22 July 2026 ICMA’s AI in Capital Markets Working Group today published their response to the Financial Stability Board (FSB) public consultation on “Sound Practices for Responsible Adoption of Artificial Intelligence (AI)”.ICMA’s consultation response builds on its consistent engagement with policymakers and regulators on AI in Capital Markets. The full response, along with previous consultation submissions from the AI in Capital Markets (AICM) Working Group, can be accessed on our website here.Key points: ICMA members support the responsible adoption of AI within financial services and agree that AI oversight should be proportionate to the risk and materiality of each use case. ICMA supports a technology-neutral and flexible approach to AI governance, allowing frameworks to adapt as technologies evolve while maintaining robust risk management standards. Where possible, ICMA members encourage AI governance to be embedded into existing governance and risk management frameworks, rather than requiring separate AI-specific structures. ICMA members highlight that many risks stated in the report are not unique to AI applications (e.g. cybersecurity, data breaches, third-party dependency), whilst recognising that AI adoption can amplify existing risks and increase the surface area for vulnerabilities in organisations. They also encourage a clearer distinction between traditional AI and machine-learning applications and newer AI technologies, to ensure supervisory attention remains focused on the genuinely new or materially different risks. The proposed sound practices are broadly comprehensive and appropriate for senior management and board level individuals. However, greater emphasis should be placed on workforce readiness, skills development, training, and strategic workforce planning to support effective AI adoption. In the capital market, each business line will have different outputs and risk levels unique to their position, necessitating a devolution of responsibility into the relevant teams. The report would benefit from the inclusion of additional capital market case studies, such as using AI to extract information from bond documentation, enhance liquidity management, improve the accuracy of bond rating assessments, and make pricing predictions. ICMA encourages greater public-private collaboration, including through initiatives such as BIS Project Noor and CMORG, to foster a shared understanding of AI-related implications for financial stability and the broader financial system. Contact:emma.thomas@icmagroup.org

16 July 2026 The Islamic Development Bank (IsDB), the International Capital Market Association (ICMA) and CFA Institute have agreed to collaborate on the development of A Primer on Sukuk, (“Primer”), a practical guide designed to introduce sukuk to capital market practitioners and other stakeholders globally.   The initiative aims to support wider understanding of sukuk as an asset class within international fixed income markets, including their role in sustainable finance, while remaining aligned with the principles of Islamic finance. The Primer will provide an accessible overview of sukuk definitions, structures, documentation, issuance processes, ratings considerations, investment considerations and relevant case studies.   The publication is intended to help improve investor awareness of sukuk, support the continued development of the market with high standards and integrity, and highlight the applicability of sukuk across global capital markets, including sustainable capital markets.   The Primer will be developed by a working group comprising representatives from IsDB, ICMA and the CFA Institute. The parties may also consult regional stakeholders, industry associations and subject matter experts, including issuers, underwriters, regulators, standard setters and rating agencies, to ensure the publication reflects market practice across key centres for global finance.   Dr. Abdourrabih Abdouss, Officer in Charge, Vice President (Finance) and CFO of the Islamic Development Bank, said, "Development of the Sukuk market is a core part of IsDB’s mandate, and this joint initiative is fully aligned with our mission. We are pleased to join hands with ICMA and the CFA Institute to develop the Primer to build critical understanding of Sukuk as an essential capital market instrument for stakeholders such as sovereigns, supranationals, agencies, banks, financial institutions and corporates, among others. Stakeholder engagements will ensure that the Primer serves the capital markets with practical insights and considerations to participate and further expand the global Sukuk market."   Bryan Pascoe, Chief Executive of ICMA, said: “ICMA is pleased to collaborate with IsDB and CFA Institute on this important initiative to broaden understanding of sukuk among global capital market participants. Sukuk are an increasingly relevant part of international fixed income markets and have a clear role to play in supporting sustainable investment. By bringing together the complementary expertise of our three organisations, this Primer can help promote greater awareness, consistency and confidence in the market.”   Mr. Iñigo Bengoechea, Head of Strategic Partnerships at the CFA Institute, said: “CFA Institute is pleased to contribute its expertise in investor education, professional standards, and sustainable finance to this important initiative. Sukuk are an increasingly significant component of global fixed-income markets, yet many practitioners and investors would benefit from a clearer and more practical understanding of their structures, risks, and applications. In collaboration with IsDB and ICMA, we aim to provide an accessible and authoritative resource that strengthens market knowledge, supports informed investment decision-making, and contributes to the continued development of the sukuk market with integrity and high professional standards.”Islamic Development Bank (IsDB) is a AAA-rated supranational and multilateral development financial institution with 57 Member Countries (MCs) and a mandate of delivering social and economic development with a focus on sustainability in its Member Countries and Muslim communities worldwide. The Bank’s operations span across four continents, touching the lives of nearly 1 in 4 of the global population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place and enabling them to fulfil their potential. The Bank’s targeted efforts foster an environment where the primary focus is on human development and well-being.CFA Institute As the global association of investment professionals, CFA Institute sets the standards for professional excellence and credentials. We champion ethical behaviour in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.

