- Going, going, gone—ICMA launches new auction initiative for fixed income market
- Original news
- What is the initiative?
- Why was it deemed necessary?
- How will the auction process work?
- What is the CSDR settlement mechanism and why will it encourage participants to join the auction process?
- What are the next steps?
Banking & Finance analysis: The ‘aged-fails auction’ is a market driven initiative by the International Capital Markets Association (ICMA) to improve settlement efficiency in the European fixed income markets. Andy Hill, senior director, market practice and regulatory policy and secretary to the ICMA Secondary Market Practices Committee, explains the ICMA’s hopes for the auction process to drive up market liquidity and prepare the market for 2018’s mandatory buy-in regime.
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