The International Capital Market Association (ICMA) has published its response to the European Securities and Markets Authority (ESMA)'s consultation paper on the scope of the Central Securities Depositories Regulation (CSDR) Settlement Discipline. Generally, ICMA supports ESMA's objective regarding the two specific exemptions from the settlement discipline measures that are set out in the CSDR Refit article 7(9) but reiterates its concerns with cash penalties in the primary market context.

The International Capital Market Association (ICMA) has issued a response to the Financial Conduct Authority (FCA)'s consultation regarding the current and future applications of artificial intelligence (AI) in UK financial services and regulatory framework. The consultation reflects the growing need to balance innovation with appropriate oversight in the rapidly advancing field of AI within financial markets.

The International Capital Market Association (ICMA) has published its response to the European Banking Authority’s (EBA) consultation paper on draft Regulatory Technical Standards (RTS) on the contractual recognition of stay powers under Article 71a(5) of Directive 2014/59/EU (BRRD). The ICMA expresses its concerns regarding certain elements of EBA’s proposed RTS and urges EBA to consider further alignment with the Financial Stability Board’s Principles for Cross Border Effectiveness of Resolution Actions.

The International Capital Market Association's (ICMA) Secondary Market Practices Committee published its semi-annual report, providing detailed data on EU and UK corporate bond market trading activity. The report captures over 80% of secondary bond market transactions reported under MiFID II/MiFIR obligations, covering 42 months of data from January 2022–June 2025.

The International Capital Market Association's (ICMA) Secondary Market Practices Committee has published its semi-annual report for the second half of 2025 (H2 2025), providing detailed data on EU and UK corporate bond market trading activity. The report highlights that traded volumes amounted to €2.64 trillion, representing a 5.5% increase as compared to H2 2024, despite a modest decline in transaction count.

The International Capital Market Association (ICMA) has published a note which summarises key points related to capital markets of the EU Savings and Investments Union (SIU) Strategy to foster citizens’ wealth and economic competitiveness in the EU. The note explores the four EU SIU Strategy areas including: (i) citizens and savings—wealth creation for individuals, (ii) investments and financing—funding EU business for growth, (iii) integration and scale—integration and efficiency of capital markets, and (iv) efficient supervision—promoting an effective EU single rulebook. It also sets out a roadmap detailing the precise timeline and key measures to implement the SIU.

The International Capital Market Association (ICMA) has updated its Bond Price Distribution Definitions, revising the industry taxonomy introduced in 2021 following consultation with its Electronic Trading Working Group, the FIX Trading Community and other market participants. The revised framework reflects changes in market structure and increased electronic trading and automation by providing clearer and more consistent definitions for the main bond price distribution protocols. It introduces refined definitions for market-runs, distinguishes between indicative and firm streaming prices, and clarifies the characteristics of axes, including their directionality, firmness, size expectations and the limited circumstances in which two-way axes may be appropriate. ICMA states that the updated taxonomy is intended to establish a common industry language for bond price and trading interest distribution, improve transparency and communication, reduce ambiguity, support dealer-to-client engagement, and provide a more consistent basis for assessing dealer behaviour and the quality of market information.

The International Capital Market Association (ICMA) has published version 2.0 of its Bond Data Taxonomy (BDT), a standardised, machine-readable language for bond terms developed with market practitioners. The updated version expands coverage to support more complex issuance structures, including bonds with multiple series, classes and tranches, while introducing greater flexibility in data fields to accommodate a wider range of transaction types and emerging market use cases. The BDT is being integrated into various market initiatives and infrastructures, including a digital asset standards platform developed by Swift, adoption by issuers such as the Hong Kong Monetary Authority and the digitisation of the Eurobond market involving international central securities depositories. Version 2.0 reflects extensive stakeholder engagement throughout 2025 and aims to reduce market fragmentation, support interoperability and enable automation across the bond lifecycle, from primary issuance through to trading, settlement and distribution processes.

The International Capital Market Association (ICMA) and FIX Trading Community have published a white paper which examines the current practices and challenges in electronic distribution of bond market axes across Europe. The paper identifies issues including reliability of axe information, information leakage risks, and operational pressures from automation in electronic trading environments. It marks the first step in a joint workstream aimed at improving pre-trade transparency in bond markets.

The International Capital Market Association has published the third instalment of its comprehensive study of Asia repo markets, covering Vietnam. The guidance covers financial infrastructure, types of repo and collateral, market participants and dynamics, post trade operations, and the legal and regulatory framework. It also notes recent efforts to create a more liquid domestic market in true repo, and current barriers to further development.

The International Capital Market Association (ICMA) has released a 'Guide to Asia Repo Markets: South Korea' aimed at bolstering global repo market development. Previous guides covered include China, Japan, Indonesia, Vietnam and the Philippines, with more Asian markets to follow.

The International Capital Market Association (ICMA) has released a new Global Master Repurchase Agreement (GMRA) annex and templates to accompany the 2000 and 2011 versions of the GMRA. The new templates were developed by the ICMA Repo Legal Working Group, in collaboration with Linklaters, and include master confirmation annex, mini close-out notice, default notice, termination notice and the amendment agreement. The master confirmation annex provides a standardised set of terms which can be used for ‘non-standard’ trade types, such as evergreens and extendables. The template form of notices and agreements serve as a reference point for parties who have yet to develop their own and are available exclusively to ICMA members who may use and/or adapt them as they deem necessary.