16 July 2026 As electronic trading in bond markets continues to evolve, a common understanding of how different types of bond prices and trading interest are communicated has become increasingly important. Consistent terminology helps improve transparency, support more efficient interaction between market participants, and provide a stronger foundation for assessing dealer behaviour and the quality of market information.ICMA is pleased to publish the Bond Price Distribution Definitions, updating the industry taxonomy first introduced in 2021 to reflect changes in market structure, increased electronification and automation, and extensive industry consultation through ICMA's Electronic Trading Working Group (ETWG), the FIX Trading Community, and other market participants.The revised taxonomy delivers a clearer and more consistent framework for understanding the principal bond price distribution protocols used across today's increasingly electronically-traded fixed income markets.The updated framework introduces refined definitions for the principal bond price distribution protocols: Market-runs – indicative market colour distributed to the market. Indicative and firm streaming – distinguishing between non-executable and executable streamed prices. Axes – providing greater clarity around directionality, firmness, size expectations and the limited circumstances in which two-way axes may be appropriate. The intention is to provide a clearer and more consistent framework for bond price and interest distribution, both on and off venue, reflecting the continued evolution of market structure and electronic trading. By establishing a common industry language for bond price distribution, the updated definitions aim to improve communication, reduce ambiguity and support more effective dealer-to-client engagement across fixed income markets.

14 July 2026 Primary debt markets remain central to financing governments, businesses and sustainable economic growth. As markets become increasingly complex and expectations around efficiency, automation and digitalisation continue to evolve, market participants face an important challenge: how to modernise without compromising the trust, resilience and liquidity that underpin successful capital markets.ICMA is pleased to publish the ICMA Primary Market Innovation Project (PMIP) – NextGen report, a comprehensive practitioner-led study examining how primary debt markets can evolve through practical innovation while preserving the strengths of today's market structure. Developed with extensive input from issuers, investors, banks, market infrastructures, legal advisers and technology providers, the report provides a roadmap for improving market efficiency today while preparing for future operating models.The report is structured around three complementary workstreams: Workflow – practical opportunities to improve and automate today's issuance processes. Model change – exploring future operating models and the opportunities they could unlock. Cross-cutting themes – examining the foundations needed for a safe transition, including data, interoperability, governance, AI and digital market infrastructure. Rather than advocating wholesale disruption or a single technology solution, the report argues for an evolutionary approach centred on better data, stronger interoperability, workflow modernisation and coordinated industry action. It identifies practical steps that can improve efficiency today while laying the foundations for more scalable, resilient and internationally connected primary markets in the future. 

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

3 July 2026 The International Capital Market Association (ICMA) yesterday submitted its response to the call for input on the shared vision set out by the UK Financial Conduct Authority (FCA) and the Bank of England (BoE) for tokenisation and the future of UK wholesale markets (the “Call for input”).ICMA’s consultation response builds on ICMA’s constructive and consistent engagement with HM Treasury (HMT), the FCA and the BoE since the early stages of Financial Services and Markets Act (FSMA) 2023 and Financial Market Infrastructure (FMI) sandbox proposals, as underscored by our responses to previous consultations on the topic.Key points: Tokenisation is a key factor in efforts to modernise wholesale market infrastructure, improve operational efficiency and support resilience, competitiveness and access to capital across the wider economy, while reinforcing the UK’s position as a jurisdiction that enables responsible innovation in the future distributed ledger technology (DLT)-based wholesale markets. For these gains to materialise at scale clear regulatory frameworks, coordinated infrastructure development with a view towards interoperability and a sustained focus on practical use cases are necessary. ICMA members agree in principle with the vision, regulatory principles and shared ambitions set out in the paper and welcome the steps undertaken to date to allow the offering of tokenised securities products in or from the UK. However, for the vision set out in the paper to be achieved, some further adjustments are necessary, including the suggestions highlighted below. The acceleration of plans to allow the use of tokenised collateral for Central Counterparties and the Sterling Monetary Framework is essential to foster demand and increase the appetite for issuers to issue in the UK. ICMA members understand that interoperability remains as a point of critical importance and emphasise the relevance of enabling sufficient integration of legacy and tokenised systems beyond settlement infrastructure. We consider common standards critical to facilitate interoperability, both within the UK and on a cross-border basis, with ICMA’s Bond Data Taxonomy standing out as a key initiative. ICMA members recognise that the ongoing work on the Digital Securities Sandbox will assist in guiding the future UK regulatory regime for digital securities and would welcome further communication on its progress, along with greater use of collaborative public-private working groups as a great channel for further engagement of the market. ICMA’s detailed response can be found here.

