2 October 2025 The International Capital Market Association (ICMA) is pleased to announce the publication of a legal opinion covering the Global Master Repurchase Agreement (GMRA) for Saudi Arabia, which recognises the enforceability of close-out netting under regulations published by the Saudi Central Bank (SAMA) and Capital Markets Authority (CMA) earlier this year.This is an important milestone towards strengthening the stability and sustainability of the financial sector in the KSA, bringing the Kingdom's financial infrastructure in line with international standards.The ICMA GMRA 2025 opinions now include the netting coverage of 74 jurisdictions. 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.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, click here.

1 October 2025 The International Capital Market Association (ICMA) is pleased to announce the appointment of Mohamed Sharaf, Treasurer of the Islamic Development Bank, as Chair of ICMA’s Middle East, North Africa, and Republic of Türkiye (MENAT) Regional Committee. He will be supported by Nadia Zubairi, Head of Debt Capital Markets at Bank ABC, who has been appointed as Vice Chair. The MENAT Regional Committee represents the interests of ICMA’s growing membership across the Middle East, North Africa, and Republic of Türkiye. The region is playing an increasingly important role in international capital markets, reflecting both its economic dynamism and the rapid growth of Islamic finance as a mainstream source of funding and investment globally. Commenting on the appointments, Bryan Pascoe, ICMA Chief Executive, said:“These appointments underline ICMA’s commitment to the MENAT region at a time when its significance in international capital markets continues to expand. Mohamed’s leadership, together with Nadia’s expertise, will help ensure that the perspectives of MENAT members are fully represented within ICMA’s global dialogue, while also strengthening our support for the development of Islamic finance and other key regional initiatives.” ICMA’s regional committees play an essential role in connecting members to the association’s global initiatives, facilitating dialogue between market participants, and shaping policy and practice to reflect local perspectives. They serve as a vital link between ICMA and its regional membership.View the full list of Middle East, North Africa and Republic of Türkiye (MENAT) Committee members

The ICMA FinTech Directories are unique resources available to members and regulators. Please contact our membership department if you do not know your firm’s login credentials.They are also available to non-members on an annual subscription basis. Please refer to ICMA’s product information page for further information.The Directories allow advanced searching, filtering and side-by-side comparison of FinTech platforms and solutions.ICMA Primary Markets FinTech DirectoryICMA’s Primary Markets FinTech Directory compares the key features and capabilities of technology solutions available to automate all or part of the process of issuing debt securities. Building on ICMA’s work in primary bond markets, the directory’s purpose is to keep ICMA members informed about what platforms and technology solutions are available in a rapidly expanding competitive marketplace.Comparables include: solution stage; eligible participants; debt securities; issuance method; market coverage; electronic bookbuilding transparency; allocation; supported electronic communication protocols & standards; and other services.More informationICMA Electronic Trading FinTech DirectoryIn light of the shift towards electronification, ICMA initially conducted a mapping exercise of electronic trading platforms (ETPs) and information networks in 2015. As this landscape continues to evolve, ICMA has undertaken to update this directory on a regular basis, expanding its scope both in terms of regions and solutions, for example including Organised Trading Facilities (OTFs) and Order and Execution Management Systems (OMS & EMS).Comparables include: eligible participants; trading method; protocol type; counterparty visibility; securities; trade types; pre-trade practices; Decision Support Tools; delivery method; and supported electronic communication protocols & standards.More informationICMA Repo Trading FinTech DirectoryICMA’s Repo Trading FinTech Directory is intended to help market participants understand execution venues available for repo trading. The directory provides an overview of key platform characteristics such as differences in trading protocols, clearing and collateral configurations. The directory also provides information on the venues’ regulatory status, market identifier codes (MIC) and additional services on offer such as regulatory reporting under SFTR.Comparables include: platform type; market type; eligible participants; trading method; counterparty transparency; Decision Support Tools; supported transaction types; supported collateral; support for tri-party; direct CCP connectivity; supported electronic communication protocols & standards; and other services.More informationICMA Operations FinTech DirectoryICMA’s ERCC Ops FinTech Working Group (WG) initially published a directory of over 80 technology solutions available for repo and cash bond operations in November 2017 and is regularly updated. The directory compares the capabilities of different providers and seeks to create greater transparency in a highly dynamic and fluid market. The directory is divided into 10 categories, including collateral management, exposure agreements and reconciliations.Comparables include: lifecycle; product scope; type of solution; counterparty; pricing; and supported electronic communication protocols & standards.More information

