Listen to our podcasts on topical issues and regulation.
ICMA Fintech & Digitalisation podcast series: ION Markets
Tommaso Di Grazia and Ed Tyndale-Biscoe, Heads of Fixed Income and Secured Funding Product Management at ION Markets, speak about how ION’s one-stop shop for trading solutions sets it apart from other fintech vendors. They also discuss how ION's API-based technology enables clients to customize core functionality to suit their specific business needs.
In this podcast, Murex Head of Securities Finance Product Management Sabine Farhat discusses shifts in the space driven by business and regulatory trends, emphasising the importance of balance sheet optimisation and increased scrutiny on collateral and liquidity. Sabine highlights the growing demand for centralisation, automation, and digitalisation, encouraged by standardisation from regulators and entities like ICMA, and how Murex addresses these evolving client needs in the changing securities finance landscape.
Jonathan Lee and Matthew Vincent from RegTech firm Kaizen, talk to ICMA’s Oliver Tinkler on the innovation we are seeing in compliance and regulatory reporting as the space continues to evolve. With all the challenges and complexities that firms face, Jonathan and Matthew explain the various solutions that Kaizen offers to help firms fulfil their compliance obligations, whether it be regulatory reporting assurance, shareholding disclosure, trade and communications surveillance, research management or regulatory rules management on Single Rulebook.
2/21/2024 • 24 minutes, 20 seconds
ICMA Fintech & Digitalisation podcast series: Covalent Capital
Founder and CEO, Sanjay Garodia, introduces OMAS - the full lifecycle product for primary Debt Capital Markets. Hear his views on standardisation, partnerships and collaborations, data transfer and interoperability, and the impact of AI on the financial markets and the FinTech vendors that support it. He shares his experience of how smaller, nimble FinTech firms can help banks navigate internal hurdles around the adoption of new technology solutions, easing regulatory compliance headaches and the perseverance that is required to help clients achieve their goals.
In this interview Mark Dalton, Managing Director and James Eves, Senior Executive of ConvEx discuss the emerging role of specialist independent calculation agency services. Originally set up to provide specialist advice and calculation services to the equity-linked market, ConvEx has since expanded to debt capital markets instruments (capital securities, senior bonds with make-whole calls, LIBOR transition), derivatives and management/employee compensation plans.
Raja Palaniappan, co-founder and CEO, discusses his transition from secondary market trading to revolutionising the primary issuance process of fixed income securities through digitisation. Origin, a SaaS platform, focuses on automating every stage of primary issuance to enhance efficiency, reduce risk, and manage unstructured data transfer.
Steve Toland, co-founder, discusses the company's focus on providing e-trading systems for fixed income markets. Steve highlights innovations in API normalisation and automated trading tools to facilitate connectivity and efficiency for their customers in a rapidly evolving and fragmented market landscape.
Todd Crowther, Head of Fixed Income, and Jon Ford, Head of Collateral Services, unpack the relationship between innovation and regulatory compliance in the constantly evolving industry landscape, and share insights from Pirum’s 20-year journey, from launching its cloud-based service before ‘SaaS’ (Software as a Service) was a thing, to its current position.
Charlie Berman, CEO and founder, shares his experience driving agora's mission to revolutionise the bond markets by leveraging distributed ledger technology to enhance efficiency and transparency. Starting with the origination process and heading towards full lifecycle management using smart contracts, agora is collaborating with stakeholders and new entrants to address longstanding inefficiencies and usher in a new era of innovation in capital markets.
2/8/2024 • 29 minutes, 32 seconds
ICMA Quarterly Briefing, Q1 2024: Repo and collateral markets
Alex Westphal, Senior Director, Repo and Collateral Markets, ICMA, talks about the latest meetings and publications of ICMA’s European Repo and Collateral Council (ERCC).
1/16/2024 • 6 minutes, 38 seconds
ICMA Quarterly Briefing, Q1 2024: Bond market transparency in the EU and UK
Nina Suhaib-Wolf, Director, Secondary Markets, ICMA, speaks about bond market transparency in the EU and UK.
1/16/2024 • 6 minutes, 51 seconds
ICMA Quarterly Briefing, Q1 2024: ICMA form of Singapore selling restrictions
Ruari Ewing, Senior Director, Primary Markets, ICMA, discusses ICMA’s updated form of Singapore selling restrictions and the related Monetary Authority of Singapore Notice on Business Conduct Requirements for Corporate Finance Advisers.
1/16/2024 • 4 minutes, 16 seconds
ICMA Quarterly Briefing, Q1 2024: Hong Kong SFC’s market soundings consultation: ICMA’s response
Miriam Patterson, Senior Director, ICMA, discusses ICMA's response to the Hong Kong SFC's market soundings consultation.
1/16/2024 • 7 minutes, 33 seconds
ICMA Quarterly Briefing, Q1 2024: Sovereign bond market liquidity
Andy Hill, Deputy Head of Market Practice and Regulatory Policy, ICMA, provides a short update on the work of ICMA’s Bond Market Liquidity Taskforce, and its initial findings and recommendations to support liquidity and resilience in the core European sovereign bond markets. The podcast is also a call for further input from ICMA members active in these markets.
1/16/2024 • 5 minutes, 6 seconds
ICMA Quarterly Briefing, Q1 2024: Stress and resilience in international capital markets
Paul Richards, Head of Market Practice and Regulatory Policy at ICMA, discusses stress and resilience in international capital markets.
1/16/2024 • 8 minutes, 41 seconds
The Fintech & Digitalisation Podcast: Risk factors and disclosure in DLT bond offering documents
Following the release of the paper “Considerations for risk factors and disclosure in DLT bond offering documents”, co-authors Gabriel Callsen, Director, FinTech and Digitalisation; Secretary to the ICMA FinTech Advisory Committee (FinAC) and Alexander Tollast, Counsel and Member of the Global Financial Markets and Tech Groups at Clifford Chance sat down to discuss the motives behind writing the article and offered further analysis of the results of the investigation.