29 June 2026 ICMA has published today an updated version of its detailed Recommendations for Reporting under SFTR. This latest update introduces 4 new questions and numerous further updates, reflecting recent regulatory developments as well as the ongoing discussions with reporting firms. Compared to the previous public version, the updated Guide includes a number of important clarifications, particularly covering recent regulatory developments such as reporting of DTCC-sponsored repo and repo cleared via the DTCC agent clearing service, which are expected to become more prominent in light of the US mandatory clearing mandate. It also addresses emerging topics, including reporting of repos involving digital assets.A blackline version has been published alongside the Guide to provide a comprehensive overview of all changes.The SFTR Recommendations will continue to develop over time, incorporating further input from the ERCC’s SFTR Taskforce, regulatory changes, and developments in market practice.

ICMA has set up a dedicated webpage for industry participants to stay updated on the Association’s work related to the China repo markets.ICMA has been at the forefront of actively promoting the internationalisation of China’s repo markets at both the cross-border and onshore levels through consultation responses, advocacy efforts and thought leadership publications. Key milestones achieved so far include the recognition of the GMRA for use in offshore RMB bond repo business using bonds held under Northbound Bond Connect as collateral and most recently, the recognition of the GMRA by the PBoC for bond repo transactions involving bonds in the China Interbank Bond Market (CIBM) in January 2026, following ICMA’s filing of the GMRA with the PBoC.In April 2026, the China Repo Committee was established, reflecting the increasing importance of the Chinese repo market within the global fixed income landscape, supported by ongoing market and regulatory developments that promote greater international participation.The Committee serves as a dedicated forum for market participants to discuss developments relating to China’s repo market, with a particular focus on cross-border activity, and to share perspectives and practical experience to help shape market practice.ICMA members interested in joining the committee are encouraged to review the terms of reference or get in touch directly with co-secretaries Alex Tsang and Zhan Chen.

22 June 2026 On the occasion of its Annual General Meeting, the Executive Committee of the Green, Social, Sustainability, Sustainability-Linked Principles, and Climate Transition Bond Guidelines (collectively referred to as the “Principles”), supported by the International Capital Market Association (ICMA), announces complementary FAQ guidance for Climate Transition Bonds, a comparison of the Green Bond Principles and the EuGBS, and a publication on structural demand for sustainable bonds.The Principles are the global standard for the $7 trillion sustainable bond market that represents the largest source of market finance dedicated to sustainability and climate transition, available internationally to corporates and financial institutions, supranationals, agencies and sovereigns.Key guidance and publications released today are: Climate Transition Bond Guidelines - FAQThis document aims to provide additional clarification around Climate Transition Bonds, including: how to differentiate transition and green projects, clarification on “best efforts” alignment, and application of the Guidelines by different issuer types, including in the hard-to-abate sectors, financial institutions, and sovereigns. Phase 1: Comparison of the Green Bond Principles and the European Green Bond StandardThe Green Bond Principles and the European Green Bond Standard are complementary standards. This report, by the Taskforce on Official Standards and the Green Bond Principles, outlines the commonalities and differences between the two and encourages issuers to demonstrate alignment with both standards to ensure global investor recognition. Exploring structural demand for sustainable bonds: perspectives from investor practiceBy exploring the structural drivers underpinning demand for GSS+ bonds, this paper aims to provide issuers with a strategic understanding of why these instruments matter to investors and how they fit within investor priorities, allocation dynamics, and engagement practices. Additional updated and supplementary technical guidance is also being released. This includes: Guidance Handbook (update includes additional Q&As on Climate Transition Bonds) Guidelines for External Reviews (update includes differentiation between pre-issuance, post-issuance, and entity level evaluation). Harmonised Framework for Impact Reporting for Green Bonds (update includes elevation of projects’ “Annual absolute gross GHG emissions” to a “Core Indicator” within the Energy Efficiency and Renewable Energy categories). Harmonised Framework for Impact Reporting for Social Bonds (supplemented with indicators for Affordable Basic Infrastructure projects). See the Mapping of the Principles for a holistic overview.The Principles also announced the renewal of half of the 24 members of its Executive Committee following an annual vote in line with its governance.The standards and guidance from the Principles are developed with the input of over 340 market participants and stakeholders, as well as the participation of many other organisations through technical working groups. The Principles are the de facto global issuance standard referenced by over 96% of issuers in 2025.The 2026 Annual Conference of the Principles is being held in Milan on Tuesday, 23 June. The full-day conference agenda combines keynote speeches and panel discussions with leading official sector and market representatives. It features key updates on the 2026 guidance from the Principles and explores critical topics in sustainable finance from a global perspective, including market experience with the new climate transition finance label, how official standards relate to ICMA guidance, and how the Principles support issuance, specifically in emerging markets.

