ICMA initiates standard practices to help develop efficient and well-functioning fixed income secondary markets.

ICMA’s rules and recommendations for the secondary market (available to members and subscribers) apply to transactions in international securities – an international security is defined as a security intended to be traded on an international, cross-border basis (i.e. between parties in different countries) and capable of settlement through an international central securities depository or equivalent.
ICMA supports members with advice and guidance on the application of the rules and recommendations through its Legal & Regulatory Helpdesk.

There has been increasing concern and attention focused on bond market quality and liquidity, and the ability for secondary markets to function effectively and efficiently. This is at the very core of ICMA’s secondary market work, engaging with market practitioners and stakeholders, including broker-dealers, investors and asset managers, issuers, and infrastructure providers, as well as policy makers and regulators, to help better understand the issues and the challenges, and to work together to find constructive solutions to ensure safer, functioning, liquid secondary markets.

Secondary Market Practices Committee (SMPC) and related Working Groups

Central Bank corporate bond purchase programmes

Electronic trading

Market transparency

Market data

*Source: ICE Data Services
**Source: ICMA analysis using Bloomberg data

Market liquidity

Secondary markets regulation

Euro safe assets

Sanctions on Russia: Considerations for repo and secondary trading (Members only)

ICMA Secondary Markets Update

A monthly market update is sent to secondary market contacts, sign up to the mailing list by ticking the secondary markets box (ICMA members only).



Email the secondary markets team

Andy Hill
Managing Director, Head of Market Practice; Secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy; Member of the ICMA Executive Committee
Direct line: +44 20 7213 0335

Nina Suhaib-Wolf
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0318


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