Read the article here: https://www.icmagroup.org/assets/Considerations-for-risk-factors-and-disclosure-in-DLT-bond-offering-documents-November-2023.pdf
For more information on DLT bonds, read the ICMA FAQ: https://www.icmagroup.org/market-practice-and-regulatory-policy/fintech-and-digitalisation/distributed-ledger-technology-dlt/frequently-asked-questions-on-dlt-and-blockchain-in-bond-markets/
For further information on ICMA’s work across the Fintech & Digitalisation space, click here: https://www.icmagroup.org/market-practice-and-regulatory-policy/fintech-and-digitalisation/
Get in touch if you have any questions about the podcast or the paper: info@icmagroup.org
12/6/2023 • 16 minutes, 39 seconds
The AMIC Podcast: Discover Insights on Geopolitics, Markets, and Asset Classes
Ahead of ICMA’s Asset Management and Investors Council forum in Zurich on 24th November, Oliver Tinkler, Senior Director of ICMA, speaks with Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, and Dr. Max Castelli, Managing Director and Head of Strategy & Advice at UBS Asset Management, about some of the global macroeconomic topics that will be discussed during the forum.
· As we head toward 2024 what are the major factors that could disrupt the global economy?
· What’s the outlook for the developed markets, given the backdrop of high inflation and interest rates?
Register here for free to join us in Zurich on 24th November: https://www.icmagroup.org/events/the-amic-forum-investing-for-the-longer-term-through-uncertain-markets/
Look out for our next AMIC podcast covering the markets which will be in early January 2024.
If you’d like to contribute questions for our guests to tackle, please get in touch via email at AMIC@icmagroup.org
Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/
11/13/2023 • 28 minutes, 30 seconds
ICMA Quarterly Briefing, Q4 2023: EU retail investment strategy (MiFID investor protection and PRIIPs)
ICMA's Ruari Ewing, Senior Director, Primary Markets, discusses ICMA’s feedback on the MiFID investor protection and PRIIPs aspects of the EU’s retail investment strategy proposals.
10/18/2023 • 3 minutes, 22 seconds
ICMA Quarterly Briefing, Q4 2023: Introduction
ICMA's Chief Executive, Bryan Pascoe introduces the Q4 2023 ICMA Quarterly Report.
*This recording was generated in Speechify (the text-to-speech tool) from the original article by Bryan Pascoe
10/18/2023 • 4 minutes, 40 seconds
ICMA Quarterly Briefing, Q4 2023: Synthetic US dollar LIBOR: the remaining task in the bond market
ICMA's Paul Richards, Head of Market Practice and Regulatory Policy at ICMA, discusses about synthetic US dollar LIBOR: the remaining task in the bond market.
10/18/2023 • 7 minutes, 16 seconds
ICMA Quarterly Briefing, Q4 2023: Market integrity and greenwashing risks in sustainable finance
ICMA’s Nicholas Pfaff, Deputy CEO and Head of Sustainable Finance, introduces a new paper on market integrity and greenwashing risks in sustainable finance.
*This recording was generated in Speechify (the text-to-speech tool) from the original article by Nicholas Pfaff
10/18/2023 • 5 minutes
ICMA Quarterly Briefing, Q4 2023: Shortening the settlement cycle to T+1
ICMA’s Alex Westphal (Director, Repo and Collateral markets) provides an update on the latest discussions in Europe in relation to a potential shortening of the settlement cycle from T+2 to T+1.
10/18/2023 • 7 minutes
ICMA Quarterly Briefing, Q4 2023: European secondary bond market data report H1 2023
ICMA's Andy Hill, head of ICMA Secondary Markets, provides brief highlights from the latest publication of ICMA’s European Secondary Bond Market Data report.
10/18/2023 • 3 minutes, 57 seconds
ICMA Quarterly Briefing, Q4 2023: UK prospectus regime: ICMA response to FCA engagement papers
ICMA's Miriam Patterson, Secretary, ICMA Legal and Documentation Committee discusses the FCA’s engagement process regarding the UK’s new proposed prospectus regime.
10/18/2023 • 6 minutes, 38 seconds
ICMA Quarterly Briefing, Q4 2023: Resilience of the commercial paper market
ICMA’s Katie Kelly, Senior Director, comments on proposed measures to increase resilience in the commercial paper market.
10/18/2023 • 3 minutes, 48 seconds
ICMA Quarterly Briefing, Q4 2023: UK consolidated tape: ICMA response to the FCA
ICMA’s Nina Suhaib-Wolf, Director, Market Practice & Regulatory Policy, summarises key features of the ICMA response to the FCA consultation paper on the framework for a UK Consolidated Tape.
10/18/2023 • 6 minutes, 31 seconds
ICMA Quarterly Briefing, Q4 2023: SFTR reporting
ICMA's Zhan Chen, Secretary, ERCC SFTR Taskforce, discusses the latest developments under SFTR.
10/18/2023 • 3 minutes, 30 seconds
ICMA Quarterly Briefing, Q4 2023: FinTech and digitalisation update
ICMA’s Gabriel Callsen, Director, discusses ICMA’s latest initiatives focused on FinTech and innovation as well as regulatory developments in the international bond markets.
10/18/2023 • 3 minutes, 23 seconds
Discover Insights on Geopolitics, Markets, and Asset Classes
In this episode, Oliver Tinkler, Senior Director of ICMA and Head of Press and Communication, introduces the Asset Management and Investors Council (AMIC), ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies, among others. AMIC plays a vital role in ICMA's mission to promote well-functioning cross-border capital markets.
Our guests for this episode are industry experts who bring their valuable insights to the forefront. We are honored to host Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Dr. Max Castelli, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.
10/11/2023 • 36 minutes, 56 seconds
Emerging market debt – global themes, performance and outlook - with Ashwin Jolly, ICICI Bank UK Plc
Mushtaq Kapasi, ICMA Chief Representative in Asia Pacific, talks to Ashwin Jolly, Senior Dealer at ICICI Bank UK plc, about themes and performance in global emerging debt markets; why some countries and sectors have performed better than others; the implications of monetary policy for international bond markets, and what to expect in the coming months.
7/26/2023 • 9 minutes, 45 seconds
ICMA Quarterly Briefing, Q3 2023: CSDR Refit and mandatory buy-ins
Alex Westphal, secretary to ICMA’s ERCC, recaps the latest developments related to the ongoing review of CSDR, focusing particularly on the controversial mandatory buy-in provisions.
