To access archived reports and papers published prior to 2017, click here.

Members may also access ICMA circulars here

ICMA updates (covering sustainable finance, repo and collateral, secondary markets, asset management and FinTech, among others) may be accessed here.

2024
2023
2022
2021
2020
2019
2018
2017
2024

CSDR Penalties - An ICMA briefing note on ESMA’s proposals to revise the CSDR Penalty Mechanism
Published: March 2024
Author: Andy Hill, ICMA

Liquidity and resilience in the core European sovereign bond markets
Published: March 2024
Authors: Andy Hill and Simone Bruno, ICMA

Transition Finance in the Debt Capital Market
Published: February 2024
Authors: Nicholas Pfaff, Özgür Altun and Stanislav Egorov, ICMA

ICMA ERCC Briefing Note: The European repo market at 2024 year-end
Published: January 2024
Author: Andy Hill, ICMA

2023

Considerations for risk factors and disclosure in DLT bond documentation
Published: November 2023
Author: Gabriel Callsen

ICMA Guide to Asia Repo Markets - South Korea
Published: November 2023
Author: Richard Comotto

Guide to Best Practice in the European Repo Market

Published: November 2023
Authors: Richard Comotto

Market integrity and greenwashing risks in sustainable finance
Published: October 2023
Authors: Nicholas Pfaff, Simone Utermarck, Ozgur Altun and Stanislav Egorov, ICMA.

Secondary Market Practices Committee - European Secondary Bond Market Data H1 2023
Published: September 2023 
Author: Andy Hill, ICMA

Bonds to Finance the Sustainable Blue Economy - A Practitioner's Guide
Published: September 2023
Authors: ICMA, IFC, UN Global Compact, UNEP FI and ADB

ELFA and ICMA Practical Recommendations for High Yield Sustainability-Linked Bonds
Published: May 2023
Author: ELFA, ICMA

Secondary Market Practices Committee - European Secondary Bond Market Data H2 2022
Published: April 2023
Author: Andy Hill, ICMA

ICMA Recommendations for Reporting under SFTR
Published: April 2023
Author: Richard Comotto, ICMA

ICMA analysis: SFTR public data for repo in 2022
Published: April 2023
Author: Richard Comotto, ICMA

The Asian International Bond Markets: Developments and Trends, Third Edition
Published: March 2023
Authors: Andy Hill, Yanqing Jia and Mushtaq Kapasi, ICMA.
English version | Chinese version

ICMA European Repo Market Survey number 44 conducted December 2022
Published: March 2023
Author: Richard Comotto, ICMA

ICMA ERCC Briefing Note: The European repo market at 2022 year-end
Published: January 2023
Author: Andy Hill, ICMA

White paper on ESG Practices in China

Published: January 2023
Authors: ICMA and CCDC

2022

4th Asia-Pacific repo market survey, conducted June 2022
Published: December 2022
Authors: ICMA and ASIFMA

ICMA European Repo Market Survey number 43 conducted June 2022

Published: October 2022
Author: Richard Comotto, ICMA

Secondary Market Practices Committee - European Secondary Bond Market Data H1 2022
Published: October 2022
Author: Andy Hill, ICMA

Observations and categorisation relating to sustainability in the repo market
Published: October 2022
Author: Zhan Chen, ICMA

ICMA Guide to Asia Repo Markets: China
Published: October 2022
Author: Richard Comotto, ICMA

ICMA Recommendations for Reporting under SFTR
Published: September 2022
Author: Richard Comotto, ICMA

ICMA Guide to Asia Repo Markets: Philippines

Published: July 2022
Author: Richard Comotto, ICMA

Market best practice recommendations to support settlement efficiency in the secondary bond markets
Published: June 2022
Author: ICMA SMPC

GMRA Clause Taxonomy & Library Project: An ICMA strategy paper
Published: May 2022
Author: ICMA

ICMA Guide to Asia Repo Markets: Vietnam
Published: May 2022
Author: Richard Comotto, ICMA

European Repo Market Survey
Published: April 2022
Author: Richard Comotto, ICMA

The Asian International Bond Markets: Development and Trends (second edition)
English version | Chinese version
Published: March 2022
Authors: Andy Hill, Mushtaq Kapasi and Yanqing Jia, ICMA, with support from the Hong Kong Monetary Authority

