Terms of reference
The ICMA Secondary Market Practices Committee is an open forum for sell-side and buy-side member firms active in the international, cross-border secondary bond markets. Through open dialogue and engagement, as well as through its subsidiary working groups and work-streams, it seeks to be the representative body of the international, cross-border secondary bond markets: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of efficient and liquid markets.

2021 Priorities
  • Bond market functioning and liquidity
  • MiFID II/R Review
    • Transparency
    • Consolidated tape
    • Structure
    • Access
  • CSDR Mandatory buy-ins
    • Advocacy
    • Adoption & best practice (including updating the ICMA Buy-in Rules)
  • E-trading & FinTech
    • Best practice for price distribution
    • Common data standards (CDM)
    • Tokenization
  • APAC bond markets
  • Sustainability
  • Bond ETFs

Please find minutes from the previous SMPC meetings below.

The most recent meeting of the SMPC was held virtually on 15 September 2021 when the Committee was joined by the IOSCO Financial Stability Engagement Group (FESG) Corporate Bond Market Liquidity Working Group. The IOSCO FSEG updated the SMPC on its work on how corporate bond markets performed during the 2020 Covid turmoil, how corporate bond markets are structured, stakeholder behaviours in times of market stress, and identifying any potential structural vulnerabilities. This was also an opportunity for SMPC members to provide input to this regulatory workstream. Other agenda items included the latest developments and ICMA’s advocacy related to CSDR mandatory buy-ins, ICMA’s proposal for a new EU transparency regime for bonds, and the extension of the Common Domain Model to include bond transactions.

The next meeting of the SMPC will be a special ad hoc meeting on 11 October 2021 (4pm CEST) to continue to the discussion with the IOSCO FSEG on corporate bond market micro-structures and stakeholder behaviours. If you are interested in participating, please contact us. The final scheduled meeting of the SMPC for 2021 is expected to be held in late November or early December (to be confirmed soon).

The current composition of the Committee

David Camara    
Goldman Sachs International

Yann Couellan
BNP Paribas AM

Ruud Teeuwen    
Christophe Marcilloux    
Amundi Asset Management

Lee Sanders
AXA Investment Managers GS Limited

Mark Watters
AxeTrading Limited

Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.

Daniel Stevens
Bank of Montreal

Christian Pfund    
Bank Vontobel AG

Laura Coote
Bank of New York Mellon

Matthew Coupe
Barclays Bank PLC

Evgeniy Alexandrov
BCS Prime Brokerage Limited

Arran Rowsell
BGC Brokers L.P.

Stephen Fisher    

BlackRock Investment Management (UK) Limited

Olivier Renart    

BNP Paribas London Branch

Martina Ben-Shaul    
Canadian Imperial Bank of Commerce London Branch

Gareth Barber
Citigroup Global Markets Limited

Heiko Goetz
Commerzbank AG

William Dawber 
Commonwealth Bank of Australia London Branch

Fares Hajjar
Crédit Agricole Corporate and Investment Bank

Chris Orr
Credit Suisse Securities (Europe) Limited

Simon Elliott
Daiwa Capital Markets Europe Limited

Hans Henrik Duus

Danske Bank A/S

Marco Ferrari

Goran Hoblaj
Erste Group Bank AG

Kemal Cenan    
European Bank for Reconstruction and Development (EBRD)

Nicola Mercusa    

European Investment Bank

Eric Heleine
Groupama Asset Management

Luke Eaton
HSBC Bank plc

Stephane Malrait    
ING Bank N.V.

Nick Robinson
Insight Investment Management (Global) Limited

Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A

Barbara Zittucro    

Intesa Sanpaolo S.p.A.

Paul Glasgow
J.P. Morgan Securities plc

Craig Colenso    

Jefferies International Limited

Chris Muyldermans    

KBC Bank N.V.

Shyam Kumar
Kotak Mahindra (UK) Limited

Antony Baldwin
LCH Limited

Andrew Khatri
Lord, Abbett & Co. LLC

Christophe Roupie
MarketAxess Europe Limited

Aalok Gupta
Merrill Lynch International

Aristo Vounakis
Mizuho International plc

Ruchi Gawri    
Morgan Stanley & Co. International PLC

Rahni Soliman
National Australia Bank Limited

Katsuko Ishizeki

Phil Lloyd
NatWest Markets plc

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Fredrik Jenestrand    

Nordea Bank Abp

Tina Bach
Nordea Investment Management AB

Pauli Mortensen    
Norges Bank

Bernard Meillet    

Lorenzo Pagani    

PIMCO Europe Ltd

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole

RBC Europe Limited

Danny Ramos
Santander Asset Management

Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Louise Drummond
Standard Life Investments Ltd.

Johan Wijkström    
Swedbank AB (publ)

Paul Cable
T. Rowe Price International Ltd

Wilbur Yang
TD Securities

Sam Johnson    

Martine Wehlen-Bodé    

Carsten Richter

UniCredit Bank AG

Christoph Hock    

Union Investment Privatfonds GmbH

Nick Bennet
Wells Fargo Bank, N.A.

William Martin

Westpac Banking Corporation

In 2015, the SMPC updated its Terms of Reference and mission statement to reflect better its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit markets, it broadened its membership to include both sell-side and buy-side trader representation from ICMA members.

In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).

If your firm is interested in becoming a member of the SMPC, please contact us.

To view the Terms of Reference, click here.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335

Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0313

Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334
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