ICMA Podcast

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.

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.

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.

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.

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.

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.

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.

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 digita...

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.

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.

At the end of the post-Brexit transition period on 31 December 2020, the UK left the EU Single Market, passporting rights ceased and the EU and UK markets became two separate markets. In the ICMA Quarterly Report, Paul Richards, Head of Market Practice and Regulatory Policy, considers the risk of capital market fragmentation arising between the EU and the UK and examines the scope for regulatory c...

On 25 November 2021, the European Commission (EC) published its communication on the Capital Markets Union (CMU) package. ICMA’s Julia Rodkiewicz, Secretary, ICMA Regulatory Policy Committee, explains the progress made and voices key concerns.

The market breathed a sigh of relief when the European Commission announced the latest delay to the CSDR mandatory buy-in regime in November 2021. ICMA’s Andy Hill, Secretary, ICMA Secondary Market Practices Committee, provides an update on the extensive work undertaken by ICMA to push for a review of the controversial regime, the expected next steps from ESMA and the Commission, and the future ri...

Complementing the work on CSDR and the upcoming go-live of cash penalties, ICMA’s European Repo and Collateral Council (ERCC) is looking at other important tools and solutions to support the industry’s efforts to optimise settlement efficiency. Alex Westphal, Secretary to the ERCC, provides a brief update on the latest progress with the initiative as well as the key elements and take-aways from th...

ICMA's Mushtaq Kapasi, Chief Representative for Asia-Pacific, provides an update on the Hong Kong Securities and Futures Commission’s new Code of Conduct for bookbuilding and placing, and potential implications for regional and global primary bond markets.

ICMA's Liz Callaghan, Secretary, ICMA Electronic Trading Council, speaks about ICMA's new proposal on a workable, balanced bond transparency regime, which is significantly simpler than today’s complex transparency regime. A regime that provides considerably more bond market transparency than can be found today but at the same time, protects liquidity providers and end investors from undue risk.

Nicholas Pfaff, ICMA’s Head of Sustainable Finance, reviews progress on the EU Green Bond Standard and the recent proposal that it become mandatory for all green bonds between 2025 and 2028.

ICMA's Irene Rey, AMIC Secretariat, provides key highlights of interest to AMIC members on the AIFMD and ELTIF proposals which were released by the European Commission at the end of November 2021.

ICMA’s Gabriel Callsen, Secretary, ICMA Fintech Advisory Committee, speaks about ICMA’s CDM project for repo and bonds, the recent survey results and next steps.

This LIBOR podcast follows an important milestone in the long-running story of the transition away from LIBOR and towards risk-free rates – the end of 2021. ICMA's Charlotte Bellamy, Secretary, ICMA Legal & Documentation Committee, discusses the introduction of synthetic sterling and yen LIBOR and some remaining questions for tough legacy bonds looking ahead.

ICMA's Katie Kelly, Secretary, ICMA Financial Institution Issuer Forum and ICMA Corporate Issuer Forum, presents a round-up of LIBOR-related developments in the Euro area and Switzerland.

ICMA Future Leaders (IFL) launched a Fintech working group earlier in 2021 to look into developments in Fintech including digital assets, blockchain transactions in capital markets, the evolution of securities technology, among others, to support ICMA’s overall role in this fast evolving area. As part of the IFL working group’s activities, it has organised a series of podcasts with market experts...

Robert Parker, Chair of ICMA’s Asset Management and Investors Council, reviews key themes for investors in 2022 including the inflation and growth outlook, potential monetary policy divergences, and geopolitical risks.

ICMA’s President Martin Scheck speaks to David Reznik, Fixed Income Strategist at Bank Leumi, Israeli’s largest bank, about its market activities and more generally about the Israeli capital market and its market infrastructure. David discusses the main issuers, local bond practices, the main investors of Israeli debt and also provides his insights on efforts being made in the field of sustainable...

Robert Parker, Chair of ICMA’s Asset Management and Investors Council, reviews the market events of the past weeks, including the inflation  outlook, the Chinese economic slowdown and main takeaways for investors following the COP26.