ICMA Guide to Asian Repo Markets - Indonesia
Published: March 2022
Author: Richard Comotto, ICMA

ICMA Guide to Asian Repo Markets - Japan
Published: February 2022
Author: Richard Comotto, ICMA

Ensuring the Usability of the EU Taxonomy
Published: February 2022
Authors: Nicholas Pfaff and Ozgur Altun, ICMA

Optimising Settlement Efficiency: An ERCC discussion paper
Published: February 2022
Author: Alexander Westphal, ICMA 

ICMA ERCC Briefing Note: The European Repo Market at 2021 Year-End
Published: January 2022
Author: Andy Hill, ICMA

2021

ICMA position paper: Proposal for a New Post-Trade Transparency Regime for the EU Corporate Bond Market
Published: December 2021
Author: Elizabeth Callaghan, ICMA

3rd Asia-Pacific repo market survey, conducted June 2021

Published: December 2021
Authors: ICMA and ASIFMA

European Repo Market Survey - Number 41 - conducted June 2021
Published: November 2021
Author: Richard Comotto, ICMA

ICMA Preliminary Thoughts on the Capital Markets Union Package
Published: November 2021

Bonds to Bridge the Gender Gap: A Practitioner’s Guide to Using Sustainable Debt for Gender Equality
Published: November 2021
Authors: Valérie Guillaumin, ICMA; Esohe Denise Odaro, Heather Kipnis, Kathleen Mignano, and Sophie Peeters, IFC; Robyn Oates, UN Women

ICMA Recommendations for Reporting under SFTR
Published: October 2021 (see webpage for information on earlier editions)
Author: ICMA European Repo and Collateral Council

The European Commercial Paper and Certificates of Deposit Market
A white paper by the ICMA Commercial Paper Committee

Published: September 2021
Author: Andy Hill, ICMA

The first year of SFTR public data on repo
Published: September 2021
Author: Richard Comotto, ICMA

Panda Bonds: Raising Finance in China’s Bond Market - case studies
English version | Chinese version
Published: September 2021
Authors: ICMA and NAFMII

Investing in China’s Interbank Bond Market: A Handbook
Published: September 2021
Authors: ICMA and NAFMII

The sustainability disclosure regime of the European Union
Published: September 2021
Authors: Nicholas Pfaff, Simone Utermarck, Arthur Carabia, and Ozgur Altun, ICMA

ICMA ERCC consultation on the role of repo in green and sustainable finance: summary report
Published: September 2021
Author: ICMA European Repo and Collateral Council

Guide to Tough Legacy Bonds in Asia-Pacific
Published: May 2021
Authors: Mushtaq Kapasi and Katie Kelly, ICMA; Justin Kesheneff and Dennis To, Bloomberg

Overview and Recommendations for Sustainable Finance Taxonomies
Published: May 2021
Authors: Nicholas Pfaff, Ozgur Altun and Yanqing Jia, ICMA

ICMA guide to definitions and best practice for bond pricing distribution
Published: May 2021
Author: Elizabeth Callaghan, ICMA

Green and sustainable finance: What is the role of the repo market?
Published: April 2021
Author: ICMA European Repo and Collateral Council

A Guide to Best Practice in the European Repo Market
Published: March 2021 (see webpage for information on earlier editions)
Author: ICMA European Repo and Collateral Council

European Repo Market Survey - Number 40 - conducted December 2020
Published: March 2021
Author: Richard Comotto, ICMA

The Asian International Bond Markets: Development and Trends
Published: March 2021
Authors: Andy Hill, Mushtaq Kapasi, Yanqing Jia, and Keiko Nakada, ICMA

ICMA response form and additional remarks on European Commission consultation on a European single access point (ESAP)
Published: March 2021

The Internationalization of the China Corporate Bond Market
Published: January 2021
Authors: Andy Hill and Yanqing Jia, ICMA

The European repo market at 2020 year-end
An ICMA ERCC briefing note

Published: January 2021
Author: Andy Hill, ICMA

The new Capital Markets Union Action Plan
Published: January 2021
Authors: Daniel Mendes

2020

AFME/ICMA Recognition of EU and UK Bail-in Clauses for Other Liabilities
Published: November 2020

ICMA Note on Article 55 of the BRRD and post-Brexit transition period
Published: November 2020

