- Green Bonds :
- Short-term markets :
- Repo markets
- Frequently Asked Questions on Repo
- ERC contributions to public consultations
- ICMA ERC Guide to best practice in the European Repo Market
- Credit claims
- Securities lending
- ICMA European repo market reports and articles
- IFLR article: BANKING & PROJECT FINANCE - REPO REFORM - Hit by a train
- ICMA ERC report on the successful migration of the European bond markets to T+2
- CSDR Mandatory Buy-ins and the treatment of SFTs
- Collateral Fluidity
- The impact of the Financial Transaction Tax on the European repo market
- Shadow banking and repo
- European repo market report
- European repo market white paper on short-selling and settlement failures
- Repo market surveys
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal opinions
- Euro Commercial Paper
- Repo markets
- Primary markets :
- ICMA Primary Market Handbook - Home
- Private Placements
- Infrastructure Financing
- Prospectuses, offerings and listings
- Periodic reporting / continuing obligations
- Market abuse
- Accounting and auditing
- Retail structured products
- Collective action clauses
- Dialogue with investors
- Bank capital
- Secondary markets :
- ICMA’s rules and recommendations for the secondary market
- Survey Report - Liquidity in the European secondary bond market: perspectives from the market
- Secondary Market Practices Committee Terms of Reference
- CSDR Settlement Discipline
- MiFID II
- Short selling
- Asset management :
- Covered Bonds
- Money market funds
- Hedge funds
- Managing client expectations
- Corporate Governance
- Valuation of illiquid assets
- Specific regulatory issues
- Exchange-Traded Funds (ETFs)
- AMIC Solvency II Working Group
- ICMA Private Wealth Management Charter of Quality
- The Future of the Savings Industry
- Market infrastructure :
- European Commission’s Expert Group on Market Infrastructure (EGMI)
- Code of Conduct on Clearing and Settlement
- CPSS/IOSCO Principles for Financial Market Infrastructures
- European Market Infrastructure Regulation (EMIR)
- Harmonisation of Securities Law
- CSD Regulation: Migration to T+2
- TARGET2-Securities and CCBM2
- New Global Note (bearer notes)
- New Safekeeping Structure (registered notes)
- Collateral Initiatives Coordination Forum :
- ICMA Quarterly Report :
- Other projects :
Bank capitalThis section consolidates ICMA responses to consultations concerning various forms of bank capital, including the characteristics of additional tier 1 capital, buffer contingent capital securities and bail-in.
31 July 2015
Click here to see the ICMA Bail-In Working Group's discussion letter to the ECB, the purpose of which is to set out views on the operation of the bail-in mechanism.
27 January 2015
Click here to see the ICMA response to the UK FCA’s consultation on restrictions on the retail distribution of regulatory capital instruments.
12 September 2014
Click here to see the ICMA Bail-in Working Group’s response to the questions enumerated in the Financial Policy Committee’s Review of the Leverage Ratio.
3 July 2012
Click here to see ICMA's response to the questions enumerated in the European Banking Authority (EBA) Consultation Paper on Draft Regulatory Technical Standards on Own Funds.
20 April 2012
Click here to see ICMA's letter in response to the questions in the European Commission’s "Discussion paper on the debt write-down tool – bail-in"
31 January 2012
Click here to see the response from the European Banking Authority (EBA) to the ICMA letter and survey on EBA's term sheet for Buffer Convertible Capital Securities (BCCS).
17 January 2012
On 8 December 2011, the European Banking Authority (EBA) published a formal recommendation on the creation of temporary capital buffers, the objective of which is to create an exceptional and temporary capital buffer to address current market concerns over sovereign risk (the “Stress Capital Requirement”), and which may include very strong newly issued buffer convertible capital securities (“BCCS”) if consistent with the EBA “Buffer Convertible Capital Securities Common Term Sheet”.
One of the key advantages of issuing BCCS to meet the temporary Stress Capital Requirement is that it gives issuers access to the fixed income investor base to raise EBA Core Tier 1 eligible capital, and therefore the possibility of using BCCS to tap supplementary investor sources for Core Tier 1 capital is welcomed.
However, in order for the BCCS to be fit for purpose, as well as achieving the regulatory objectives, the host instrument needs to be sufficiently attractive and marketable.
With marketability being the main influential factor, we conducted a survey on the matter among major market participants. More precisely, we asked a series of questions comparing the market impact of BCCS with a Tier 2 host with otherwise identical BCCS with an Additional Tier 1-style host.
Click the links below to see:
- ICMA's letter to the EBA: Proposals relating to the EBA Termsheet for Buffer Convertible Capital Securities
- the results of ICMA's survey on “Buffer Contingent Capital Securities”