- Green Bonds :
- Short-term markets :
- Repo markets
- Frequently Asked Questions on repo
- ERC contributions to public consultations
- Repo trading practice guidelines & documentation
- Credit claims
- Securities lending
- ICMA European repo market reports and white papers
- 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
- FAQs on the GMRAs
- Euro Commercial Paper
- Repo markets
- Primary markets :
- ICMA Primary Market Handbook (previously the IPMA Handbook) - Home
- 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
- MiFID II
- MiFID Review
- Bond market transparency - wholesale & retail
- 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
- Role of the buy-side in pricing and liquidity provision in European Corporate Bond Trading
- The Future of the Savings Industry
- The Chairman’s view for 2014
- 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)
- Legal :
- Collateral Initiatives Coordination Forum :
- ICMA Quarterly Report :
- Other projects :
On 7 March 2012, the Commission adopted a proposal for a Regulation on improving securities settlement in the European Union and on central securities depositories (CSDs). The Regulation introduces an obligation of dematerialisation for most securities, harmonised settlement periods for most transactions in such securities, settlement discipline measures and common rules for CSDs.
The settlement period will be harmonised and set at a maximum of two days after the trading day for the securities traded on stock exchanges or other regulated markets (currently two to three days are necessary for most securities transactions in Europe).
It is expected that markets within the scope of the CSDR text, will migrate from T+3 to T+2 with effect from Monday 6 October 2014.
The T2S Harmonisation Steering Group has published a statement of proposals to the competent authorities for possible further action. These proposals can be found here.
The CSD Regulation states, in Article 5(2), that the migration should not apply to transactions that are privately negotiated and executed on a trading venue, or transactions that are executed bilaterally but are reported to a trading venue.
The ‘ICMA market’ refers to transactions in international securities, intended to be traded on an international cross border basis through an International central securities depository, which are often negotiated bilaterally and may be neither executed nor reported to a trading venue; it follows that these transactions will be out of scope for the CSDR.
To allow for orderly trading of all fixed income securities traded under ICMA rules, ICMA will also change the standard settlement cycle set out in the ICMA Rules and Recommendations from T+3 to T+2 unless otherwise agreed; it is expected that agreement to a different settlement cycle will be recorded in writing at the time of trade.
Security Financing Transactions
Security financing transactions such as repurchase agreements will also migrate from the standard trade date of two business days (“T+2”) to standard trade day plus one day (“T+1”), unless specified otherwise.
The practical effect of the migration to T+2 for cash transactions for international securities and to T+1 for repo transactions is illustrated here.