ICMA Quarterly Briefing , Q3 2023: The UK’s Future Regulatory Framework Review in a global context
This podcast by Paul Richards, Head of Market Practice and Regulatory Policy at ICMA, is about the UK’s Future Regulatory Framework Review of financial services in a global context.
Valérie Guillaumin, Director Sustainable Finance, highlights the key features of the 2023 AGM and Conference of the Principles.
7/19/2023 • 6 minutes, 19 seconds
ICMA Quarterly Briefing , Q3 2023: UK prospectus regime
ICMA's Miriam Patterson, Secretary, ICMA Legal and Documentation Committee discusses the FCA’s engagement process regarding the UK’s new proposed prospectus regime.
7/19/2023 • 5 minutes, 20 seconds
ICMA Quarterly Briefing , Q3 2023: Priorities for the Spanish EU Presidency
Julia Rodkiewicz, Secretary to the Regulatory Policy Committee, introduces ICMA’s advocacy priorities for the Spanish EU Presidency.
7/19/2023 • 3 minutes, 36 seconds
ICMA Quarterly Briefing, Q3 2023: FinTech and digitalisation
ICMA's Secretary to the Fintech Advisory Committee, Gabriel Callsen, speaks about ICMA’s latest initiatives on innovation, automation and market efficiency in bond markets.
7/19/2023 • 3 minutes, 50 seconds
ICMA Quarterly Briefing, Q3 2023: MiFIR Review and bond market transparency
ICMA's Andy Hill, head of ICMA Secondary Markets, provides an update on the expected outcome of the political agreement on the MiFIR Review, from the perspective of the EU’s new bond market transparency framework
7/19/2023 • 6 minutes, 43 seconds
ICMA Quarterly Briefing, Q3 2023: EU Listing Act
ICMA's Ruari Ewing (Secretary, ICMA Primary Market Practices Committee) narrates recent developments regarding the EU Listing Act (touching on the Prospectus Regulation, pre-sounding under the Market Abuse Regulation and official listing).
7/19/2023 • 4 minutes, 38 seconds
ICMA Quarterly Briefing, Q3 2023: Asian market developments
ICMA’s Chief Representative for Asia Pacific, Mushtaq Kapasi, reports on recent Asia-Pacific market developments highlighted in the Quarterly Report.
7/19/2023 • 7 minutes, 9 seconds
Transition from Legacy US Dollar LIBOR in the Bond Market: ICMA Podcast with four leading law firms
This ICMA podcast with four Leading Law Firms is about the transition from legacy US dollar LIBOR to SOFR in the bond market.
The background is that panel bank US dollar LIBOR ceased publication on 30 June, as planned. The FCA as global regulator of LIBOR has provided for synthetic US dollar LIBOR to be published for legacy transactions, including bonds, until 30 September 2024. Synthetic US dollar LIBOR provides a temporary bridge for legacy bonds to be transitioned from LIBOR to SOFR, the US dollar risk-free rate.
Following an introduction from Paul Richards, Head of Market Practice & Regulatory Policy at ICMA, the podcast consists of the following contributions from experts in four leading law firms:
Catherine Wade of Linklaters on fallbacks in floating rate notes under English law
Julia Machin of Clifford Chance on consent solicitations under English law
Marcus Mackenzie of Freshfields on securitisations, including negative consents, under English law
Amanda Thomas and Patrizia Pasqualini of Allen & Overy on the relationship between transition under English law, the US LIBOR Act and other foreign laws
And Neil Pallender of Linklaters on operational issues during the transition
7/17/2023 • 46 minutes, 8 seconds
ICMA Future Leaders: Macro insights and career tips from Patrick Saner, Swiss Re’s Head Macro Strategy
This is an ideal mini podcast to once listen on your way to work. In the first part, Patrick Saner, Head Macro Strategy at Swiss Reinsurance, shares his insights on the global macroeconomic and financial market environment, particularly the outlook looking into the second half of 2023. Charlotte Mueller, who serves on the ICMA Future Leaders committee, also asks Patrick about career tips for young professionals – there is some valuable advice there for us all!
7/4/2023 • 12 minutes, 58 seconds
ICMA Future Leaders - Two Nordic bank CEOs’ honest opinions on how to tactically manage your career
Getting into banking is challenging - navigating a career in finance few years down the line is harder still.
This is why, on your behalf, International Capital Markets Association Future Leaders Nordic Steering Committee Representative, Anna Reuterskiöld took the opportunity to ask Eirik Winter, CEO BNP Paribas Group Nordic region, and Elisabeth Beskow, CEO DNB Bank ASA Sweden Branch, the tricky questions you might avoid asking.
Which areas of banking hold the best promise for career progression (and which to steer clear of), which skills will be valued as AI becomes a normal part of our work lives, is the specialist track superior or is a generalist approach a good tactic and, despite increasing talk of work-life balance in many institutions, what level of availability do our bosses expect, honestly? Can one maintain a personal life and mental health whilst pursuing a career in banking, seriously?
All the above and more is crammed into this 30 minute episode. Please enjoy, and if you have any comments or thoughts of other topics you would find helpful to hear about in the future, please feel free to reach out to Elisabeth, Eirik and Anna on LinkedIn or ICMA Future Leaders on futureleaders@icmagroup.org
6/26/2023 • 30 minutes, 19 seconds
Electronic trading in Asia-Pacific bond markets
Mushtaq Kapasi, Head of ICMA Asia Pacific, talks to Riad Chowdhury, Head of Asia Pacific, MarketAxess about where and why fixed income e-trading continues to grow, how to navigate the complexity and fragmentation of Asian markets, and emerging opportunities in 2023 for trading platforms as well as investors.
6/16/2023 • 26 minutes, 30 seconds
Building resilience in the global bond markets
Bryan Pascoe, Chief Executive of ICMA, discusses efforts underway to boost global bond markets resilience following post-covid socio-economic shocks.
4/19/2023 • 2 minutes, 55 seconds
Cessation of panel bank US dollar LIBOR: implications for bonds under English law
Paul Richards, Head of Market Practice and Regulatory Policy, reports on the cessation of panel bank US dollar LIBOR and the implications for bonds under English law.
