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ICMA launches a consultation on the Buy-in Rules
5 September 2016 Today, ICMA is launching a consultation to review and potentially update the ICMA Buy-in Rules under the Secondary Market Rules & Recommendations. This is in response to feedback from members with respect to the efficiency of the existing buy-in process in the current market environment.
The key areas for possible enhancement include:
  • The requirement (or not) to appoint a buy-in agent
  • Flexibility in the timing of the buy-in
  • The potential for buy-in auctions
More information is available in the linked background paper.
The period for the consultation is 5 September 2016 through 14 October 2016.
To complete the consultation and submit your response, please use the below link. Note that there are 14 questions in total (also allowing for additional comments), although it is not mandatory to respond to all of these.
Please ensure that this consultation request is shared with the appropriate people within your firm (in most cases this will be the relevant fixed income trading desks). It is possible for firms to submit multiple responses. All responses will be treated in confidence, and will not be shared unless in aggregated and anonymized form.

CSDR-Mandatory Buy-ins

ICMA is aware that CSDR, which was passed into law in August 2014, introduces a harmonized buy-in regime across the EU, and that this is expected to come into force by early 2019. Once implemented, this is expected to supersede the ICMA Buy-in Rules in the case of trades that are in scope of the EU regulation. Meanwhile, it is important that the ICMA Buy-in Rules continue to serve as an efficient and practical remedy available to participants in the cross-border bond markets in the event of settlement fails.

If you have any questions related to the consultation, please contact Andy Hill at ICMA. The anonymized and aggregated results of the survey will be shared with the membership in October 2016, giving members the opportunity to provide further comments ahead of any proposed changes being put to the SMPC in November 2016.

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