European Repo Market Survey - Number 39 - conducted June 2020

Published: November 2020
Author: Richard Comotto, ICMA

2nd Asia-Pacific repo market survey, conducted June 2020
Published: November 2020
Authors: ICMA and ASIFMA

Axe Distribution Best Practice Standards
An ICMA Electronic Trading Council initiative

Published: November 2020
Author: Liz Callaghan, ICMA

CMU: financing the recovery from COVID-19
Published: October 2020
Authors: Daniel Mendes, Charlotte Bellamy, ICMA

The role of the Eurobond markets in pan-European capital markets
Published: October 2020
Authors: Ruari Ewing, Andy Hill, ICMA

ICMA's Preliminary Thoughts on the New Capital Markets Union Action Plan
Published: October 2020

Transparency and Liquidity in the European bond markets - an ICMA Discussion Paper
An initiative of ICMA's Secondary Market Practices Committee

Published: September 2020
Author: Andy Hill, ICMA

ICMA recommendations for reporting under SFTR
Published: September 2020
Author: ICMA ERC

CSDR Mandatory Buy-ins & the requirement for a buy-in agent - an ICMA briefing note
Published: September 2020
Author: Andy Hill

IBOR Transition Guide for Asia
Published: July 2020
Authors: ICMA, APLMA, ASIFMA, and ISDA

High-Level Forum Report on the Capital Markets Union: ICMA Feedback
Published: June 2020

ICMA preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union
Published: June 2020

The European investment grade corporate bond secondary market & the COVID-19 crisis
Published: May 2020
Author: ICMA Secondary Market Practices Committee (SMPC)

Sustainable Finance: High-level definitions
Download Chinese translation.
Published: May 2020
Author: ICMA Sustainable Finance Committee

Update memorandum on the EU’s sustainability disclosure regime
Published: April 2020
Author: ICMA

EU Consolidated Tape for Bond Markets - Final report for the European Commission
ICMA MiFID II Consolidated Tape Taskforce

Published: April 2020
Author: Liz Callaghan, ICMA

European Repo Market Survey - Number 38 - Conducted December 2019
Published: April 2020
Author: Richard Comotto, ICMA

The European repo market and the COVID-19 crisis
Published: April 2020
Author: ICMA ERCC

ICMA AMIC Review - March 2020
Published: March 2020
Author: ICMA AMIC

FAQs on CSDR mandatory buy-ins and Securities Financing Transactions
Published: March 2020
Author: ICMA

Time to act - ICMA’s 3rd study into the state and evolution of the European investment grade corporate bond secondary market
An initiative of the ICMA Secondary Market Practices Committee

Published: March 2020
Author: Andy Hill, ICMA

A quick guide to the transition to risk-free rates in the international bond market
Published: February 2020 (to be periodically updated)
Author: ICMA

Sustainable finance: Compendium of international policy initiatives & best market practice
Published: February 2020
Author: ICMA Sustainable Finance Committee

Managing fund liquidity risk in Europe - Recent regulatory enhancements & proposals for further improvements
Published: January 2020
Authors: ICMA AMIC and EFAMA

AMIC DISCUSSION PAPER - Review of the European Long-Term Investment Fund (ELTIF) Regulation
Published: January 2020
Author: ICMA AMIC

The European repo market at 2019 year-end
An ICMA ERCC briefing note

Published: January 2020
Author: Andy Hill, ICMA

2019

MiFID II/R and the bond markets: the second year
An analysis of the impacts of MiFID II/R implementation in 2019, its challenges and potential solutions
Published: December 2019

Mandatory buy-ins under CSDR and the European bond markets - Impact Study
An initiative of the ICMA Secondary Market Practices Committee

Published: November 2019
Author: Andy Hill, ICMA

ICMA AMIC Review - November 2019
Published: November 2019
Author: ICMA AMIC

ICMA has prepared a short briefing paper on the importance of integrated capital markets and CMU. To access the briefing, click here.