22 June 2026 The International Capital Market Association (ICMA) welcomed today the launch of the first UK consolidated tape for bonds, as a single, aggregated source of bond market data, operated by ETS Connect UK, as selected by the FCA in 2025.ICMA’s CEO Bryan Pascoe commented:“We are delighted to welcome the launch of ETS Connect UK, the first UK bond consolidated tape provider, today. ICMA has long advocated for the introduction of a consolidated tape for bonds as a centralised, accessible, and affordable source of aggregated post-trade data, supported by a well-calibrated bond transparency deferral regime.We expect the consolidated tape for bonds to help facilitate assessments of execution quality and transaction costs, to support the capacity for richer market analytics, fund valuations and automated processes, and enhance price discovery in the secondary, as well as primary, bond markets. As such, a widely accessible bond tape will foster broader participation in the UK bond markets, contributing positively to its efficiency and furthering the UK’s position as a leading global centre for issuance and investment.ICMA is extremely pleased to have contributed actively throughout the consultation and implementation process over recent years which has involved so much collaborative engagement between the public and private sectors, and we look forward to further participation as an observer member of the ETS Connect UK Consultative Committee looking ahead.”Together with the introduction of the new transparency regime on 1 December 2025, the go-live of the UK bond consolidated tape marks an important milestone in the UK’s steps towards greater bond market transparency and data accessibility. In the EU, similar plans are underway, with the EU transparency regime having applied from 2 March 2026, and preparations for the start of the EU Consolidated Tape, still ongoing. ICMA will continue to stay engaged in the process, both in the UK and EU, going forward.

