capital Markets Case Studies

•    Participants are asked to consider many capital market practices from an ethical standpoint via short case studies
•    Defining a moral compass
•    What can an ethics course hope to achieve?
•    Summary & Close

Please note that ICMA reserves the right to make changes to this agenda.


This course is open to all ICMA members and interested financial market participants; however registration in advance is essential. To register, please click here.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice.

Register on-line for the ICMA Workshop: Ethics and the Capital Markets on 13 June 2017

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Terms and Conditions

I understand that my reservation for the above workshop shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the workshop fee will be refunded to me in full.


I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

In case I want to cancel my reservation for this workshop I shall notify ICMA (attention Events team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

I agree that if I fail to attend this workshop no refund of the course fee shall take place.

I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant workshop commences.

I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, UNLESS I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

Delegate Fees
ICMA Members: £350 + VAT
Non-members: £600 + VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.

Please tick here to agree to the terms and conditions