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.