LONDON, Friday 19 June 2026 – The International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have submitted a joint response to the 2026 U.S. Basel III notice of proposed rulemaking (NPR).The submission outlines critical recommendations to ensure that the new capital rules accurately reflect the operational realities of securities financing markets, which serve as the primary engine of systemic liquidity across the global financial system. The response, drafted with counsel from Clifford Chance, calls for two primary adjustments to the proposed framework: the explicit recognition of modular cross-product netting architectures and a principle-based exemption for bankruptcy-remote pledge models.  SFTs, specifically repo and securities lending, serve as the foundational plumbing of the global financial ecosystem. These high-volume, low-margin transactions drive secondary market liquidity, facilitate monetary policy transmission, and support orderly market-making for U.S. Treasuries and other sovereign debt. Crucially, they provide the core mechanics for collateral transformation, enabling banks to efficiently manage liquid asset pools under strict Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) requirements.  The global SFT market operates on the basis of internationally recognised master legal agreements, including the GMRA, GMSLA, supported by annually updated industry legal opinions in over 70 jurisdictions. These frameworks form the bedrock of legal certainty, market resilience and operational efficiency across the industry. The ability to extend these well-established standards through the inclusion of additional products such as derivatives, by utilising a qualified cross-product master agreement, represents a natural and legally robust evolution of existing market practice. This approach provides a frictionless mechanism for market participants to achieve prudent risk recognition and proportionate capital treatment, while ensuring ease of adoption and preserving the integrity of trusted legal frameworks. As such, it reflects both the maturity of the SFT market structure and the importance of building regulatory enhancements on globally consistent and time-tested legal frameworks. Executive Quotes Bryan Pascoe, Chief Executive Officer of ICMA, stated: “Efficient repo and securities financing markets are essential to liquid, resilient and competitive capital markets. The final Basel III framework should recognise the robust legal standards and market infrastructure already in place, including modular cross-product netting arrangements supported by established master agreements such as the GMRA. A proportionate approach will help align regulatory capital treatment with real economic risk, while avoiding unnecessary constraints on market liquidity.” Ina Budh-Raja, Chief Executive Officer of ISLA, commented: " As the global implementation of Basel III reaches a critical milestone, it is vital that prudential regulations align capital requirements with the true underlying economics of risk. The Cross-Product Master Agreement (CPMA) and bankruptcy-remote pledge GMSLA structures are sophisticated, internationally recognised mechanisms that preserve operational continuity and market capacity. It is essential that we preserve the integrity of existing market standards and the unique structural and operational mechanics of natively documented securities financing markets safeguard the uninterrupted flow of vital buy-side liquidity into secondary capital markets.” Key Positions:  Recognition of Modular Netting: The Associations recommend that the Agencies amend the final rule text and Form FR Y-15 instructions to explicitly clarify that a "qualifying cross-product master netting agreement" can be validly established through an overarching framework like the CPMA. This ensures that systemic footprint indicators accurately reflect true net economic exposure rather than artificially inflated figures, preserving vital lending capacity across the financial services market.    Exemption for Bankruptcy-Remote Pledges: ISLA proposes a principle-based carve-out under the revised Collateral Haircut Approach and the Supplementary Leverage Ratio’s E-C add-on for transactions where collateral is held in segregated, non-rehypothecatable, bankruptcy-remote accounts, as under the ISLA Pledge structure. Such structures materially reduce active counterparty credit risk and should not be penalized as if they were traditional, title-transfer exposures.   These adjustments are intended to preserve market liquidity during periods of financial stress, ensure that the regulatory environment remains fit-for-purpose for the modern, evolving financing ecosystem, and allow financial institutions to deploy capital efficiently to support wider economic stability.  The full joint submission can be accessed here. - END - For press enquiries please contact: Oliver TinklerSenior Director, Head of Press & CommunicationsICMAOliver.tinkler@icmagroup.orgRishi SethiDirector - Content & CommunicationsISLA rishi.sethi@islaemea.org  

16 June 2026 ICMA welcomes the publication of a new guidance document by the EU T+1 Industry Committee (IC) setting out FAQs and Best Practices for the proposed “Gating Event”, a new settlement functionality to be rolled out across all EU (I)CSDs designed to help mitigate potential liquidity and settlement efficiency challenges arising from the move to T+1 settlement in October 2027. ICMA co-led the drafting of the guidance on behalf of the IC, working closely with market participants, market infrastructures and regulators through the relevant technical workstreams (TWS).The Gating Event has been developed in response to concerns that the transition to T+1 could lead to a significant increase in same-day (T+0) repo activity, potentially increasing intraday liquidity demands and reducing opportunities for settlement optimisation. The proposed functionality would allow flagged settlement instructions to be automatically released for settlement at 11:00 CET on their intended settlement date, enabling the use of existing optimisation tools, including technical netting. It is based on a recommendation by the SFT TWS, which led to the creation of a dedicated SFT Settlement Optimisation Taskforce set up by the IC to work on a concrete solution. The Taskforce published its final report in December 2025, which set out the key specifications for the Gating Event solution, while already recognising the need for additional guidance for market participants to be developed on the use of the new functionality.The FAQs and Best Practice guidance published today addresses this request, following several months of further industry discussion coordinated by IC and the relevant TWS. The resulting document provides a comprehensive overview of the rationale behind the Gating Event, its operational design and implementation approach, as well as detailed best-practice recommendations on its use. The latter make it very clear that the functionality is intended primarily for T+0 repo transactions and related fixed-income cash market transactions where synchronised settlement can provide meaningful liquidity benefits. It also clearly explains how the Gating Event should not be used in order to avoid unintended consequences and potential disruptions to settlement activity.Today’s publication represents an important milestone in the industry’s preparations for T+1 as it provides market participants with greater clarity on how the Gating Event should (and should not) be used to support a smooth transition. However, further implementation, testing and market readiness work will continue throughout 2026 and 2027 ahead of the planned T+1 go-live in October 2027. ICMA will continue to coordinate these discussions through the IC and the relevant TWS.The full guidance document is available here.

