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.

2022 Priorities

  • Bond market functioning and liquidity
    • 2nd report on the Asia international bond markets
    • Response to IOSCO work on corporate bond market liquidity
  • Best practice in the international bond markets
    • Updating and developing new Secondary Market Rules & Recommendations
    • Wider access to the ICMA Buy-in Rules
  • MiFID ll/R Review
    • Transprency (proposal for a new transparency framework for bonds)
    • Consolidated tape
    • Structure
    • Access
    • Implementation of the penalty regime
    • Response to revised proposal for mandatory buy-ins
  • E-trading & FinTech
    • Best practice for electronic trading
    • Common data standards (CDM)
  • Sustainability
  • Bond ETFs

The current composition of the Committee

David Camara    
Co-chair (sell side)

Yannig Loyer
Co-Chair (buy-side)
AXA Investment Managers GS Limited

Ruud Teeuwen    
Christophe Marcilloux    
Amundi Asset Management

Jane Duscherer
Axetrading Limited

Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.

Loli Spinola
Bank of China

Daniel Stevens
Bank of Montreal

Christian Pfund    
Bank Vontobel AG

Laura Coote
Bank of New York Mellon

Matthew Coupe
Barclays Bank PLC

Arran Rowsell
BGC Brokers L.P.

Stephen Fisher    

BlackRock Investment Management (UK) Limited

Quentin van Lidth
BNP Paribas

Yann Couellan
BNP Paribas Asset Mangement

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

Hans Henrik Duus

Danske Bank A/S

Matthew Johnson

Marco Ferrari

Robert Koller

Goran Hoblaj
Erste Group Bank AG

Kemal Cenan    
European Bank for Reconstruction and Development (EBRD)

Sebastien Rosset
European Investment Bank (EIB)

Nadine Windsor

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

Aristo Vounakis
Mizuho International plc

Ruchi Gawri    
Morgan Stanley & Co. International PLC

David Waslker

Rahni Soliman
National Australia Bank Limited

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

Lorenzo Pagani    

PIMCO Europe Ltd

Vincent Grandjean

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole

RBC Europe Limited

Jordi Cabero Borros

Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Dan Burke
Standard Chartered

Louise Drummond
Standard Life Investments Ltd.

Johan Wijkström    
Swedbank AB (publ)

Paul Cable
T. Rowe Price International Ltd

Wilbur Yang
TD Securities

Nicola Danese

Sam Johnson    

Martine Wehlen-Bodé    

Gerhard Freudenreich

UniCredit Bank AG

Christoph Hock    

Union Investment Privatfonds GmbH

Nick Bennet
Wells Fargo Bank, N.A.

William Martin

Westpac Banking Corporation

Terms of reference

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
Deputy Head, 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

Gabriel Callsen
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334

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