9 April 2026 The International Capital Market Association (ICMA) remains steadfast in its commitment to members across the Middle East, North Africa, and Türkiye (MENAT) region and to the continued development of the region’s capital markets.Against a challenging geopolitical backdrop, we have been encouraged by the resilience shown by capital markets across the region. Market participants have continued to demonstrate professionalism, discipline and a strong commitment to orderly market functioning. The continued fulfilment of obligations by issuers, together with the overall stability of the market, reflects the depth, growing sophistication and underlying strength of MENAT capital markets.Mohamed Sharaf, Chair of ICMA’s MENAT regional committee, said: “The capital markets across the MENAT region have continued to demonstrate stability and resilience despite a difficult external environment. This reflects the strength, diversification and increasing maturity of the region’s markets, as well as the professionalism and commitment of issuers and market participants.”Bryan Pascoe, Chief Executive of ICMA, said: “ICMA remains firmly committed to its members in the MENAT region and to supporting the continued development of the region’s capital markets. In a difficult geopolitical environment, we have been encouraged by the resilience shown across the market and look forward to the return of more stable and normalised conditions in due course.”ICMA greatly values its engagement with members and market stakeholders across the region and remains focused on supporting their priorities and the further development of efficient, resilient and internationally connected capital markets.

7 April 2026 ICMA, jointly with the International Swaps and Derivatives Association (ISDA), the Association for Financial Markets in Europe (AFME) and the European Banking Federation (EBF), co-signed a briefing paper in relation to the MiFIR post-trade transparency (PTT) proposals included in the European Commission’s (EC) Market Integration and Supervision Package (MISP). The briefing paper supports the EC’s proposal to disapply PTT requirements under MIFIR for over-the-counter (OTC) derivatives concluded on certain third-country trading venues, in line with the July 2020 ESMA Opinion on ‘Determining third country trading venues for the purpose of transparency under MiFID II/MiFIR’, but it asks the EC and co-legislators to be more ambitious by extending the scope of the proposal to the other asset classes that benefit from the exemption under ESMA’s Opinion, and to also apply to transactions executed away from trading venues and made public on suitably qualified third-country Approved Publication Arrangements (APAs). Further details can be found in the briefing paper here. 

2 April 2026 ICMA, jointly with with AFME and ISDA, published an updated briefing paper on the changes of the Systematic Internaliser (SI) regime on bonds and derivatives. The original briefing paper provides information about the practical implications of the changes to the SI regime and the introduction of DPE/DR regimes, with some guidance that the de-registration of bond/derivative SIs is to be expected, with no adverse effect on post-trade reporting or the provision of liquidity. The updated briefing paper now also includes information about the de-registration in the UK, following the FCA Policy Statement in November 2025, as well as some further information around the EU de-registration. 

31 March 2026 The International Capital Market Association (ICMA), with support from the Hong Kong Monetary Authority (HKMA), is pleased to announce the publication of the sixth edition of its report, The Asian International Bond Markets: Issuance Trends and Dynamics.The report provides a data-driven overview of how Asian issuers are accessing international bond markets, examining issuance trends by jurisdiction, currency, tenor, debut issuance and sustainable bonds. This latest edition is based on the full-year 2025 dataset and offers a detailed picture of the forces shaping Asia’s international funding landscape.Key findings Latest issuance trends: Asian international bond issuance rose to USD527 billion in 2025, up 14% year on year, continuing the recovery from the 2022 to 2023 trough. Jurisdictional highlights: Japan and China remained the region’s largest markets covering over half of the region’s total issuance, while ASEAN jurisdictions’ combined issuance volume grew by one-third year-on-year. Currency and tenor: The US dollar remained the principal currency of issuance, representing two-thirds of the region’s issuance. Tenor-wise, 1-5 year maturities remained the core of supply, with growing preference for longer-dated funding. Sustainable bonds: Issuance in Asia totalled USD94 billion, maintaining a share of roughly one fifth of the region’s overall international bond issuance. Download the report now for an in-depth look into the trends shaping Asia’s bond markets in 2026. 

