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Secondary markets
ICMA 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.

There has been increasing concern and attention focused on corporate bond market quality and liquidity, and the ability for credit markets to function effectively and efficiently. This is at the very core of ICMA’s secondary market work, engaging with market practitioners and stakeholders, including broker-dealers, investors and asset managers, corporate issuers, and infrastructure providers, as well as policy makers and regulators, to help better understand the issues and the challenges, and to work together to find constructive solutions to ensure safer, functioning, liquid secondary markets.


Secondary Market Practices Committee (SMPC) and related Working Groups

Market liquidity


Electronic trading


Secondary markets regulation


Central Bank corporate bond purchase programmes

Secondary market initiatives


Archive

To see an overview of ICMA’s Secondary Market initiatives for 2016, click here.



Contacts:

Andy Hill
Senior Director, Market Practice and Regulatory Policy; Secretary to the Secondary Market Practices Committee
Direct line: +44 20 7213 0335
EMAIL | DOWNLOAD BUSINESS CARD

Liz Callaghan
Director, Market Practice and Regulatory Policy; Secondary Markets
Direct line: +44 20 7213 0313
EMAIL | DOWNLOAD BUSINESS CARD

Alexander Westphal
Associate, Market Practice and Regulatory Policy; Secondary and Short-Term Markets
Direct line: +44 20 7213 0333
EMAIL | DOWNLOAD BUSINESS CARD