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Secondary markets
ICMA as a self regulatory organisation and trade association initiates standard practices to help develop efficient and well-functioning secondary markets. The secondary market for trading in fixed income products remains largely over the counter (OTC).

ICMA’s rules and recommendations for the secondary market (available to members and subscribers) apply to transactions in international securities – an international security is defined as a security intended to be traded on an international, cross-border basis (i.e. between parties in different countries) and capable of settlement through an international central securities depository or equivalent. ICMA supports members with advice and guidance on the application of the rules and recommendations through its Legal & Regulatory Helpdesk.

Since the financial crisis began much regulatory attention has been focused on the issue of transparency in the OTC markets with intense debate on whether corporate bond markets would benefit from great post-trade transparency. ICMA has been actively involved in this area producing research papers and initiatives to help retail investors.

The key member committee in this area is

John Serocold
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Secondary Market Practices Committee.
Direct line: +44 20 7213 0313

Andy Hill
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0335
ICMA primary market handbook
ICMA members register
ICMA rule book
ICMA legal opinion
ICMA legal queries

ICMA Executive Education