29 September 2025 ICMA is delighted to announce that Anita Karppi has joined as Senior Director within the Market Practice and Regulatory Policy (MPRP) team, based in London. Anita will officially start on 30th September 2025.Anita will lead and drive ICMA’s overall international buy-side proposition and strategy, with a focus on engaging non-traditional asset managers and investors. She will work closely with the Asset Management and Investors Council (AMIC) to ensure ICMAs buy-side voice is well-represented in industry best practices and standard-setting initiatives and represent ICMA in key industry forums and events beyond AMIC, especially among non-traditional buy-side stakeholders.Her extensive knowledge of ETFs, asset management, private credit, hedge funds, and digital transformation will be invaluable as ICMA continues to deepen its engagement with existing buy-side members and expand its buy-side footprint in response to ongoing changes in market structure. Anita will be supported by Irene Rey, who will continue to be the main point of contact for the AMIC, as confirmed by her role as AMIC Secretary. We believe that Anita and Irene are the right team to drive and broaden ICMA’s buy-side proposition.Anita brings over two decades of experience in the financial services industry, with a particular focus on the buy-side and capital markets. She has held senior leadership roles across strategy, business development, and thought leadership, including at Rothschild’s Five Arrows Private Equity, eToro, Market Structure Partners, FlexTrade Systems, and Goldman Sachs Asset Management. Anita is also the creator of the Buy-Side Trading Community, a global multi-asset class initiative that has brought together over 950 senior trading professionals and has been instrumental in shaping market structure and regulatory dialogue.Anita is passionate about diversity, inclusion, and mental health in the workplace, having spearheaded several high-profile campaigns such as #buysidewomen and #buysidementalhealth.Please join us in welcoming Anita to ICMA. We are thrilled to have her on board and look forward to the energy, insight, and valuable contributions she will bring to our team and our members.

26 September 2025 The International Capital Market Association (ICMA) has been proactively engaging with relevant authorities and its Chinese member firms on the development of China’s onshore repo market and its opening to global investors.ICMA welcomes the efforts of the People’s Bank of China (PBoC) to broaden access for offshore investors to China’s repo market, including the potential application of the Global Master Repurchase Agreement (GMRA). We have been actively contributing to the consultation process as per today’s announcement from the People’s Bank of China, China Securities Regulatory Commission, State Administration of Foreign Exchange.ICMA and its membership are currently reviewing the final rules in detail to ensure that they will effectively facilitate title-transfer repo transactions from a legal, operational, and governance perspective and will continue to closely monitor the evolving landscape of China’s repo market, both onshore and offshore. ICMA remains committed to supporting the use of the GMRA in cross-border repo transactions and to working constructively with Chinese regulators to strengthen legal certainty around close-out netting enforceability in China.ICMA believes that these developments mark an important step in the ongoing reforms to deepen China’s capital markets and to enhance opportunities for all market participants.

23 September 2025 The board of the International Capital Market Association (ICMA) has elected Stephen Fisher, Head of Government and Public Affairs, Deutsche Bank AG, London, as Deputy Chair of ICMA for a term until the ICMA Annual General Meeting in 2028.The Board has also elected Gareth Allen, Head of Investment and Execution, UBS AG, London, as Vice Chair of ICMA for a term until the ICMA Annual General Meeting in 2026.Learn more about the function of the ICMA board and view a full list of its members 