4/19/2023 • 6 minutes, 18 seconds
The Asian international bond markets: development and trends
Mushtaq Kapasi, Managing Director, Chief Representative for Asia Pacific and Yanqing Jia, Associate Director, Asia Pacific speak about the third edition of the ICMA report on Asian international bond markets, which provides an updated overview of market development and analysis of market events through the end of 2022.
4/19/2023 • 6 minutes, 13 seconds
ICMA’s drive to support industry innovation through FinTech and Digitalisation
Georgina Jarratt, Managing Director, Head of FinTech and Digitalisation, provides an overview of ICMA's work on the automation and digitalisation of the industry as a whole, sharing insights into the strategic focus and objectives for the team over the next 1-2 years.
4/19/2023 • 7 minutes, 11 seconds
UK Edinburgh Reforms: prospectus regime
ICMA's Ruari Ewing, Secretary, ICMA Primary Market Practices Committee discusses the replacement of the UK’s prospectus regime.
4/19/2023 • 5 minutes, 35 seconds
MiFIR review and bond market transparency
Andy Hill, head of ICMA Secondary Markets, provides an update on the ongoing MiFIR Review from the perspective of the proposed EU consolidate tape for bonds and the related transparency framework.
4/19/2023 • 7 minutes, 53 seconds
Transparency in commercial paper
Katie Kelly, Senior Director, Market Practice & Regulatory Policy, speaks about whether there is a need for more and better transparency in commercial paper markets.
4/19/2023 • 3 minutes, 49 seconds
CSDR Refit and settlement efficiency
Alex Westphal, secretary to ICMA’s ERCC, speaks about ICMA’s latest work with members to support settlement efficiency in Europe as well as our related advocacy in the context of the ongoing CSDR Refit discussions.
4/19/2023 • 6 minutes, 19 seconds
ICMA’s response to the ESAs’ call for evidence on greenwashing
Ozgur Altun, Associate Director of Sustainable Finance at ICMA, talks about the ICMA’s response to the Greenwashing Call for Evidence launched by European regulators in November 2022.
4/19/2023 • 6 minutes, 12 seconds
Common Domain Model for repo and bonds
Gabriel Callsen, Director, FinTech and Digitalisation, at ICMA, speaks about ICMA’s CDM project, which is now open source, automation and innovation in repo markets and ICMA’s priorities.
4/19/2023 • 3 minutes, 47 seconds
ICMA Market integrity in sustainable finance series I Episode 4 I Greenwashing risks and remedies
The final episode of our series on market integrity in sustainable finance, focuses on the asset management and the fund industry. Nicholas Pfaff, Deputy CEO and Head of Sustainable Finance at ICMA sat down with Hortense Bioy, Global Director of Sustainability Research, Manager Research, Morningstar, Mark Manning, Strategic Policy Advisor Sustainable Finance, FCA, Patrik Karlsson, Senior Policy Offices, ESMA and Stéphane Janin, Head of Global Regulatory Developments and Public Affairs, AXA Investment Managers, to talk about greenwashing in the industry, the impact of regulation such as SFDR and what’s next on the regulators’ agenda.
4/6/2023 • 43 minutes, 5 seconds
ICMA Social Bonds Podcast Series Episode 4: Defining Target Populations
The ICMA Social Bond Working Group is publishing a series of podcasts focusing on aspects of Social Bonds and their markets.
In this episode Philip Watkins Head of ESG DCM at SMBC Nikko discusses with Anna Smukowski , Senior Director, Capital Programs, Enterprise Community Loan Fund at Enterprise Community Partners and Natasha Garcha, Senior Director, Innovative Finance and Gender-Lens Investing Specialist at the Impact Investment Exchange (IIX), how a focus on gender and racial equality through target populations for social bonds is being addressed in issuance.
Other podcasts in the series:
Episode 1: SBP Introduction
Episode 2: Current state of the market (July 2022)
Episode 3: Corporates
3/21/2023 • 28 minutes, 37 seconds
ICMA market integrity in sustainable finance series I episode 3 I greenwashing risks and remedies
In this episode Simone Utermarck, Director, Sustainable Finance at ICMA talks to Isabelle Laurent, Deputy Treasurer and Head of Funding at the European Bank for Reconstruction and Development (EBRD), Joseba Mota, Head of Fixed Income and ESG, Iberdrola, Eric Pedersen, Head of Responsible Investments, Nordea Asset Management, Jochen Krimphoff, Global lead data, tools and methods for the Greening Financial Regulation Initiative (GFRI), World Wide Fund for Nature (WWF) and Julian Mazzacurati, Senior Economist, Risk Analysis and Economics Department at European Securities and Markets Authority (ESMA) about the link of sustainable finance to the real economy. The conversation touches on green bonds, the Principles and related guidance; the EU Taxonomy; external reviews and the use of technology.
2/28/2023 • 33 minutes, 12 seconds
FinTech and digitalisation
ICMA's Secretary to the Fintech Advisory Committee, Gabriel Callsen, speaks about DLT and bond markets, automation of the bond issuance process, and industry collaboration on the CDM to reduce costs and promote innovation.
1/18/2023 • 4 minutes, 15 seconds
Sustainable Finance
ICMA's Director, Sustainable Finance, Simone Utermarck, summarises ICMA’s take aways from COP27.
1/18/2023 • 6 minutes, 8 seconds
Global Repo and Collateral Forum
ICMA's Secretary to ICMA'S ERCC, Alex Westphal, explains the rationale and setup of ICMA’s Global Repo and Collateral Forum (GRCF) and comments on the latest developments, next steps and opportunities for ICMA’s global membership to engage in the new group.
1/18/2023 • 5 minutes, 13 seconds
Repo market at the 2022 year-end
ICMA’s Secretary, Secondary Market Practices Committee, Andy Hill, previews the ERCC’s annual analysis of how the European repo market performed over the recent year-end.
1/18/2023 • 4 minutes, 1 second
CSDR mandatory buy-ins
ICMA’s Secretary, Secondary Market Practices Committee, Andy Hill, updates on the ongoing regulatory developments and dynamics related to the EU’s contentious mandatory buy-in regime.