15 June 2026 - ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity This report provides an overview of European trading activity for corporate bond markets, comparing our latest findings with past performances since January 2022. The report is published in two separate editions: A corporate edition A sovereign edition Key findingsEuropean corporate bond secondary market activity remained robust in 2025, with total traded volumes reaching approximately €5.7tn with more than 6.3 million trades. Trading activity peaked in Q1 2025, recording the highest quarterly volumes and trade counts since the start of the dataset in 2022, before normalising through the remainder of the year. Average trade sizes increased during 2025, reversing the downward trend observed since 2022, with Q4 2025 average trade sizes rising to approximately €880k. Off-venue (”voice”) trading remained the dominant execution channel, representing 53% of traded volumes, while dealer-to-client venue trading accounted for 47%. However, venue trading has continued to gain market share over time, particularly for smaller trade sizes, with the proportion of on-venue trading increasing steadily since 2022.  While larger transactions remained predominantly OTC in 2025, with trades above €25m overwhelmingly executed off-venue, the data indicates increasing venue usage for larger ticket sizes.More information about the SMPC can be found here.

ICMA will be sending a delegation to the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, taking place in Bangkok, Thailand, from 13–18 October 2026. The Annual Meetings provide an important opportunity to engage with policymakers, regulators, issuers, and other market participants from across the global financial community. To request a meeting with the ICMA delegation during the Annual Meetings, please contact Allan Malvar.

4 June 2026 ICMA today publishes the first of a two-part report on repos that make some use of blockchain or other digital ledger technology (DLT), a subject of much discussion.Part 1 looks at the technology itself, the types of digitalised cash and assets that can be used in DLT repo, and how DLT was applied to repo between 2017 and 2025. During this period, there were 34 publicised examples of DLT repo, the bulk during 2024. Most were proofs-of-concept, experiments or simulations, rather than commercial transactions. The second part of the report will be published after the summer and will focus on how and when DLT might be widely-adopted in the repo market.Key findingsNotable commercial usage of DLT repo was on Broadridge’s DLR and JP Morgan’s Kinexys platforms. By the end of 2025 it is estimated that the total average daily turnover on these two platforms may have reached, and possibly exceeded, USD 3.7 billion per day, mainly on DLR. While there was a significant uptick in growth of DLR in the second-half of 2025, turnover in DLT repo still pales in comparison with the US repo market, which is measured in trillions. It is also noted that the two dominant commercial DLT repo platforms vary significantly in terms of the degree of digitalisation, but that they both represent “walled gardens”, serving only the existing institutional customers of the operators.While undoubtedly very successful in this role for their operators, they do not constitute a competitive DLT repo market. While efforts to achieve interoperability are being made by these and other platforms, there is a long way to go to get to a connected and competitive DLT repo market. How the evolution of the DLT repo market may pan out and what forms of digitalised assets will be exchanged in DLT repo will be the subject of the second part of the report. In particular, this will look at how DLT is being applied to the underlying settlement infrastructure upon which the repo market depends.The critical section of today’s report considers the pre-trade, trade and post-trade functions specific to repo, which DLT has already, or is likely to be, applied. It concludes that pre-trade applications will be part of general collateral management operations and trading on a central limit order book is inherently unsuitable for distributed ledgers, as is the post-trade function of central-clearing. Instead, the report looks to the application of DLT to collateral management, including margining, and to settlement, notably the use of precise timing for intra-day repo.There may (or may not) be possibilities to widen the range of collateral and participation. Accordingly, the repo defines a DLT repo as a transaction for which some post-trade processes are performed on one or more distributed ledgers and/or where OTC trading may also take place on a distributed ledger. The report has been produced by Richard Comotto, senior consultant to ICMA, with input from members of ICMA's Repo & Collateral and FinTech & Digitalisation teams. However, the views expressed are those of the author and do not necessarily represent the position of ICMA.

