ICMA Podcast

Marc Granville, Senior Director at ICMA and Head of Education and Training, speaks with Hugh Friel, Senior Vice President at Frontclear, in the second part of this episode to explore how technology and standardisation are reshaping repo and collateral markets across emerging and frontier economies. The discussion highlights how digital innovation and framework agreements can streamline legal onboarding, reduce documentation timelines for key agreements such as GMRA and ISDA, and support the evolution of repo markets from a “by appointment” model to a more efficient, flow based structure. It also examines the broader conditions required for sustainable market development, including long term policy commitment, robust legal and regulatory frameworks, and effective capacity building through blended education and training to strengthen expertise and support the development of global collateral markets.

Zhan Chen, Associate Director, Market Practice and Regulatory Policy, updates on ICMA's engagement with the U.S. Securities and Exchange Commission regarding the U.S. Treasury clearing mandate, highlighting cross-border implementation challenges, supporting proposed exemptions to limit extraterritorial scope, and calling for further clarification to reduce complexity and ensure a level playing field.

Ruari Ewing, Senior Director, Market Practice and Regulatory Policy, summarises ICMAs feedback on European Commission proposed amendments to the existing Level 2 Regulation on prospectus format, content, scrutiny and approval.

Deena Seoudy, Senior Director and Associate Counsel, highlights some of the ICMA legal team's key areas of activity over the past quarter.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, explores how Euroclear and Clearstream (the International Central Securities Depositories, or ICSDs) have introduced the option for issuers to issue their debt securities in dematerialised form from 16 March 2026.

Aman Gill, Associate on ICMA's Market Practice and Regulatory Team, explains ICMA's response to the FCA's consultation paper on improving the UK transaction reporting regime.

Natalie Westerbarkey, Managing Director and Co-Head, Market Practice and Regulatory Policy, lays out ICMA's position on the Market Integration and Supervisory Package (MISP) proposed by the European Commission on 4 December 2025.

Andy Hill, Managing Director and Co-Head, Market Practice and Regulatory Policy, updates on the UK gilt market's resilience amid recent geopolitical and economic shocks, authorities' responses, and ongoing consultations focus on improving market functioning, transparency, and resilience, particularly in the gilt repo and Treasury bill markets.

Natalie Westerbarkey, Managing Director and Co-Head, Market Practice and Regulatory Policy, reports on ICMA Brussels' roundtable on “Demystifying securitisation” . The event brought together policymakers and market participants to highlight its evolution into a robust, transparent funding tool that supports real-economy lending and investment, while identifying regulatory, operational and market barriers to scaling a stronger European securitisation market.

Anita Karppi, Senior Director in Market Practice and Regulatory Policy at ICMA leading the buyside proposition, highlights a busy quarter for ICMA's buy-side team, with increased engagement through events, podcasts, and policy work, and a stronger focus on representing buy-side perspectives in evolving markets.

How is the shape of China's offshore lending changing? This is the BIG question we tackle in the second of a special series of podcasts we're co-producing with Resonate Global Advisors.  Join Mushtaq Kapasi, Managing Director and Chief Representative for Asia Pacific for ICMA; Augusto King, Vice Chair, Capital Markets Group, Asia Pacific for MUFG; and Austin Strange, Associate Professor of International Relations, University of Hong Kong as they discuss why excess liquidity on the mainland explains so much about the evolving contours of China's development finance and its offshore bond and syndicated loan activities. 

Alexander Malitsky, Chair of ICMA Future Leaders, speaks with Celia Price, UK Representative on the ICMA Future Leaders Steering Committee, to explore how early-career professionals can build successful careers in capital markets through networking, mentorship, and active engagement. The conversation highlights the importance of taking initiative, making the most of ICMA's global platform, and overcoming common barriers such as time constraints and balancing professional responsibilities with development opportunities. The discussion also reflects the long-term value of building strong professional relationships across firms and regions, and how ICMA Future Leaders helps connect emerging talent with senior industry leaders. Drawing on their own experiences, Alexander and Celia share practical insights on career progression, continuous learning, and navigating the realities of the industry, emphasising collaboration, resilience, and the role of networks in supporting sustainable career growth.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part five we discuss the factors driving capital markets and the implications for the investor.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part four we discuss how how central banks are reacting to the prospect of increased stagflation risk.

Marc Granville, Senior Director at ICMA and Head of Education & Training, speaks with Hugh Friel, Senior Vice President at Frontclear, to explore how money market development supports stronger and more resilient financial systems across emerging and frontier markets. The discussion highlights Frontclear's dual approach of combining guaranteed products with technical assistance to address key market challenges, including legal and regulatory frameworks, infrastructure gaps, and local capacity constraints. It also showcases how ICMA's education and training programmes contribute to building market expertise, strengthening regulatory confidence, and enabling sustainable capital market development through practical, real-world collaboration.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part three we discuss how geopolitical factors influence markets in the long term.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part two we discuss how markets and investors have reacted to the escalating conflict in Iran.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part one we discuss the current situation and assess forward-looking scenarios.

In Part 2 of this conversation, Marc Granville from the International Capital Market Association (ICMA) continues speaking with Kaikham Onedamdy from the International Finance Corporation (IFC) about the impact and future of the Green Bond Technical Assistance Program (GB TAP). They discuss lessons learned from the programme, including the importance of collaboration, partnerships, and combining technical assistance with funding to support sustainable bond markets in emerging economies. The discussion also highlights the critical role of education and training in scaling sustainable finance globally and building local expertise. Finally, Kaikham shares what is exciting about the future of sustainable finance: the passion of young professionals working to create meaningful impact in their markets.