1/18/2023 • 8 minutes, 22 seconds
EU and UK prospectus regimes
ICMA's Secretary to the Primary Market Practices Committee, Ruari Ewing, reports on recent proposals relating to the EU and UK prospectus regimes.
1/18/2023 • 3 minutes, 52 seconds
FCA consultation on synthetic US dollar LIBOR
ICMA's Senior Director, Katie Kelly, discusses the FCA’s recent consultation on synthetic US dollar LIBOR.
1/18/2023 • 4 minutes, 31 seconds
Monetary policy, financial stability and capital market resilience
ICMA’s Head of Market Practice and Regulatory Policy, Paul Richards, reports on monetary policy, financial stability and capital market resilience.
How to navigate and future proof your career in capital markets in a VUCA (volatility, uncertainty, complexity and ambiguity) world
Klaudia Gorczyca, Founder of Dialogue Age and Executive Performance Coach talks to Klaudia Mach, an Associate at Milbank’s Alternative Investments Practice in London and a member of the ICMA Future Leaders Fintech Work Group about navigating and future-proofing your career in Capital Markets: what skills and mindset will serve us most powerfully in face of volatility and constant change; how digital transformation and technology will enhance sustainable investments, and the power of cognitive diversity and collaboration in countering complexity and finding solutions to complex problems.
12/12/2022 • 22 minutes, 38 seconds
Emerging market debt – global themes, performance and outlook - with Ashwin Jolly, ICICI Bank UK Plc
Ashwin Jolly, Senior Dealer at ICICI Bank UK plc, talks to Mushtaq Kapasi, ICMA Chief Representative in Asia Pacific, about recent performance in global emerging debt markets; why some countries and sectors have performed better than others; the implications of monetary policy for international bond markets, and what to expect for Indian USD denominated fixed income.
11/28/2022 • 12 minutes, 28 seconds
ICMA market integrity in sustainable finance series I episode 2 I greenwashing risks and remedies
This 40-minute podcast looks at Sustainability-linked Bonds (SLBs) and transition finance with a focus on greenwashing risks and remedies. Listen to the conversation moderator Laurie Chesne, Head of Green & Sustainable Financing at Natixis had with Nicole Della Vedova, Head of Corporate Finance at Enel; Felipe Gordillo, ESG Senior Analyst at Mirova; Nate Aden, Finance Sector Lead at Science Based Targets Initiative (SBTi) and Ulf Erlandsson, Founder and CEO of Anthropocene Fixed Income Institute.
ICMA's Deputy Chief Executive & Secretary of the Principles, Nicholas Pfaff, reports on further positive developments regarding the use of the Principles as a global standard for sustainable bonds illustrated by recent announcements of the European Central Bank and the UK’s Financial Conduct Authority, as well as developments in China’s domestic green bond market.
10/18/2022 • 5 minutes
ICMA Quarterly Briefing, Q4 2022: Hong Kong SFC conduct requirements for bookbuilding and placing
ICMA's Secretary, ICMA Primary Market Practices Committee, Ruari Ewing, reports on the Hong Kong SFC conduct requirements for bookbuilding and placing.
10/18/2022 • 5 minutes, 22 seconds
ICMA Quarterly Briefing, Q4 2022: The EU and UK Prospectus Regulations
Both the EU and UK Prospectus Regulations are in the process of being reviewed. ICMA's, Secretary, ICMA Legal & Documentation Committee, Charlotte Bellamy, discusses the key points for international bond markets and what ICMA will be watching out for as the EU and UK regimes diverge.
10/18/2022 • 5 minutes, 32 seconds
ICMA Quarterly Briefing, Q4 2022: Secondary Bond Market data
ICMA's Secretary, ICMA Secondary Market Practices Committee, Andy Hill, updates on the soon to be published ICMA Secondary Bond Market Data Report, which consolidates publicly available EU and UK post-trade data for both sovereign and corporate bond activity.
10/18/2022 • 1 minute, 53 seconds
ICMA Quarterly Briefing, Q4 2022: CSDR Refit: the future of mandatory buy-ins
ICMA's Secretary, ICMA Secondary Market Practices Committee, Andy Hill, updates on ICMA’s ongoing advocacy to remove mandatory buy-ins from CSD Regulation.
10/18/2022 • 1 minute, 33 seconds
ICMA Quarterly Briefing, Q4 2022: EU post-trade transparency regime for sovereign and corporate bonds
ICMA’s Secretary, Liz Callaghan, Secretary to the Electronic Trading Council, reports on the appropriate EU bond market transparency regime framework.
10/18/2022 • 16 minutes, 14 seconds
ICMA Quarterly Briefing, Q4 2022: ICMA’s new Global Repo and Collateral Forum
ICMA is launching the Global Repo and Collateral Forum (GRCF), a platform to bring together repo market practitioners from around the world to discuss common themes in repo and collateral markets. Alex Westphal, secretary to ICMA’s ERCC, explains the background to the initiative as well as next steps and opportunities for ICMA members to engage in the new group.
10/18/2022 • 5 minutes, 15 seconds
ICMA Quarterly Briefing, Q4 2022: Understanding DLT and blockchain in bond markets
ICMA's Secretary to the Fintech Advisory Committee, Gabriel Callsen, comments on ICMA's FAQs on DLT and blockchain in bond markets.
10/18/2022 • 4 minutes
ICMA Quarterly Briefing, Q4 2022: Transparency in commercial paper markets
ICMA's Secretary, ICMA Public Sector Issuer Forum, ICMA Financial Institution Issuer Forum and ICMA Corporate Issuer Forum, Katie Kelly discusses ICMA’s Commercial Paper Transparency Taskforce charged with identifying whether, how and where greater transparency in commercial paper can be achieved.
ICMA Quarterly Briefing, Q3 2022: International capital markets in a time of economic shocks
ICMA’s Head of Market Practice and Regulatory Policy, Paul Richards, reports on international capital markets in a time of economic shocks.