CSDR Settlement Discipline Mandatory buy-ins - European settlement regulation with global trading level implications (UPDATE)
Published: August 2019 (originally published July 2018)
Author: Andy Hill, ICMA

A comparative review of practices and procedures in the Russian and international primary debt capital markets | Сравнительный обзор практических подходов и процедур на российском и международном первичных рынках заемного капитала - an ICMA-NFA report
Published: June 2019
Authors: ICMA and NFA

The European repo market at 2018 year-end - an ICMA ERCC briefing note
Published: January 2019
Author: Andy Hill, ICMA

AMIC/EFAMA report on liquidity stress tests in investment funds 2019
Published: January 2019
Authors: ICMA AMIC and EFAMA

2018

ICMA FAQs on the US QFC Stay Rule (ICMA members only)
Published: December 2018

ICMA Note on the US QFC Stay Rule
(ICMA members only)
Published: December 2018

The impact of the EU Benchmarks Regulation on EU users of third country non-critical benchmarks

Published: December 2018
Author: ICMA AMIC

MiFID II/R and the bond markets: the first year

An analysis of the impacts and challenges of MiFID II/R implementation since January 2018
Published: December 2018

International Practices of Bond Trustee Arrangements in China
Published: December 2018
Author: NAFMII-ICMA Working Group, 9th UK-China Economic and Financial Dialogue

Form of letters to European Commission, Parliament and Council on the Investment Firm Regulation – third country firm regime
Published: November 2018

ICMA AMIC FICC Research Unbundling Survey results
Published: November 2018
Author: ICMA AMIC

CSDR mandatory buy-ins and securities financing transactions
A discussion paper by the ICMA European Repo and Collateral Council’s (ERCC) Committee and the Secondary Market Practices Committee (SMPC)

Published: October 2018
Author: Andy Hill, ICMA

The Asia-Pacific Cross-Border Corporate Bond Secondary Market - A report on the state and evolution of the market
An initiative of the ICMA Asia-Pacific Regional Committee and the ICMA Secondary Market Practices Committee

Published: August 2018
Author: Andy Hill, ICMA

CSDR Settlement Discipline Mandatory buy-ins - European settlement regulation with global trading level implications

Published: July 2018
Author: Andy Hill, ICMA

How to survive in a mandatory buy-in world
Published: June 2018
Author: ICMA Secondary Market Practices Committee

IBOR Global Benchmark Transition Report
Published: June 2018
Authors: ISDA, AFME, ICMA, SIFMA and SIFMA AMG

The European Corporate Single Name Credit Default Swap Market - A study into the state and evolution of the European corporate SN-CDS market
An initiative of the ICMA Secondary Market Practices Committee

Published: February 2018
Authors: Andy Hill and Gabriel Callsen, ICMA

IBOR Global Benchmark Survey 2018 Transition Roadmap
Published: February 2018
Authors: ISDA, AFME, ICMA, SIFMA and SIFMA AMG

ICMA response to FCA Consultation Paper 17/37 on Industry Codes of Conduct
Published: February 2018

The European repo market at 2017 year-end - An ICMA ERCC briefing note
Published: January 2018
Author: Andy Hill, ICMA

2017

MiFID II/R and Repo Q&A
Updated: November 2017
Author: Andy Hill, ICMA

ICMA AMIC FICC Research Unbundling Survey results
Published: November 2017
Author: ICMA AMIC

Panda bonds - the foreign issuer perspective
English version | Chinese version
Published: October 2017
Authors: ICMA & NAFMII

Market electronification and FinTech
Published: October 2017
Author: Gabriel Callsen, ICMA

A pilot survey of the Asia-Pacific repo market
Published: September 2017
Authors: ASIFMA and ICMA

MiFID II/R and Fixed Income: an overview
Published: August 2017
Author: Andy Hill, ICMA

Use of Leverage in Investment Funds in Europe
Published: July 2017
Authors: ICMA AMIC & EFAMA

The European Credit Repo Market: The cornerstone of corporate bond market liquidity
Published: June 2017
Author: Andy Hill, ICMA

ICMA response to the European Commission’s public consultation on the operation of the three European Supervisory Authorities (ESAs)
Published: May 2017

ICMA response to FSB’s consultation on the main elements of a ‘Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms’
Published: May 2017

The practice and prospects for green bond market development at home and abroad
Chinese version* | English version*
Published: March 2017
Author: NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue
*These documents are locked to ICMA members only. Members of NAFMII and members and observers of the Principles may access the documents on request.

ICMA responded to the commission consultation on capital markets union mid-term review. To view the response, click here.