1 June 2026 ICMA has shared with the Bank of England a report laying out recommendations to enhance the resilience of the Gilt repo market. The report is based on a closed-door industry Roundtable hosted by ICMA and builds on ICMA’s response to the Bank of England’s consultation on the gilt repo market in November 2025. In particular, the report discusses the following key recommendations: Deeper supervisory understanding of leveraged investor strategies and risk management frameworks A stocktake and gap analysis of existing regulatory reporting frameworks and supervisory data aggregation capabilities More targeted and decision-useful counterparty disclosures focused on leverage, concentration, and interconnectedness Improved coordination and information-sharing between the Bank of England and FCA Measures to improve access to central clearing for gilt repo, particularly for non-bank participants Broader and more consistent collateral eligibility frameworks Maintenance and modernisation of central bank market functioning and liquidity tools Enhancements to settlement efficiency and operational resilience ICMA hopes that the report can serve as a platform for deeper industry engagement in this shared and important objective.

29 May 2026 ICMA has submitted its response to the SEC Notice of Request for Exemptive Relief under the U.S. Treasury clearing mandate, which proposes targeted refinements to the inter-affiliate exemption in a cross-border context. The proposal contains two main elements: firstly, it would broaden the types of eligible affiliates by expanding the definition of the “affiliate counterparty” to include all affiliates under common control, excluding investment funds; and secondly, it would revise the outward facing condition by introducing a 10% activity-based threshold. In its response, ICMA supports the proposed expansion of the definition of “affiliate”. However, while recognising the Commission’s objective of preventing evasion of the clearing mandate, some ICMA members have raised concerns that the proposed 10 percent cap could create significant costs in terms of implementation, monitoring and governance and create operational, systems, and compliance burdens. ICMA also notes that the proposed methodology for calculating the threshold could create unintended advantages or disadvantages based on firm size, business model or organisational structure, and highlights a potential interaction with the IIB request.

27 May 2026 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected the following board members at the ICMA annual general meeting in London: David Gillard, Head of Sovereign and Supranational Clients, Allianz Global Investors Middle East Ltd, Abu Dhabi Derry Hubbard, Global Head of Fixed Income, Danske Bank A/S, Copenhagen Mark Lynagh, Head of Global Capital Markets EMEA & Head of Global BankingUK, BNP Paribas, London Branch, London Cristiano Maffi, Head of Global Primary Markets and Solutions, Intesa Sanpaolo S.p.A., Milan Cyril Rousseau, Director General of the Finance Directorate, European Investment Bank, Luxembourg Susanne Sweys, CRO Asset Management, UBS AG, Zurich William Weaver, Vice Chair, International Debt Capital Markets, Citigroup Global Markets Limited, London View the full list of ICMA board members

20 May 2026 ICMA Education & Training and Imperial Executive Education, part of Imperial College London, have announced a strategic partnership to launch Sustainable Finance and Investing: Unlock Global Investment Strategies, a six-week online programme equipping professionals with the expertise to lead in the transition to a sustainable economy. This collaboration brings together ICMA Education & Training’s nearly five decades of experience delivering executive education for finance professionals across the international capital markets with Imperial Executive Education’s academic leadership and cutting-edge research in climate finance and investment. ICMA Education & Training equally showcases ICMA’s leading role and expertise in the sustainable bond market with the Green, Social, Sustainability and Sustainability-Linked Bond Principles. Sustainable finance is growing in dominance, and this programme provides timely, practical insights for financial professionals navigating ESG regulations, product innovation, and net-zero investment strategies. Learn more about Sustainable Finance and Investing: Unlock Global Investment Strategies and the partnership with Imperial Executive Education.Commenting on the partnership, Bryan Pascoe, CEO, ICMA, said: “This collaboration with Imperial reflects our commitment to advancing professional standards in sustainable finance. By combining ICMA’s expertise in market practices with Imperial’s world-class teaching, we are providing professionals with the knowledge and skills to drive meaningful change in global finance.” Katie Coates, Director of Executive Education Programmes, said: "‘Imperial Executive Education are delighted to be partnering with ICMA on this exciting and important programme. The combination of Imperial’s thought leadership coupled with ICMA’s deep understanding of what members need to know and do to deliver their sustainability initiatives is a truly powerful combination’." Contact details for further informationICMA Education & Training Team education@icmagroup.org  Imperial Executive Education imperial@emeritus.org

19 May 2026 An amendment to the ICMA Primary Market Handbook has been published today to include the addition of the new 'Appendix C1 Bond Data Taxonomy'. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login details required).