ICMA’s Summer Internship Programme offers undergraduate students the opportunity to gain hands on experience in international capital markets. As an intern, you will work on a defined project within one of our teams, supporting research, analysis and the development of papers or presentations, while gaining insight into ICMA’s role in shaping market standards and best practice.The programme is full time, paid and runs for six weeks over the summer. Interns are based in London and will work closely with experienced professionals in a supportive and inclusive environment. Applicants must already have the right to work in the UK for the full duration of the internship. Please note that ICMA is unable to sponsor visas for this role.Applications must be submitted by close of business on Thursday 17 April.How to applyTo apply, please submit your CV, a short cover letter and responses to the application questions via the link below. ? ICMA Summer Internship 2026

26 March 2026 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 50th semi-annual survey of the European repo market, marking an important milestone for one of the longest-running and most authoritative datasets on repo market activity.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 59 participants at close of business on 10 December 2025. Given that the ICMA surveys a sample of the European repo market, the headline number must be taken as the minimum size of the European market.Download the 50th ICMA ERCC European Repo Market SurveyGrowth of 9.8% since June and 24.6% year-on-year extended the strong expansion observed in the first half of 2025, driven by tariff-related macroeconomic uncertainty and heightened financial market volatility. In this environment, the repo market efficiently met increased demand for precautionary liquidity while continuing to provide a safe haven for investors. It also absorbed the rising volume of government debt issuance. Moreover, despite the elevated uncertainty and volatility, repo rates remained broadly stable, including over the year-end, partly reflecting central bank efforts to encourage routine use of their liquidity facilities.Summary of key findings: The survey sample maintained its role as a net lender of cash, although this position has been gradually unwinding since the end of quantitative easing. The share of interdealer repo traded on automatic trading systems (ATS) declined further to an eight-year low, reflecting increased activity in US dollar and US Treasury repo conducted outside European platforms, while voice-broking reached an 11-year high, highlighting its importance in periods of elevated trading volumes and in less electronically traded segments. Dealer-to-customer electronic trading continued to grow, supported by hedge fund activity, although at a slower pace, while tri-party repo showed only a modest recovery in share. Cross-border activity continued to increase, reaching a new all-time high, driven by growth in non-European currencies and collateral, while activity between non-eurozone counterparties remained elevated. CCP-cleared repo activity stabilised overall, with a notable expansion in GC financing, which grew strongly and increased its share of the market, supported by longer tenors and wider participation. US Treasuries further increased their share of collateral to a new record, remaining the largest collateral class, while shares of EU government bonds and JGBs declined; Italian government bonds remained the second largest component. In tri-party repo, there was a shift towards higher-quality collateral, with increased shares of AAA and A-rated securities and reduced exposure to CMBS, reflecting concerns over commercial real estate valuations. The share of floating-rate repo rose strongly, approaching previous peaks, suggesting growing expectations that central bank rate cuts may be nearing an end. Maturity profiles shifted modestly towards longer tenors, with increased activity in one- to three-month transactions and greater maturity transformation by the survey sample. 25 years of the ERCC surveyTo mark the 50th ERCC survey, ICMA will publish a retrospective analysis of the past 25 years of survey results, charting the evolution of the European repo market since its inception. Over this period, the repo market has firmly established itself at the core of European wholesale finance - gradually replacing unsecured funding, demonstrating resilience through the global financial crisis, and adapting to significant regulatory reforms. It has become a critical channel for monetary policy implementation while undergoing profound structural transformation, including increased electronification, the expansion of central clearing, and the entry of new market participants.