7/18/2022 • 6 minutes, 33 seconds
ICMA Quarterly Briefing, Q3 2022: Corporate bond market liquidity: ICMA response to IOSCO discussion paper
Andy Hill, an ICMA Senior Director in Market Practice and Regulatory Policy, comments on corporate bond market liquidity and ICMA’s response to the IOSCO discussion paper.
7/18/2022 • 7 minutes, 39 seconds
ICMA Quarterly Briefing, Q3 2022: Hong Kong SFC conduct requirements for bookbuilding and placing
ICMA’s Chief Representative for Asia Pacific, Mushtaq Kapasi, reports on the Hong Kong SFC conduct requirements for bookbuilding and placing.
7/18/2022 • 5 minutes, 7 seconds
ICMA Quarterly Briefing, Q3 2022: Sovereign debt vulnerabilities: new challenges ahead for debt workouts
ICMA’s General Counsel, Leland Goss, reports on new challenges ahead for debt workouts with regard to sovereign debt vulnerabilities.
7/18/2022 • 4 minutes, 20 seconds
ICMA Quarterly Briefing, Q3 2022: The GMRA clause taxonomy and library project
Lisa Cleary, ICMA’s Senior Director, Legal Team, provides an update on the GMRA clause taxonomy and library project.
ICMA’s Deputy Chief Executive and Head of Sustainable Finance, Nicholas Pfaff, provides a sustainable finance update.
7/18/2022 • 4 minutes, 11 seconds
ICMA Quarterly Briefing, Q3 2022: Mid-cap bond markets in Europe
Charlotte Bellamy, an ICMA Senior Director in Market Practice and Regulatory Policy, reports on mid-cap bond markets in Europe.
7/18/2022 • 4 minutes, 55 seconds
ICMA Quarterly Briefing, Q3 2022: ESAs’ advice on the PRIIPS review
Ruari Ewing, ICMA’s Senior Director in Primary Markets, comments on ESAs’ advice on the PRIIPS review.
7/18/2022 • 7 minutes, 57 seconds
ICMA Quarterly Briefing, Q3 2022: The appropriate EU bond market transparency regime framework
ICMA’s Liz Callaghan, Secondary Bond Markets MiFID II Lead and Secretary to the Electronic Trading Council, reports on the appropriate EU bond market transparency regime framework.
7/18/2022 • 16 minutes, 13 seconds
ICMA Quarterly Briefing, Q3 2022: Repo and collateral market developments
Alex Westphal, an ICMA Director in Market Practice and Regulatory Policy, provides an update on repo and collateral market developments.
7/18/2022 • 6 minutes, 34 seconds
ICMA Quarterly Briefing, Q3 2022: Transition from LIBOR in the bond market
Katie Kelly, an ICMA Senior Director in Market Practice and Regulatory Policy, provides an update on the transition from LIBOR in the bond market.
7/18/2022 • 5 minutes, 1 second
ICMA Social Bonds Podcast Series Episode 3: Corporates
This episode looks at corporate issuers of social bonds. ICMA member Nordea discusses with Telefonica and EDF (Electricité de France) why they decided to issue social bonds. They also look at investors' responses and the market's expected development.
7/18/2022 • 29 minutes, 6 seconds
ICMA Social Bonds Podcast Series Episode 2: Current state of the market
In this episode, the ICMA Social Bond Working Group invite the Council of Europe Development Bank and external reviewer, Sustainalytics, to provide an update on the current state of the Social Bond market, as well as the main trends we can expect.
7/18/2022 • 28 minutes, 13 seconds
Unmissable career Insights from Niall Bohan at the European Commission
In this new edition of the podcast series, ICMA Future Leaders (IFL) representatives, Michael Sansen, Charles Tissier and Majoke Hegen speak to Niall Bohan, Director, Asset and Financial Risk Management, Directorate-General for the EU Budget, European Commission. The IFL team discuss with Niall his own career development, progress within the Commission and current role and responsibilities, how new talent is recruited from across the EU and the steps taken to improve that journey, and how teams are developed to integrate the next generation into high-performance units.
7/8/2022 • 25 minutes, 50 seconds
Next steps in digitising capital markets
Andy Hill of ICMA speaks to NowCM’s Robert Koller, CEO and Founder and Fredrik Creutz, Executive Chairman and Co-Founder about what has been achieved so far in digitising primary debt markets, its purpose and real-life benefits as well as the end-game of a digital bond market. They also discuss what a digital bond market requires to reach its full potential.
7/7/2022 • 17 minutes, 41 seconds
An insight into opportunities for young professionals at the EIB
ICMA Future Leaders steering committee members, Michael Sansen, Charles Tissier and Majoke Hegen speak to Bertrand de Mazières, Director General of Finance at the European Investment Bank (EIB) about his career development, including career highlights such as the EIB’s pioneering work in issuing the first ever green bond, while offering his own personal advice to young professionals. Bertrand also gives his insights into the functioning of one of the world’s leading public institutions and expands on the various employment opportunities, including their GRAD programme which provides new graduates who have not had previous professional experience the possibility to work for the EIB.
7/1/2022 • 22 minutes, 10 seconds
ICMA Social Bonds Podcast Series Episode 1: SBP Introduction
The ICMA Social Bond Working Group is publishing a series of podcasts focusing on aspects of Social Bonds and their markets.
In this episode of the Social Bond podcast, the co-coordinators of the ICMA Social Bond Working Group present recent updates to two documents – the Harmonised Framework for Impact Reporting for Social Bonds and the Mapping to the SDGs for Green, Social and Sustainability Bonds – both released in June 2022 at the Annual General Meeting and Conference of the ICMA Principles. The presenters explore common questions about social bonds and highlight relevant documents as key resources available for social bond market participants on the ICMA Principles website.
6/29/2022 • 12 minutes, 28 seconds
The Indian fixed income market – recent themes and outlook
ICMA’s Mushtaq Kapasi speaks with Ashwin Jolly, senior dealer at ICICI Bank UK plc, about the Indian bond markets. The conversation covers the different kinds of bonds and issuers in the onshore and offshore markets, key attractions and possible considerations for investors, performance so far in 2022, and the future of sovereign and sustainable issuance.