19 September 2025 ICMA's European Repo and Collateral Council (ERCC) submitted today a response to the European Securities and Markets Authority (ESMA) Call for evidence on a comprehensive approach for the simplification of financial transaction reporting for a structural review of existing reporting requirements across different regimes, including SFTR, EMIR and MiFIR. In terms of key messages, ICMA believes that priority should be given to the simplification and burden reduction within each regulation, as addressing these internal inefficiencies would achieve more immediate and cost-effective relief for market participants. With its SFTR Taskforce, ICMA has undertaken a comprehensive review of SFTR reporting requirements and put together a detailed list of proposed structural improvements, which we have shared with ESMA as part of the consultation response. In parallel to pursuing those structural changes, ICMA also encourages ESMA to kick off work on a longer-term vision for a more efficient and consistent digital reporting framework. Such a framework has to be based on a common data model, such as the Common Domain Model, developed jointly by ICMA, ISDA and ISLA, and ICMA is keen to work collaboratively with ESMA to support this work and develop a credible implementation roadmap. Contact: Zhan Chen

18 September 2025 The application of haircuts in repo transactions has recently garnered fresh attention as part of the broader focus on non-bank financial intermediation and related risks, with some questioning prevailing haircut practices, not least the observation of zero and so-called “negative haircuts”. This short paper intends to help inform the related policy debate by seeking to demystify repo haircuts and addressing some misconceptions.The paper explains the purpose of haircuts, which is often misunderstood, and why in some instances so-called negative haircuts can be entirely warranted. It also discusses the use of aggregate margining, as an efficient alternative to applying haircuts at the individual transaction level, as well as outlining the natural incentives for applying haircuts where it makes commercial sense. Finally, it lays out the implications of a deeper understanding of haircuts for policy makers, particularly from the perspective of managing leverage. It suggests that just as haircut data do not tell us very much about systemic leverage or potential risks to financial stability, the conclusion may be that nor are haircuts an effective policy tool for managing such risks.Read Demystifying Repo Haircuts

10 September 2025 ICMA has responded to the FCA Consultation Paper 25/20 on the SI regime for bonds and derivatives. In its response, ICMA supports the FCA's proposal in this consultation to remove the SI regime for bonds, derivatives, structured finance products and emission allowances.View the response.

8 September 2025 ICMA today responded to the US Securities and Exchange Commission’s Concept Release on Foreign Private Issuer Eligibility published on 4 June 2025. The concept release solicits public comment on the definition of foreign private issuer (FPI), who may benefit from certain accommodations from disclosure and filing requirements when accessing the US markets in US registered offerings. ICMA’s response highlights that any changes to the definition of FPI could have an inadvertent impact on debt offerings sold pursuant to Regulation S outside the United States.