12 March 2026 ICMA’s new paper examines the evolving role of ESG ratings, scores and data products across capital markets, and the growing scrutiny around how these products are produced, interpreted and used. It looks at the practical role they play for institutional investors and other market participants, to what extent early regulatory concerns have been answered by voluntary codes of conduct, what else regulation can offer, and what points might need further reflection.Drawing on ICMA research, including a survey of asset owners and asset managers representing around USD28 trillion in assets under management, the paper explores how ESG ratings and data products are used in practice across equity, debt and loan markets, from investment mandates and risk analysis through to engagement and regulatory compliance.The paper looks at how IOSCO’s recommendations made in 2021 have led to market-led responses in Japan, Singapore, the UK and Hong Kong, including the creation of the ICMA Code of Conduct for ESG Ratings and Data Product Providers as well as more recently to regulation in the EU as well as India and the UK.Key insights: The market has already become much more transparent since IOSCO’s Final Report in November 2021, helped by providers signing up to voluntary codes of conduct. There continues to be widespread reliance on third-party ESG ratings and data products, but also extensive use of internal ESG scores and ratings by asset managers and owners. The ICMA Code of Conduct has become an important reference point in improving transparency, governance and comparability in the market for ESG ratings and data products, however, regulation if done proportionately can bring additional benefits. The interaction between voluntary codes, formal regulation, internal models and standardised sustainability disclosures will shape how this market develops from here. ESG products not covered by current or future regulation, such as ESG data products, can continue to be covered by voluntary codes of conduct. For members following developments in sustainable finance, regulation and market infrastructure, the paper offers a timely overview of a market that is becoming increasingly significant to investment decision-making and capital market practice. 

27 February 2026 ICMA has submitted its response to the UK government’s consultation document on the UK Treasury Bill market.The consultation, jointly published by HM Treasury and the UK Debt Management Office, is intended to better inform the government on the structure of its T-bill issuance programme, as well as to explore options to promote participation in the T-bill market, both via primary market operations and through the development of a more active and liquid secondary market.In composing its response, ICMA convened a Taskforce of entities active in the UK T-bill market from its deep and diverse membership, including Gilt-Edged Market Makers (GEMMS), UK Treasury Bill Primary Participants (TBPPs), real money and levered investors, as well as relevant market infrastructures.In its response, ICMA offers its full support for the UK government’s objective of diversifying its financing sources and believes that T-bills can play a more prominent role in its outstanding stock of debt, as well as providing key recommendations to enhance the depth, liquidity, and efficiency of both the primary and secondary markets, including repo. In doing so, ICMA draws on the successful features and experiences of other active T-bill markets, including those of France, Italy and, in particular, the US. Appropriate incentives for Primary Dealers or other liquidity providers are critical, including a dedicated repo standing facility. ICMA also identifies potential sources of new investment, including retail, noting that T-bills offer a secure and higher-yielding alternative for the £1.6tn currently sitting in bank accounts.ICMA suggests that with the right architecture and a gradual approach, T-bill issuance could form as much as 15% of the UK government’s outstanding stock of debt; a meaningful increase from the current proportion of 3.5%.

26 February 2026 ICMA has submitted a letter to the U.S. Securities and Exchange Commission (SEC) to highlight the outstanding implementation challenges related to the U.S. Treasury clearing mandate for repo transactions. The letter seeks further clarification and regulatory guidance on the key issues affecting the international market participants, including the extraterritorial scope of the mandate, the inter-affiliate exemption, the treatment of triparty repos, and FICC membership and access considerations. In light of the global nature of the market, ICMA has also shared the letter with other relevant authorities. ICMA will continue to engage closely with market participants, infrastructure providers, and policymakers to support the transition to the new clearing mandate.