6/6/2022 • 12 minutes
ICMA Market integrity in sustainable finance series I Episode 1 I Greenwashing risks and remedies
In the first of a new series on market integrity in sustainable finance, this podcast covers what is good and what is being questioned in the sustainable bond market with a focus on greenwashing risks and remedies. Denise Odaro, Head of Investor Relations, IFC and Chair of the Executive Committee of the Green, Social, Sustainability and Sustainability-Linked Bond Principles leads a lively discussion with Eila Kreivi, Chief Sustainable Finance Officer at EIB; Bram Bos, Lead Portfolio Manager Green Bonds at NNIP and Sean Kidney, CEO of the Climate Bond Initiative.
5/31/2022 • 33 minutes, 18 seconds
Monthly Market update: ICMA Asset Management & Investors Council (24 May 2022)
Max Castelli, Co-Chair of ICMA's Asset Management & Investors Council (AMIC) and Robert Parker, ICMA Senior Advisor review the economic and capital markets outlook, its impact on investor portfolios and the implications for the asset management Industry. They discuss issues of particular concern to investors, such as the prospects for growth, inflation and monetary policies, as well as a number of longer term issues including the response of the industry to climate change and the reversal of globalisation.
5/25/2022 • 48 minutes, 28 seconds
An interview with Íslandsbanki: the first Icelandic bank to tackle Sustainable Financing
During this ICMA podcast, we sit down with Kristrún Tinna Gunnarsdóttir, Head of Strategy and Sustainability for Íslandsbanki. Íslandsbanki was the first bank in Iceland to establish a Sustainable Financing Framework. Kristrún introduces listeners to the main features of the framework and overall Sustainability approach at Íslandsbanki, and shares her views on potential areas for future focus and development.
5/13/2022 • 8 minutes, 43 seconds
Female Invest: the journey to close the financial gender gap
Nordic representative for ICMA Future Leaders Rebekah Bray speaks with Anna-Sophie Hartvigsen, one of the three founders of Female Invest. As business students in 2019, Anna-Sophie and her co-founders saw a clear gap in resources to educate women about how to invest, and decided to tackle the issue head-on by founding Female Invest. Today, the social e-learning platform has paying members across 77 countries and the co-founders are listed on the Forbes 30 under 30 list.
5/9/2022 • 11 minutes, 23 seconds
Why diversity and inclusion isn’t just a “nice to have”
ICMA Chief Executive Bryan Pascoe, chats to Yanqing Jia from ICMA’s Hong Kong office about how improving diversity and inclusion makes good business sense and the importance of industry leadership by setting a good example. While ICMA has made progress with its D&I initiatives to recruit and support a diverse workforce, particularly in achieving gender diversity in the group, and in its enthusiastic support for an active international ICMA Womens Network, his view is that we need to challenge ourselves in other areas, by looking to promote greater diversity of thought and recruiting from a broader range of social backgrounds.
4/26/2022 • 8 minutes, 36 seconds
ICMA Quarterly Briefing, Q2 2022: Introduction
ICMA Chief Executive, Bryan Pascoe introduces the latest ICMA Quarterly Report with an overview of market conditions and highlights contributions in the publication from Jérôme Haegli, Swiss Re; Denis Beau at Banque de France on diversity and inclusion; and Habib Motani from Clifford Chance on 30 years of the GMRA.
4/11/2022 • 4 minutes, 14 seconds
ICMA Quarterly Briefing, Q2 2022: Diversity and inclusion
ICMA’s Katie Kelly on the importance of diversity and inclusion in the finance industry with specific reference to initiatives in this area at the Banque de France.
4/11/2022 • 2 minutes, 58 seconds
ICMA Quarterly Briefing, Q2 2022: The transition from LIBOR in the bond market: progress and remaining steps
In the ICMA Quarterly Report, the Quarterly Assessment is about the transition away from LIBOR to risk-free rates in the bond market. The Quarterly Assessment is introduced in this podcast by ICMA's Paul Richards, Head of Market Practice and Regulatory Policy.
ICMA’s Andy Hill, Secretary, ICMA Secondary Market Practices Committee, updates on the European Commission’s proposal for a revised mandatory buy-in framework and next steps.
4/11/2022 • 5 minutes, 40 seconds
ICMA Quarterly Briefing, Q2 2022: Ensuring the usability of the EU Taxonomy
ICMA’s, Nicholas Pfaff, Head of Sustainable Finance, summarises in this podcast the key points and recommendations from ICMA’s recent paper on “Ensuring the usability of the EU Taxonomy” also covered in a feature in this edition of the Quarterly Report.
4/11/2022 • 4 minutes, 42 seconds
ICMA Quarterly Briefing, Q2 2022: EU Listing Act consultation and UK Prospectus Regulation review outcome
ICMA's Charlotte Bellamy, Secretary to the ICMA Legal & Documentation Committee, provides an update on the current reviews of the Prospectus Regulations in the EU and UK focusing on the key issues for ICMA primary markets members.
4/11/2022 • 4 minutes, 13 seconds
ICMA Quarterly Briefing, Q2 2022: UK Consumer Duty consultation
ICMA’s Ruari Ewing, Secretary, ICMA Primary Market Practices Committee, talks about ICMA’s response to the FCA’s consultation on a new UK consumer duty, which welcomed the FCA’s intention to exempt both vanilla retail bonds and institutional bonds from the scope of the new duty but raised concerns about the insufficiently narrow calibration of the drafting of these proposed exemptions.
4/11/2022 • 4 minutes, 1 second
ICMA Quarterly Briefing, Q2 2022: MiFID II bond market transparency regime
Towards the end of 2021, the European Commission published its proposed amendments to MiFIR as part of the overall CMU package announcements. However, ICMA has suggested modifications to some of the European Commission’s proposals. ICMA's Liz Callaghan, Secretary, ICMA Electronic Trading Council, speaks about these recommendations concern pre- and post-trade transparency as well as the analysis required for a successful bond consolidated tape, the vehicle for transparency, to emerge.
On 1 February 2022, on the day of the go-live of CSDR cash penalties, ICMA’s European Repo and Collateral Council (ERCC) released its discussion paper, Optimising Settlement Efficiency, aiming to focus attention on key opportunities to strengthen settlement efficiency in Europe. ICMA's Alex Westphal, Secretary to the ERCC, provides some background to the initiative and briefly walks through the key take aways from the paper and next steps.
