ICMA welcomes the following new members in October 2025: Carmo and Cerqueira, SROC, Lda., Portugal Chiomenti Studio Legale, Italy Credit Guarantee and Investment Facility (CGIF), Philippines Nationwide Building Society, United Kingdom Natixis Investment Managers International, France Nomura Singapore Limited, Singapore Click here to view the full list of ICMA members.

14 October 2025 ICMA, jointly with with AFME and ISDA, published a briefing paper on the changes of the Systematic Internaliser (SI) regime on bonds and derivatives.The 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.View the paper

13 October 2025 The International Capital Market Association (ICMA) has been appointed to co-chair the newly established IOSCO-AMCC Working Group on NBFI, Market Intermediaries and Financial Stability. This appointment underscores ICMA’s central role in international regulatory dialogue and its long-standing collaboration with IOSCO.The Working Group was created as part of a broader restructuring of the IOSCO Affiliate Members Consultative Committee (AMCC), which introduced a number of new groups to better reflect IOSCO’s priority themes. The new Terms of Reference for the AMCC were approved by the IOSCO Board at its meeting in Doha in May 2025.Representing ICMA in this role will be Andy Hill, Managing Director and Co-Head of Market Practice and Regulatory Policy, who will serve as Co-chair alongside Federico Cupelli of EFAMA. Andy has been ICMA’s main representative within the AMCC since 2017 and brings extensive experience, having previously chaired the AMCC Bond Market Liquidity Working Party.Beyond this appointment, the ICMA secretariat will also play an active role across several other AMCC working groups, including those focused on Financial Innovation, Sustainable Finance, Emerging Risks, and Market Fragmentation. Together, these engagements ensure that ICMA members have a strong and influential voice at the highest levels of international standard-setting.This development reflects the constructive and strategic relationship that ICMA has built with IOSCO in recent years, both through its active AMCC participation and through bilateral cooperation, such as joint work on regulatory capacity building in developing markets.

9 October 2025 The latest edition of the ICMA quarterly report is now available.To access the report, click here.

8 October 2025 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 be published in two separate editions: A corporate edition (this report) A sovereign edition (earlier report) One of the core objectives of MiFID II/MiFIR was to provide greater public transparency of secondary trading activity in the EU and UK markets. As solutions have evolved to consolidate the disperse sources of public data, ICMA has sought to leverage the capabilities of such initiatives to provide a detailed and holistic view of bond market activity in the EU and UK.It is estimated that the report captures more than 80% of all secondary bond market transactions reported in the EU and UK and is therefore relatively representative of the aggregated bond market data as reported under the MiFID II/MiFIR obligation.This latest report provides 42 months of bond market data, covering the period January 2022 through to June 2025.  ICMA believes that this latest data set provides an even more accurate representation than previous reports.ICMA commits to updating this report on a semi-annual basis in order to be able to track long-term trends in secondary bond market structure and activity. ICMA also expects that in time both the depth and quality of the underlying data will improve, particularly as reports such as this seek to present a definitive picture of the European bond markets. More information about the SMPC can be found on the ICMA website.