The International Capital Market Association (ICMA) has published the first part of a two-part report on the use of distributed ledger technology (DLT) in repo transactions. The report examines the technology used in DLT repo, the types of digital cash and assets involved, and reviews 34 publicised examples of DLT repo activity between 2017 and 2025, most of which were trials, simulations or proofs of concept rather than commercial transactions. ICMA found that commercial DLT repo activity was concentrated on Broadridge’s DLR platform and JP Morgan’s Kinexys platform. By the end of 2025, average daily turnover across the two platforms was estimated to have reached more than USD 3.7 billion, although this remained small compared with the wider US repo market. The report states that DLT is most likely to be applied to collateral management, margining and settlement processes, and notes that current DLT repo platforms operate as separate ecosystems serving existing institutional customers rather than as an interconnected or competitive market. ICMA says the second part of the report, due to be published later in 2026, will examine how and when DLT could be more widely adopted in the repo market.

The International Capital Market Association (ICMA) has published a paper which explains the new model for the delivery vs payment (DvP) closing of syndicated bond issuance settling within the two International Central Securities Depositories, Euroclear and Clearstream. Additionally, ICMA explained how transaction documentation can be modified for a vanilla Reg S bond involving an underwriting syndicate and their issuer client. Despite Euroclear and Clearstream confirming that implementation of the model will go ahead, with the exact date to be confirmed, neither ICMA, nor any ICMA member, have endorsed the proposed new model for syndicated closings.

The International Capital Market Association (ICMA) has published its response to the Financial Stability Board's (FSB's) consultation report on leverage in non-bank financial intermediation (NBFI), emphasising the need for a more nuanced regulatory approach. ICMA emphasises the need for policymakers to recognise the diversity within the NBFI sector and avoid broad banking-style regulations.

The International Capital Market Association (ICMA) has published a joint statement with six other trade associations responding to European Commission proposals for EU securitisation framework reforms announced in June 2025. The statement, developed with AFME, AIMA, EFAMA, IACPM, LMA and MFA, expresses concerns that certain proposed measures may discourage rather than encourage investment in securitisation. The associations highlight four key issues: limitations on global market access for EU investors, disproportionate monetary sanctions, reclassification of private securitisations as public securitisations increasing reporting burdens, and mandatory reporting of private securitisations to repositories. The associations call for a more proportionate and globally aligned approach to achieve the objective of revitalising the EU securitisation market.

The International Capital Market Association (ICMA) has published an updated version of its harmonised framework for impact reporting for social bonds handbook, highlighting the core principles and recommendations for reporting to provide issuers with a reference as they develop their own reporting. This edition fully replicates the core principles and recommendations for reporting that are described in the Handbook Harmonised Framework for Impact Reporting for Green Bonds, enabling issuers to provide the market with consistent practices.

The International Capital Market Association (ICMA) has published a new paper on transition finance in the debt capital market. The paper discusses the latest guidance on transition finance, progress in integrating international taxonomies, and developments in sectoral pathways and industry roadmaps. It addresses the challenges of financing transition for fossil fuel sectors and hard-to-abate industries, proposes the adoption of transition plans, and outlines a model structure for such plans.

The International Capital Market Association (ICMA) has published a paper examining the expanding role of environmental, social and governance (ESG) ratings, scores and data products across capital markets, as well as the growing regulatory scrutiny surrounding how these products are produced, interpreted and used. The ICMA considers how increasing recognition of the financial materiality of ESG factors, alongside their broader societal and environmental impact, has driven rapid growth in demand for ESG ratings and data services.

The International Capital Market Association (ICMA) has published a paper examining the role of compliance and voluntary carbon markets in sustainable finance. The paper analyses integrity challenges in the development of carbon markets and explores opportunities for market participants in trading, hedging and structured finance. It notes that compliance markets now cover over 25% of global emissions, with traded values reaching US$950bn in 2024, while voluntary markets, although limited, could play a complementary role in transition strategies and sustainable bond issuance.

The International Capital Market Association (ICMA) has published a paper examining methods to strengthen and expand the European commercial paper market, valued at around €1.27trn. The analysis recommends regulatory alignment, increased transparency through centralised data aggregation, greater standardisation of documentation and settlement systems and recalibration of elements within the Money Market Fund Regulation and Basel III framework to boost market participation.

The International Capital Market Association (ICMA) has published a paper assessing whether stablecoins could become a credible component of future capital markets infrastructure. The paper highlights growing regulatory convergence around core principles on reserves, redemption, safeguarding and the prohibition of interest, while also identifying fragmentation as a key systemic risk. The analysis focuses on fiat-backed stablecoins as potential on-chain settlement assets alongside wholesale central bank digital currencies and tokenised bank liabilities. ICMA identifies several material constraints, including regulatory limits on volumes and use cases, the absence of credit and interest, custody and technology risks and the operational costs associated with public blockchains. Drawing on market initiatives and ICMA-led work under Project Guardian, the paper concludes that stablecoins could play a complementary role in future market infrastructure, provided that regulatory clarity improves and cross-border alignment is strengthened.

The International Capital Market Association (ICMA) has published a position paper setting out its views and recommendations on the EU Sustainable Finance Disclosure Regulation (SFDR) 2.0 as feedback for the upcoming EU co-legislation process. ICMA supports the overall direction of SFDR 2.0, noting that it reflects industry feedback by introducing a simplified disclosure regime and a clearer ESG fund categorisation system comprising ‘Transition’, ‘ESG Basics’ and ‘Sustainable’ categories. ICMA’s recommendations for further improvement focus on general aspects, including extending exclusions to legacy coal exposure, the treatment of non-use-of-proceeds instruments of public entities, voluntary disclosure for all relevant funds and effective implementation. In relation to use-of-proceeds bonds and funds, ICMA recommends the explicit recognition of credible market standards and other credible tools, as well as the application of category exclusions to such instruments.

The International Capital Market Association (ICMA) has published a position paper, opposing the implementation of a uniform macroprudential framework for non-bank financial intermediaries (NBFIs). The paper argues existing EU regulations for asset managers and funds are sufficient, while recommending improved cross-border regulatory data sharing and market surveillance. ICMA is particularly opposed to imposing mandatory central clearing for bonds and securities financing transactions. Instead, the association advocates for broadening collateral eligibility and removing the barriers that hinder voluntary central clearing access.