4/11/2022 • 6 minutes, 22 seconds
ICMA Quarterly Briefing, Q2 2022: Common Domain Model: Phase 2
ICMA’s Gabriel Callsen, Secretary, ICMA Fintech Advisory Committee, speaks about phase 2 of the Common Domain Model (CDM), which seeks to promote electronification of repo markets, notably open, floating-rate and evergreen repos, and how to become involved in this cross-industry initiative.
4/11/2022 • 3 minutes, 7 seconds
Obstacles to creating a successful repo market
Repo expert and author of ICMA’s Guide to Best Practice in European Repo Markets, Richard Comotto, draws on his experience to highlight the challenges faced by frontier markets in trying to build successful new repo markets, including lack of an active interbank money market, illiquid collateral and legal obstacles.
4/4/2022 • 21 minutes, 4 seconds
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 4 | The history and future of blockchain bonds
IFL's Alexander Tollast discusses with Jean-Marc Stenger, CEO of FORGE, how innovation and digitalization are changing capital markets, picking out landmark transactions from the past and looking at where we are today and what might change going forward.
3/17/2022 • 33 minutes, 26 seconds
Monthly Market update: ICMA Asset Management & Investors Council (23 February 2022)
Robert Parker, Senior Adviser to ICMA and ICMA’s Asset Management and Investors Council, reviews the market events of the past weeks, including inflationary pressures, the growing geopolitical tensions and the outlook for growth.
2/25/2022 • 34 minutes, 26 seconds
The Principles: The foundations of the sustainable bond market (podcast in Mandarin)
The Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG), and Sustainability-Linked Bond Principles (SLBP) are the global standard for sustainable bonds. In this podcast, delivered in Mandarin, ICMA’s Ricco Zhang discusses the Principles, international best market practices and the current onshore and offshore sustainable bond markets in China.
2/17/2022 • 16 minutes, 10 seconds
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 3 | The challenges behind cash settlement of digital bond transactions
In this episode, IFL’s Sébastien Van Campenhoudt discusses with David Newns, Head of SDX, how securities settlement could be performed by CSDs in a DLT environment, with a specific focus on how the cash leg of the transaction can be processed.
2/17/2022 • 18 minutes, 57 seconds
G7 economies and global bond markets with Aditya Bhave, Bank of America Securities
Aditya Bhave, Senior US and Global Economist, Bank of America Securities, talks to Mushtaq Kapasi, ICMA Chief Representative in Asia Pacific about the outlook for growth and inflation in leading economies, the implications of inflation and monetary policy for international bond markets and what to expect in markets into 2023.
2/17/2022 • 27 minutes, 15 seconds
The future of credit trading
ICMA’s Head of secondary markets, Andy Hill and Ramon Baljé, Head of Fixed Income at Flow Traders discuss rapid change in the fixed income market, including electronification, the future for credit market structure, execution strategies and portfolio trading.
2/9/2022 • 21 minutes, 30 seconds
Monthly Market update: ICMA Asset Management & Investors Council (24 January 2022)
Robert Parker, senior advisor ICMA, reviews the market events of the past weeks, including the inflation and growth outlook, monetary policy developments and investors positioning.
1/25/2022 • 38 minutes, 12 seconds
Recovery as a springboard for change with Debora Revoltella, EIB
Debora Revoltella, Director of the Economics Department of the European Investment Bank, presents the results of the EIB Investment Report 2021-2022, a unique survey of 125,000 firms undertaken in summer 2021, taking stock of post pandemic recovery and the potential opportunities to invest in the climate transition and digital innovation.
1/21/2022 • 33 minutes, 52 seconds
Prospects for sovereign bonds and other fixed income assets with Luca Cazzulani, UniCredit
Luca Cazzulani, UniCredit's Co-Head of Strategy Research in conversation with Bryan Pascoe, ICMA Chief Executive, gives his views on the outlook for growth, inflation and monetary policy in major economies over the next year, with his expectations for returns from fixed income assets, including sovereign bonds.
1/20/2022 • 22 minutes, 40 seconds
The outlook for growth and inflation 2022-2023 from Tom Porcelli & Peter Schaffrik, RBC Capital Markets
Tom Porcelli, Chief U.S. Economist and Peter Schaffrik, Chief European Macro Strategist, at RBC Capital Markets share their insights on prospects for economic growth in the USA, Europe and the UK over the next two years. Comparing inflationary pressures in different markets, they discuss potential reactions from central banks in terms of rate hikes and tapering.
1/20/2022 • 39 minutes, 13 seconds
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 2 | The European regulatory landscape, CMU and digitalisation
In this episode, ICMA Future Leader Sven Renders and MEP Johan Van Overtveldt talk about the importance of completing the CMU, the benefits of the new DLT pilot regime regulation for Europe’s capital markets and the added value of a digital Euro.
1/20/2022 • 28 minutes, 7 seconds
Financial market and economic outlook 2022 – with Gilles Moec, AXA Group
ICMA Chief Executive Bryan Pascoe speaks to Gilles Moec, AXA Group Chief Economist, about his central scenarios for growth and inflation in 2022, contrasting developed and emerging markets, and identifying the risks which could derail them. They also discuss climate transition initiatives as a long term source of inflation and touch on fintech developments including crypto and central bank digital currencies.
1/20/2022 • 28 minutes, 34 seconds
ICMA Quarterly Briefing, Q1 2022: Commentary from the Chief Executive
ICMA Chief Executive, Bryan Pascoe, sets out the ICMA action plan for 2022, focusing on developments in fintech, regulatory divergence in capital markets, the Capital Markets Union package and the increasingly complex regulatory environment for sustainable finance.
1/18/2022 • 5 minutes, 3 seconds
ICMA Quarterly Briefing, Q1 2022: ICSDs’ new syndicated closing model
ICMA’s Ruari Ewing, Secretary, ICMA Primary Market Practices Committee, talks about the new model for closing syndicated bond issuances that the ICSDs are scheduled to adopt from 14 March 2022 and ICMA’s related paper suggesting how to consequently modify vanilla Regulation S transaction documentation.