4 September 2025 The Loan Market Association (LMA) and the International Capital Market Association (ICMA) are delighted to announce growing momentum for their inaugural Africa Summit, taking place in Cape Town on 25–26 February 2026.The landmark event has already secured the backing of South Africa’s four leading banks—Absa, Nedbank, RMB, and Standard Bank Corporate and Investment Banking—as platinum sponsors, with the International Finance Corporation (IFC) joining as a strategic partner. In addition, a number of other local African, regional and international institutions, including DFIs, law firms, service providers and members of the insurance market have already confirmed their support and sponsorship. Together, this support underscores the Summit’s role in bringing Africa’s debt markets together, as well as creating a collaborative, inclusive, industry-led platform to advance Africa’s loan and bond markets.The Summit aims to bring together more than 1,000 senior stakeholders from across Africa and internationally—including issuers, investors, regulators, DFIs, and banks—for two days of strategic dialogue, networking and technical exchange. The programme will focus on: Capital market development and regional integration across both the loan and bond markets Sustainable finance and climate transition Regulatory innovation and financial inclusion Blended finance, FinTech, and digitalisation Market infrastructure and trading platforms To promote broad participation, both ICMA and LMA members, as well as official sector representatives, will receive a number of complimentary passes. In addition, sponsors will benefit from a generous allocation of passes for their staff and clients. Delegate pricing has been set at an accessible level for non-members to ensure inclusive access for a wide range of market participants from across the region and will include complimentary 2026 LMA membership for those purchasing two or more passes.Bryan Pascoe, Chief Executive of ICMA, said: “This summit marks an important milestone in our work to support African capital market development. By combining our networks, expertise and deep regional relationships, ICMA and the LMA are uniquely positioned to deliver an impactful, market-led event. We are proud to collaborate with the LMA to amplify African voices and connect them with the global financial community.”Scott McMunn, Chief Executive of the LMA, commented: “Africa is a vital and dynamic region for both the loan and bond markets. This summit will illustrate both their unique features and interconnectedness, as well as provide an inclusive platform for knowledge-sharing, relationship-building, and thought leadership across the continent. Combining our unrivalled expertise across both the loan and bond markets for the first time, we look forward to working with ICMA and our members to ensure the programme reflects both the opportunities and complexities inherent to African debt.”The summit builds on years of local engagement by both organisations, including ICMA’s support for repo market-building in over ten Sub-Saharan jurisdictions, and the LMA’s production of legal documentation tailored for the African loan market, extensive regional event programme and growing African membership.Registration for the summit will open on 15 September 2025. Further details, including the agenda and speaker line-up, will be shared in due course.Authorities and financial institutions across Africa who are interested in a speaking role in the programme are invited to contact Amelia Slocombe, LMA, and Allan Malvar, ICMA.

Are you passionate about driving innovation in sustainable finance? The International Capital Market Association (ICMA) is seeking a dynamic and motivated Associate to join our Sustainable Finance Team.In this role, you will contribute to the development of sustainable debt capital markets across primary, secondary, and repo and collateral markets. You’ll support key governance bodies such as the Executive Committee of the Principles, and play a vital role in market analysis, regulatory monitoring, and thought leadership. You’ll also collaborate on publications and events, working closely with internal teams and ICMA’s global membership to promote best practices and industry standards.What We’re Looking For: Experience: 2–5 years in capital markets, investment banking, or asset management. Education: University degree in finance, economics, or international business (Master’s preferred). Skills: Strong analytical and communication skills, collaborative mindset, and fluency in English. Proficiency in Microsoft Office and an additional European language is a plus. Attributes: Self-motivated, organised, and committed to integrity and inclusivity. ? Application Deadline: 26 September 2025? Apply Now: ICMA - Associate, Sustainable Finance

27 August 2025 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK sovereign bond market trading activity.Starting from H1 2025, following member feedback, ICMA has chosen to include bonds issued by the EU in its European Sovereign Bond Data report. This is intended to reflect the growing scale of issuance and turnover in EU bonds and a wider market shift toward the classification of the EU as a sovereign borrower.The report will be published in two separate editions: A sovereign edition (this report) A corporate edition (to follow) One of the core objectives of MiFID II/MiFIR was to provide greater public transparency of secondary trading activity in the EU and UK markets. As solutions have evolved to consolidate the disperse sources of public data, ICMA has sought to leverage the capabilities of such initiatives to provide a detailed and holistic view of bond market activity in the EU and UK.It is estimated that the report captures more than 80% of all secondary bond market transactions reported in the EU and UK and is therefore relatively representative of the aggregated bond market data as reported under the MiFID II/MiFIR obligation.This report, which follows the report published for H2 2024,  provides 42 months of bond market data, covering the period January 2022 through to June 2025.  ICMA believes that this latest data set provides a more accurate representation than the previous report.ICMA commits to updating this report on a semi-annual basis in order to be able to track long-term trends in secondary bond market structure and activity. ICMA also expects that in time both the depth and quality of the underlying data will improve, particularly as reports such as this seek to present a definitive picture of the European bond markets.

ICMA welcomes the following new members in August 2025: Blackletter LLC, Singapore China Bohai Bank Co., Ltd., China Coronation Securities Limited, Nigeria Danmarks Skibskredit A/S, Denmark Debt Issuers Association (DIA), South Africa Click here to view the full list of ICMA members.