20 February 2026 ICMA has responded today to the FCA consultation CP25/32 on Improving the UK transaction reporting regime. ICMA’s response to this consultation covers two distinct perspectives, as we focus on: (i) MiFIR transaction reporting, as it relates to the reporting of cash bond transactions, as well as (ii) SFTR reporting, recognising that the latter is only a smaller component of the consultation. These two aspects of our response were led by two separate ICMA working groups. On the MiFIR side, the response is based on feedback provided by a dedicated MiFIR Transaction Reporting Taskforce, which has been created only recently, established as a sub-group of ICMA’s broader MiFIDII/R Working Group. On the SFTR side, we relied on feedback from ICMA’s well-established SFTR Taskforce, created back in 2015, to coordinate the industry’s implementation effort from a repo perspective and which has since continued to actively follow further regulatory developments.In its response, ICMA strongly supports the FCA’s stated objective to “deliver a streamlined framework that will cut costs for business while ensuring effective regulatory oversight of our world-leading capital markets” and highlights that there is indeed ample scope for such improvements. While the response itself focuses mainly on the FCA’s proposals in relation to MiFIR transaction reporting, we also used the opportunity to share with the FCA a detailed list of proposals for a structured review of the SFTR reporting regime similar to those that had already been shared with ESMA recently. These are the result of a detailed review of the current requirements and issues flagged by members over the past years.ICMA remains committed to contributing actively and constructively to the ongoing reviews of transaction reporting requirements across the EU and the UK, through our consultation responses, our bilateral engagement with the FCA and ESMA, and through official groups, such as the FCA’s recently created SFTR industry engagement group.

19 February 2026 The International Islamic Financial Market (IIFM) and the International Capital Market Association (ICMA) today announced the signing of a Memorandum of Understanding (MOU) and the formal commencement of their joint initiative to develop a global standardised documentation framework for Shari’ah-compliant repurchase agreement (Repo). The project is officially titled the IIFM/ICMA Islamic Repo (I’aadat Al Shira’a) Master Agreement.This landmark initiative addresses long-standing liquidity management challenges in Islamic finance by replacing fragmented practices with a unified, Shari’ah-compliant, and robust operational standard. The collaboration leverages ICMA’s extensive experience with the Global Master Repurchase Agreement (GMRA) and IIFM’s specialised expertise in Shari’ah-compliant standard-setting. Yusuf Battiwala, Partner at Norton Rose Fulbright has been appointed as Legal Counsel for the project.The standardisation project is designed to enhance market liquidity by providing Islamic financial institutions worldwide with reliable tools for short-term funding, while simultaneously reducing operational costs and Shari’ah complexities. Dr. Ahmed Rufai, Acting CEO of IIFM:"We are delighted to partner with ICMA to bring greater standardisation, harmonisation and transparency to the Islamic repo market. By combining ICMA's global expertise in Repo with IIFM’s Shari’ah leadership, we are creating a framework that facilitates efficient liquidity management and strengthens the integration of Islamic finance within global capital markets. This project is a cornerstone of our strategic vision, providing the legal certainty and infrastructure necessary for a more transparent, efficient, and interconnected Islamic financial future."Mr. Bryan Pascoe, Chief Executive of ICMA added:“Repo is a cornerstone of the global financial market and an essential tool for firms’ liquidity and risk management. By partnering with IIFM to develop a globally standardised, Shari’ah-compliant master agreement, we aim to help with extending the core benefits of repo to the Islamic Finance market, bringing greater clarity, legal certainty and operational efficiency to Islamic repo activity across key markets. This will support Islamic banks and other market participants in managing short-term funding more effectively, and it will strengthen the resilience and connectivity of local capital markets as they continue to deepen and internationalise.”Following the completion of the drafting phase, the standards will be supported by an explanatory memorandum to assist market participants in seamless implementation. We invite ICMA members to contact us if they have any questions or would like to get involved. 

