ICMA welcomes the following new members in April 2026: Československá obchodní banka, a.s., Czech Republic Emirates Islamic Bank PJSC, United Arab Emirates Mallesons, Australia Privredna banka Zagreb d. d., Croatia Click here to view the full list of ICMA members.

22 April 2026 The International Capital Market Association (ICMA) yesterday submitted its response to the Eurosystem’s feedback questionnaire on the approach set out in the roadmap for Appia, the strategic initiative to shape the development of a European tokenised financial ecosystem (the “Appia roadmap”).ICMA’s response reflects the views of a subset of its DLT Bonds Working Group, which includes issuers, banks, investors, market infrastructures and law firms across the value chain of international debt capital markets.ICMA’s consultation response builds on ICMA’s engagement with the Eurosystem through the ECB New Technologies for Wholesale settlement Contact Group (NTW-CG), which ICMA has been a member of since its inception. Key points: ICMA members welcome the opportunity to provide feedback on the Appia roadmap. Facilitating settlement of DLT transactions in central bank money is of critical importance in order to foster the development of DLT-based capital markets and unlock the wider benefits of tokenisation, as highlighted in ICMA’s previous response to a Eurosystem questionnaire in June 2022. While ICMA members are, in principle, supportive of the proposed high-level principles governing Appia, we emphasise (i) the importance of the principle of legal certainty; (ii) international interoperability being integral to market access and integration; and (iii) suggest the inclusion of interoperability, standardisation and proportionality as additional principles. The proposed technologically neutral network layer should be built through a market-led, collaborative approach, building on existing traditional and DLT-native standards (for example, ICMA's Bond Data Taxonomy). ICMA members believe that the Eurosystem has a critical role to play as an enabler for the EU’s tokenised financial ecosystem, by issuing a wholesale CBDC, driving the adoption of standards and establishing rules for market participants. While some ICMA members note the necessity to reduce reliance on non-European providers for critical infrastructure to ensure strategic autonomy, it is equally important to acknowledge that maintaining interoperability between Appia and the global financial system is crucial to avoid fragmentation. ICMA members emphasise that any common standards, rules and practices to shape the tokenised financial ecosystem must be built on existing industry standards and initiatives. These common standards are critical to facilitate interoperability and enable scaling within the industry, both within the EU’s tokenised financial system and with third countries. Allowing multiple interoperable networks to operate under a common set of harmonised standards is generally the preferred approach from ICMA members’ perspective, instead of a single network operated by the Eurosystem. This model would support competition, reduce concentration risks, and encourage market-led innovation, while also allowing the Eurosystem to maintain safety and compatibility through a strong regulatory and standard-setting role. ICMA’s detailed response can be found here.

20 April 2026 ICMA was among the signatories to a joint letter addressed to members of the European Parliament’s ECON Committee ahead of the final stage of the Parliament establishing its position on the review of the EU Securitisation Framework.The letter calls for a proportionate and stable regulatory approach that supports the development of a more efficient, resilient and competitive EU securitisation market. In particular, it urges policymakers not to introduce a dedicated sanctioning regime under the Securitisation Regulation, noting that investors in securitisations are already subject to sanctions under existing sectoral and national legislation.The letter further cautions that additional and duplicative sanctions could deter existing and prospective investors, thereby undermining efforts to broaden the investor base. It also raises concerns that linking sanctions to the size of exposures could produce unintended and counterproductive outcomes, particularly for holders of the safest senior tranches which by definition represent the largest notional exposures.More broadly, the signatories call for meaningful reforms that reinforce investor confidence and enable securitisation to better support financing for households, businesses and the wider European economy.

14 April 2026 Today ICMA announces the publication of the 2026 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and, in particular, the GMRA netting provisions.The 2026 opinions will introduce Peru as a new jurisdiction (publication to follow shortly), increasing the netting coverage to 75 jurisdictions. Coverage of the Digital Assets Annex has also been expanded and now extends to eight jurisdictions. In addition to last year’s coverage of Belgium, England, France, Germany, Luxembourg and Switzerland, the 2026 opinions now include Hong Kong and the USA. All opinions cover at a minimum; companies, banks and securities dealers, most jurisdictions also cover insurance companies, hedge funds, mutual funds and pension funds (where generic coverage is possible) as parties to the GMRA. In response to strong member demand, counterparty coverage has been expanded across 14 jurisdictions, including Australia, Canada, Japan, Saudi Arabia and the UAE. Regulators require repo transactions to be subject to agreements like the GMRA, supported by regularly updated legal opinions, in order to reduce regulatory capital requirements through close-out netting. ICMA legal opinions enable members to realise these significant regulatory capital benefits.ICMA offers members* a business-critical service through the provision of these annually updated legal opinions.Full list of jurisdictions covered by the legal opinions*Full access to the ICMA GMRA legal opinions is not provided to non-subscribing tier 3 and associate members. Official institution members are exempt from the subscription service. For more information and to subscribe, see here. 

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

10 April 2026 ICMA has submitted its response to the SEC Notice of Request for Exemptive Relief concerning the extraterritorial scope of the U.S. Treasury clearing mandate. The Notice seeks feedback on whether certain offshore transactions in U.S. Treasury between non-U.S. counterparties should be exempt from the Trade Submission Requirement. In its response, ICMA supports the proposed relief in principle, noting that it would help address unintended extraterritorial effects and reduce legal uncertainty, operational complexity, and compliance burdens for international market participants. ICMA also acknowledges concerns raised by some market participants regarding potential level playing field implications, particularly in relation to the treatment of non-U.S. branches and subsidiaries of U.S. firms. The response notes that further consideration may be warranted in this area and suggests that the SEC may consider appropriate mitigants, alongside monitoring the use of the exemption.

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