The International Capital Market Association (ICMA) released its quarterly report for H2 2025. It includes features on: debt relief under New York and English law; EU Savings and Investments Union Strategy; making European capital markets more competitive; T+1 – the impact on bond market trading; a time for change in the sustainable fund market; and artificial intelligence (AI) regulation in the bond market – finding the balance.
The report also includes international capital market practice and regulatory policy updates on primary markets, secondary markets, repo and collateral markets, asset management, sustainable finance, fintech and digitalization, and emerging capital markets.
Among the topics related to repo and collateral markets, the report covers: treatment of reverse repos under net stable funding ratio (NSFR), Securities Financing Transactions Regulation (SFTR) reporting, Central Securities Depositories Regulation (CSDR) settlement discipline; an assessment of the European repo market at year-end 2024; and repo clearing.