18 February 2026 ICMA’s guide provides an overview of the South African repo market, highlighting recent developments and describing the structure and operation of the market, its infrastructure, types of collateral and counterparties, and the legal and regulatory framework.Download the ICMA guide to repo markets: South Africa This report is the ninth in a series of guides on domestic repo markets, published as part of our ongoing commitment to supporting the development of repo markets globally. Previous guides covering China, Japan, Indonesia, the Philippines, South Korea and Vietnam, were published in 2022 and 2023 (ICMA member login required), followed by Australia in 2024 (open access) and most recently India in 2025(login required).The South Africa guide, which is open access and available to all to download, was made possible through the Special Purpose Reserve Fund of Strate, in the interests of supporting market education and the alignment of South Africa’s financial markets to international best practice.ICMA has played a significant role in promoting the international repo market since the 1990s. This includes the development of the Global Master Repurchase Agreement (GMRA), which has become the principal master agreement for cross-border repos globally, as well as for many domestic repo markets, supported by annually updated legal opinions in over 70 jurisdictions (view a full list of jurisdictions covered by the 2025 legal opinions update).For more information contact: grcf@icmagroup.org

ICMA welcomes the following new members in February 2026: Ant Bank (Hong Kong) Limited, Hong Kong Challenger Deep Kaiko Inc., United States CTBC Bank Co., Ltd., Taiwan Rating and Investment Information, Inc., Japan Click here to view the full list of ICMA members.

4 February 2026 We are pleased to announce the 21 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately two years starting immediately and ending on the day the results of the 2028 ERCC elections are announced.ICMA ERCC Committee 2026 – 2028Charlie BadranAXA Investment Managers (part of BNPP Asset Management)Thomas HansenBanco Santander, S.A.Michel SemaanBanque Centrale de Compensation (LCH SA)Nick DauntBarclays Capital Securities Services LtdEmma Cooper BlackRock Investment Management (UK) LtdJulien ChoukrounBNP Paribas James Cherry Clearstream BankingAndreas Biewald Commerzbank AGAmanda Butavand Crédit Agricole CIBFrank Gast Eurex Repo GmbHMarije Verhelst Euroclear Bank S.A./N.V. Ned TaylorHSBC Bank PlcPhilip BoyceJ.P. Morgan Securities PlcHamish ThorntonLloyds Bank Corporate Markets Daniel Bremer Merrill Lynch InternationalAlexander HawkeMorgan Stanley Anja KleefsmanPGGM Vermogensbeheer B.V. Sylvain BojicSociété Générale S.A. Nicola DaneseTradeweb Europe LtdGareth AllenUBS AGArne Theia UniCredit Bank GmbH

4 February 2026 In this position paper, ICMA presents its commentary and recommendations on the Sustainable Finance Disclosure Regulation (SFDR) 2.0 as feedback for the upcoming EU co-legislation process. In short, ICMA welcomes the direction of travel of the SFDR 2.0 which takes into account industry feedback for a simplified disclosure regime and a clearer ESG fund categorisation system. As per the Commission’s proposal, the latter would consist of “Transition”, “ESG Basics”, and “Sustainable” categories. Otherwise, ICMA’s recommendations for further improvement and clarification focus on the following:For the general aspects of the SFDR Extension of exclusions to legacy coal exposure Treatment of non use-of-proceeds (UoP) instruments of public entitie Voluntary disclosure for all relevant funds Effective implementation For the treatment of UoP bonds and funds Explicit recognition of credible market standards and other credible tools Application of category exclusions to UoP bonds and funds.

