Dear ICMA Members,
As we approach the close of 2023, I am pleased to highlight some of the key initiatives marking ICMA's journey this year.
As an association I am proud of what we have achieved so far, bringing members, market participants, regulators, and other associations together around the principal themes in the international capital markets.
In a year marked by interest rate fluctuations, geopolitical uncertainties, and central bank program rollbacks, ICMA’s Market Practice and Regulatory Policy Committees and Working Groups have served as crucial forums, bringing together market participants to discuss new initiatives; recommendations for best practice and the changing regulatory landscapes; among other topics. Indeed in 2023, ICMA strengthened its global reach and remit through the introduction of the Global Repo and Collateral Forum; gathering members from across the world, to focus on themes including market best practice, market development, and the intersection of repo with our cross-cutting themes of sustainable finance and FinTech and Digitalisation.
Turning to specific areas of activity, across primary markets we’ve been closely involved in the proposed changes to the EU and new UK prospectus regimes. Our London and Hong Kong offices have also collaborated closely, responding to the Monetary Authority of Singapore on business conduct rule changes and also helping to craft consultation responses to the Hong Kong Securities and Futures Commission.
Our work in secondary markets has also been exceptionally busy; not only through helping our members navigate issues related to MiFIR and consolidated tape; but also commissioning the Bond Market Liquidity Taskforce, to understand measures which can improve long-term market resilience.
Secondary Market colleagues have also worked closely with ICMA’s Secondary Market Practices Committee, European Repo and Collateral Committee and ICMA’s Market Infrastructure Advisory Group in promoting settlement efficiency and assessing the implications of the move to T+1 in the US.
Sustainable Finance remains a key theme and one where ICMA’s advocacy and output has kept us at the forefront of the global conversation. During our AGM of the Principes we announced an update to the Climate Transition Finance Handbook. More recently we have taken ownership of the Code of Conduct for ESG ratings and data products providers, following publication of the final Code. This success has enabled similar projects sponsored by the Hong Kong SFC. We are also hosting the Singapore Code of Conduct on the ICMA website.
Our FinTech and Digitalisation practice has made positive strides this year, building engagement across regions (330 individuals from 122 member firms now participating in our working groups) and helping drive the adoption of common standards and best practices via the Common Domain Model and the Bond Data Taxonomy.
We have held a vibrant schedule of events over the course of the year, including the Primary Markets Forum, Asset Management and Investors Council Meeting and of course the ICMA AGM and Conference, where we welcomed over 1000 members and delegates. Our market-leading education and training team also continue to welcome students back to in-person training and have added new courses throughout the year, including two in the FinTech and Digitalisation space.
In conclusion, 2023 has been a year of resilience, adaptability, and innovation for ICMA and its members. We look forward to continuing our collaborative efforts in 2024, focusing on initiatives such as T+1 settlement cycles, calibration of transparency regimes, and the next phase of the Bond Market Liquidity Taskforce.
I extend my gratitude to all our members for their support and contributions. Here's to another year of shaping the future of global capital markets together.
Best regards,
Bryan Pascoe
Chief Executive Officer
International Capital Market Association (ICMA)