Closed for business: a post-mortem of the European repo market break-down over the 2016 year-end
Published: February 2017
Author: Andy Hill, ICMA

19 December 2008
ICMA’s European Repo Council welcomes acceptance of credit claims as financial collateral


11 December 2008
TRAX iMatch™ the next generation in trade matching


9 December 2008
Xtrakter launches XM2M™ - new mark to market valuation service


4 December 2008
ICMA announces November 2008 Primary Market Certificate (PMC) Programme Graduates


4 December 2008
TRAX® to provide regulatory reporting for exchange-traded derivatives


2 December 2008
Netting & pair off delivered with TRAX® v2.9


21 November 2008
ICMA announces October 2008 IFID Certificate Programme Graduates


20 November 2008
Euroclear to acquire Xtrakter from ICMA


6 November 2008

International Capital Market Association (ICMA) announces new senior appointment to regulatory policy team


28 October 2008

Firms shift execution venues during turbulent September


24 October 2008
ICMA announces three new courses in Financial Markets Operations


23 October 2008
ICMA Centre MSc graduates to be granted ICMA IFID upon degree completion


23 October 2008
ICMA announces September 2008 Financial Markets Foundation Course (FMFC) Programme Graduates


17 October 2008
Fixed income issuance thrives during market turmoil


9 September 2008
Industry survey indicates that European repo market remains buoyant despite turbulent


29 July 2008
Top 10 venues of execution change in June 08


10 July 2008
Repo trading decreases by 22.3% in Q2 08


9 July 2008
Industry Associations Release “Structured Products: Principles for Managing Distributor-Individual Investor Relationship”


4 July 2008
ICMA announces June 2008 International Fixed Income and Derivatives (IFID) Certificate Programme Graduates


3 July 2008
Asset backed securities (ABS) new issuance increases by 158%


2 July 2008
Joint assocations' release: Industry takes further steps toward improving transparency


27 June 2008
ICMA announces June 2008 Primary Market Certificate (PMC) Programme Graduates


24 June 2008
Top 10 execution venues launched by Xtrakter


13 June 2008
ICMA announces Financial Markets Foundation Course (FMFC) Programme May 2008 Graduates for Thomson Reuters


11 June 2008
ICMA announces February 2008 Financial Markets Foundation Course (FMFC) Programme Graduates


15 May 2008
Members vote for disposal of Xtrakter, ICMA’s Market Services business including TRAX; ICMA members elect new Board line up; ICMA outlines practical steps for resolving global financial market dislocation


2 May 2008
ICMA announces April 2008 International Fixed Income and Derivatives (IFID) Certificate Programme Graduates


28 April 2008
ICMA publishes 2008 legal opinions on repo agreement for 68 jurisdictions


18 April 2008
ICMA announces 2008 Operations Certificate Programme Graduates


16 April 2008
Repo volumes increase by 31% for QI 2008


15 April 2008
ICMA launches skills training for capital markets


8 April 2008
FSSC recognises ICMA‘s Executive Education Programmes


4 April 2008
Asset Backed new issuance drops by 44.6%


1 April 2008
EU-US Coalition on Financial Regulation sets out its proposed framework for establishing a more efficient transatlantic marketplace


26 March 2008
ICMA adds five new member firms


13 March 2008
ICMA survey records resilience of the European repo market


10 March 2008
Fermín Cifuentes of Banesto appointed to ICMA Board


5 March 2008
Further Progress on the Development of the Russian Financial Market in line with Global Market Standards: ICMA and NSMA Sign Memorandum of Cooperation


4 March 2008
Bond volumes for January 08 now available at BondMarketPrices.com


25 February 2008
Richard Jinks joins Xtrakter as Director of Commercial Operations


14 February 2008
ICMA adds opinions for India and Iceland to jurisdictions for standard repo agreement


12 February 2008
Xtrakter slashes regulatory reporting fees by 35%


5 February 2008
Nylon Capital LLP adopts TRAX for repo matching with Barclays Capital


1 February 2008
Record breaking 2.3m repos processed by TRAX


23 January 2008
Japan promotes initiatives to strengthen competitiveness of its financial markets to overseas investors


22 January 2008
Credit crunch hits 2007 bond issues by 26.5%


21 January 2008
ICMA and JSDA sign Memorandum of Understanding to develop closer co-operation in securities markets


16 January 2008
ICMA Ltd changes name to Xtrakter

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