30 January 2026 The International Capital Market Association (ICMA) welcomes the People's Bank of China's (PBoC) recognition of the GMRA for bond repo transactions involving CIBM bonds | 国际资本市场协会（ICMA）欢迎中国人民银行（PBoC）认可在涉及银行间债券市场债券的回购交易中使用《全球回购主协议》（GMRA)Background背景Pursuant to the September 2025 announcement from the People's Bank of China, China Securities Regulatory Commission, State Administration of Foreign Exchange and related Q&A to broaden access for offshore investors to China's repo market, the PBoC has now recognised the use of the Global Master Repurchase Agreement ("GMRA") for bond repo transactions involving bonds in the China Interbank Bond Market ("CIBM"), following ICMA's filing of the GMRA with the PBoC.根据中国人民银行、中国证券监督管理委员会、国家外汇管理局于2025年9月发布的、旨在拓宽境外投资者进入中国回购市场的渠道的公告及答记者问，继ICMA向中国人民银行备案《全球回购主协议》后，中国人民银行现已认可在涉及中国银行间债券市场（CIBM）债券的回购交易中使用《全球回购主协议》（GMRA）。What is the GMRA?什么是《全球回购主协议》？ The GMRA is the most widely-used market standard master agreement for repo transactions, published and maintained by ICMA, which provides a framework of standard terms and conditions to govern repos between two contracting parties. Having this framework in place means that, whenever a new repo is transacted, the parties do not need to agree all its terms and conditions again. This makes the negotiation of repos more efficient and less prone to inadvertent mistakes.《全球回购主协议》是由ICMA发布并维护的、全球最广泛使用的回购交易市场标准主协议，为双方回购交易提供一套标准条款和条件的框架。有了这一框架，每次进行新的回购交易时，双方无需重新协商所有条款和条件，从而提高谈判效率并降低无意错误的风险。The GMRA clarifies the rights and obligations of the contracting parties, particularly in the event of a default by one of them. Core protections against loss on default include the transfer of legal title to collateral and the operation of close-out netting. Title transfer is intended to ensure that collateral is owned outright by the transferee and, subject to applicable insolvency law, is not treated as part of the insolvent counterparty’s estate. Close-out netting mitigates credit losses by reducing and crystallising exposure to a defaulting party and, where recognised under applicable regulatory frameworks, allows counterparty exposures to be calculated on a net rather than gross basis, thereby reducing regulatory capital requirements.《全球回购主协议》适用于银行间债券市场买断式回购，明确了交易双方的权利和义务，尤其是在一方违约的情况下。违约时的核心风险防护措施包括抵押品法律所有权的转移以及终止净额结算（close-out netting）的运作。所有权转移旨在确保抵押品由受让方完全、无条件地持有，并且在适用的破产法框架下，不会被视为纳入违约对手方的破产财产。终止净额结算通过减少并明确对违约方的风险敞口来降低信用损失，同时，在适用的监管框架允许的情况下，通过将对手方风险按净额而非总额计算，从而减少适用的监管资本要求。ICMA member support and resources for the GMRAICMA的支持与《全球回购主协议》相关资源There are special characteristics in China's repo market (including the latest developments mentioned above), where there may be potential differences in market practice and technical aspects of the relevant trading and settlement process. ICMA's member support and resources should be able to offer help in this regard.中国回购市场具备一定独特性（包括上述最近进展），其市场惯例、交易及结算环节的技术方面可能存在潜在的差异。ICMA所能提供的支持与相关资源应该有所襄助。ICMA annually commissions legal opinions from local counsel on the enforceability of the GMRA and its annexes in over 70 jurisdictions. Depending on the ICMA membership type, these opinions are available as one of the benefits of membership.ICMA每年都会委托各地律师事务所，针对70多个司法管辖区，出具《全球回购主协议》（GMRA）及其附录的法律可执行性意见书。根据有关机构的类型，这些法律意见书作为会员权益之一提供。In addition to annual legal opinions, ICMA also offers members access to a help desk to assist with queries about the GMRA, ad hoc guidance to assist members in understanding the implications of market events, as well as educational material and alerts to members on significant legal developments in jurisdictions where the GMRA is used.除了每年的法律意见书外，ICMA还为机构提供咨询服务台，以协助解决有关《全球回购主协议》的问询，提供专门的指导以帮助机构理解市场事件的影响，还提供培训资料并在使用《全球回购主协议》的司法管辖区发生重大法律动态时向机构发布提醒。The recommendations of relevant ICMA repo working groups are periodically published as a Guide to Best Practice in the repo market, including the members-only Guides to Asia-Pacific Repo Markets. In addition, ICMA members are able to seek specific advice from the working group, which can draw on the expertise and experience of market participants and infrastructures.ICMA相关回购工作组的建议会被定期发布为《回购市场最佳实践指南》，包括仅限ICMA会员访问的《亚太回购市场指南》。此外，有关机构可向工作组寻求具体建议，工作组可借助市场参与者和基础设施的专业知识和经验。ICMA also publishes rules and recommendations for the secondary market (available to ICMA members only), which continues to support efficient cross-border repo trading.ICMA还发布二级市场的规则和建议（仅限ICMA会员访问），以持续支持高效的跨境回购交易。For membership enquiries, please contact ICMA Asia Pacific at apac@icmagroup.org.如需会员相关的咨询，请联系ICMA亚太区：apac@icmagroup.org。

