The ICMA Secondary Market Practices Committee is an open forum for sell-side and buy-side member firms active in the international, cross-border secondary bond markets. Through open dialogue and engagement, as well as through its subsidiary working groups and work-streams, it seeks to be the representative body of the international, cross-border secondary bond markets: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of efficient and liquid markets.
- Bond market functioning and liquidity
- Engaging with global and national policy makers and standard setters to promote functioning and resilient bond markets
- 3rd report on the Asia international bond markets
- Bond Market Liquidity Taskforce – focused on recommendations to improve bond market liquidity and resilience
- Compiling and publishing the semi-annual MiFIR Secondary Bond Market Data Reports
- Best practice in the international bond markets
- Maintaining and reviewing the Secondary Market Rules & Recommendations
- Considering best practices for electronic trading
- MiFID ll/R Review
- Promoting a workable transparency regime for bonds in the EU
- Providing input into the UK proposals for a bond consolidated tape and associated transparency framework
- Advocating to ensure that the EU’s proposed mandatory buy-in regime is never implemented
- Supporting initiatives to improve settlement efficiency
- Drawing attention to both the risks and benefits of accelerated settlement
- E-trading & FinTech
- Promoting common data standards (eg CDM)
- Mapping and supporting the development of electronic trading and digitalization in fixed income
The current composition of the Committee
Co-chair (sell side)
AXA Investment Managers GS Limited
ABN AMRO Bank N.V.
Amundi Asset Management
Banco Bilbao Vizcaya Argentaria, S.A.
Bank of China
Bank of Montreal
Bank Vontobel AG
Bank of New York Mellon
Barclays Bank PLC
BGC Brokers L.P.
Quentin van Lidth
Canadian Imperial Bank of Commerce London Branch
Citigroup Global Markets Limited
Commonwealth Bank of Australia London Branch
Crédit Agricole Corporate and Investment Bank
Hans Henrik Duus
Danske Bank A/S
Deutsche Bank AG, London Branch
EFG Bank AG
Erste Group Bank AG
European Bank for Reconstruction and Development (EBRD)
European Investment Bank (EIB)
Groupama Asset Management
HSBC Bank plc
ING Bank N.V.
Insight Investment Management (Global) Limited
Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A
Intesa Sanpaolo S.p.A.
J.P. Morgan Securities plc
Jefferies International Limited
KBC Bank N.V.
Kotak Mahindra (UK) Limited
Lord, Abbett & Co. LLC
Paula Redondo Pereira
Luxembourg Stock Exchange
MarketAxess Europe Limited
Mizuho International plc
Morgan Stanley & Co. International PLC
National Australia Bank Limited
NatWest Markets plc
NN Investment Partners B.V.
Nomura International plc
Nordea Bank Abp
Nordea Investment Management AB
PIMCO Europe Ltd
Raiffeisen Bank International AG
RBC Europe Limited
Jordi Cabero Borros
Schroder Investment Management Limited
Skandinaviska Enskilda Banken AB (publ)
Société Générale S.A.
Standard Life Investments Ltd.
Swedbank AB (publ)
T. Rowe Price International Ltd
Union Investment Privatfonds GmbH
Wells Fargo Bank, N.A.
In 2015, the SMPC updated its Terms of Reference and mission statement to reflect better its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit markets, it broadened its membership to include both sell-side and buy-side trader representation from ICMA members.
In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).
If your firm is interested in becoming a member of the SMPC, please contact us.
To view the Terms of Reference, click here.
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334