23 January 2026 ICMA’s European Repo and Collateral Council (ERCC) has published its latest annual analysis of how the repo market performed over the recent calendar year-end: The European repo market at 2025 year-end.Calendar year-end remains a critical focal point for repo markets, reflecting the interaction between liquidity conditions, balance sheet constraints, and funding demand. Working closely with ERCC member firms, ICMA has assessed year-end market performance annually for the past ten years, following the severe dislocations observed during the 2016 turn. While those extreme conditions have not been repeated, the legacy of that period continues to shape how market participants anticipate and manage year-end funding risk.The 2025 year-end occurred against a materially different backdrop from recent years. Ongoing quantitative normalisation, declining excess reserves, and increased government bond issuance shifted the year-end paradigm away from collateral scarcity and towards more traditional funding pressures. As a result, market expectations going into the fourth quarter centred on the risk of higher repo rates rather than the sharp rate compressions seen in prior years.The report documents how term and forward markets initially priced in a meaningful year-end premium, particularly in the euro government repo market, reflecting concerns over limited dealer balance sheet capacity and competing demands from equity financing. However, as December progressed, these pressures eased. Ample liquidity, early prefunding by market participants, evolving bond market positioning, and the availability of central bank facilities all contributed to a relatively orderly turn, with only brief and contained volatility observed in the final days of the year.While the analysis also covers repo market developments in GBP, USD, and JPY, the European experience remains central. A key conclusion is that balance sheet availability, rather than pure cash or collateral scarcity, continues to be the dominant and least predictable driver of year-end dynamics, a theme with important implications as markets move deeper into a post-QE environment.The full report is available to download, and ICMA welcomes engagement from members and market participants on the findings and their implications for future repo market functioning.

20 January 2026 The International Capital Market Association (ICMA) today publishes a new paper examining whether stablecoins represent a credible development for capital markets infrastructure, or a diversion from more established solutions.The paper places recent growth in stablecoins in context, noting their rapid expansion alongside accelerating regulatory attention across major jurisdictions. While definitions and supervisory approaches differ, regulators are increasingly converging around core principles on reserves, redemption, safeguarding, and the prohibition of interest, with fragmentation remaining a central systemic risk.From a capital markets perspective, the analysis focuses on the practical role of fiat-backed stablecoins as potential on-chain settlement assets, alongside wholesale CBDCs and tokenised bank liabilities.The paper assesses where stablecoins may offer advantages, particularly in enabling programmable, 24/7 settlement and liquidity outside traditional cycles, while also highlighting material constraints.These include regulatory limits on volumes and use cases, the absence of credit and interest, custody and technology risks, and operational costs linked to public blockchains.Drawing on recent market initiatives and ICMA-led work under Project Guardian, the paper concludes that while stablecoins are unlikely to be a universal solution, they could play a complementary role in future market infrastructure if regulatory clarity improves and cross-border alignment deepens.The paper is intended to inform ongoing discussions among issuers, intermediaries, investors, and policymakers on the evolution of digital settlement in capital markets.Download the paper here.

15 January 2026 The latest edition of the ICMA Quarterly Report is now available.To access the report, click here.

ICMA welcomes the following new members in January 2026: Greenberg Traurig Limited, United Arab Emirates Mashreqbank psc, United Arab Emirates Click here to view the full list of ICMA members.