Marc Granville, Senior Director at ICMA, and Kay Kim from IFC discuss the Green Bond Technical Assistance Program (GB TAP) launched in 2018. The program, supported by Switzerland, Sweden, and Luxembourg, aims to develop green bonds in emerging markets with a $1.4 billion fund. IFC partnered with ICMA for its expertise in sustainable finance training, especially during COVID-19. The program has trained 2,000 bankers from 83 countries, with 41% being women. It has led to tangible impacts, such as banks issuing their first green bonds and developing local taxonomies. The alumni network fosters ongoing learning and collaboration among participants.

Members of ICMA Future Leaders — Odinaka Linus-Nwokonkwo, CFA, Lead SSA Market Trader, Access Bank, Chukwuebuka Ikem, CFA, Rates Trader, Citi, and Enock Asare, Head, Fixed Income, Consolidated Bank Ghana Ltd. recently hosted an ICMA podcast on “The Future of Finance in Africa and Its Impact on African Youth.”   They were joined by distinguished senior colleagues Dr. Okey Umeano, CFA, Deputy Director, Financial Markets Department, Central Bank of Nigeria and Abena Amoah, Managing Director, Ghana Stock Exchange.   Listen to the conversation to gain insights on the opportunities and challenges shaping finance across Africa.

Listen now to the podcast from the Asset Management and Investors Council (AMIC), ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies, among others. Returning for this episode are industry experts, Anita Karppi, Senior Director, Market Practice and Regulatory Policy, ICMA, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee. In this podcast, recorded on 5 February 2026, the team discussed: Outlook for 2026:  key themes  Geopolitics and which are the asset classes to watch this year Views on the new FED chair as well as FED leadership, tariffs, and shutdown risk Investors views on optimism in the markets and how that effects positioning If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org. Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

The ICMA ETF Podcast: What's new in fixed income ETFs? Listen now to this ICMA Podcast on exchange-traded funds (ETFs), hosted by Anita Karppi, Senior Director - Buy-side at ICMA, who was joined by Tom Stephens of Schroders Investment Management, Pravin Bagree of UBS Asset Management and Josh Gibbs of State Street Investment Management to discuss what 2026 could look like for fixed income ETFs, and why ETFs are increasingly being treated as core portfolio infrastructure rather than “access” products. In this episode, the panel discusses: The outlook for fixed income ETFs in 2026: intentional duration, credit dispersion and ETFs as risk-management tools The active ETF “delivery mechanism” debate: product design, fees and liquidity Adoption trends across institutional, wholesale and retail channels, plus the role of platforms and model portfolios Regulatory developments, including how rules may shape eligible exposures (including alternatives)  

Bryan Pascoe, Andy Hill, Natalie Westerbarkey, and Irene Rey examine evolving market structure, resilience, and digitalisation trends shaping bond markets over the next decade.

Bryan Pascoe, Chief Executive, ICMA reflects on market resilience in 2025 and outlines the structural, regulatory, and digital forces shaping global debt markets in 2026.

Nicholas Pfaff, Deputy Chief Executive and Head of Sustainable Finance, ICMA introduces the Climate Transition Bond Guidelines and their role in mobilising capital for hard-to-abate sectors.

Allan Malvar outlines ICMA's capacity-building work with regulators and policymakers, highlighting common challenges in market architecture, legal certainty, and post-trade resilience.

Thorsten Guthke and Irene Rey review the European Commission's SIA initiative and its potential to channel retail savings into capital markets under the Savings and Investment Union.

Natalie Westerbarkey and Thorsten Guthke analyse how the EU's Market Integration and Supervision Package could reshape trading, clearing, settlement, and digital bond markets.

Katie Kelly explores structural barriers and enabling measures to deepen and modernise the European commercial paper market.

Gabriel Callsen, Senior Director, FinTech and Digitalisation, ICMA summarises key findings on DvP settlement assets and custody models for DLT-based bonds under Project Guardian.

Zhan Chen outlines ICMA's engagement with members and regulators on the implications of the SEC's US Treasury clearing mandate and market readiness challenges.

Andy Hill discusses ICMA's response to the Bank of England's proposals on gilt repo resilience, including central clearing, haircuts, and alternative policy measures.

Francisco Parente, Associate Director, FinTech and Digitalisation, ICMA examines the regulatory landscape, risks, and potential role of stablecoins as on-chain settlement assets in capital markets.

Listen now to the podcast from the Asset Management and Investors Council (AMIC), ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies. Anita Karppi, Senior Director - Buy-side, Market Practice & Regulatory Policy, ICMA was joined this episode by industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, and Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee. This podcast was recorded on 16 December 2025, where the team discussed: Capital Markets: Equities and precious metals surged in 2025 while fixed income and commodities lagged. What were key drivers behind these divergent performances, and how should investors interpret them going into 2026? Economic Growth & Risks: What main forces will shape global growth in 2026, and where might the biggest risks or opportunities be? Policy & Investor Strategy: How might investor behaviour to shift in 2026 — particularly in terms of defensive versus growth strategies? If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org. Learn more about AMIC

This episode features a conversation between Mark Granville, Head of Education at ICMA and Emma Thomas, Secretary to ICMA's Artificial Intelligence in Capital Markets (AICM) Working Group. They discuss the origin of the group, why it was created, and how it focuses on regulatory engagement, market-relevant AI implementations, and responsible standards. Further exploring how AI is being adopted across the bond lifecycle, where the biggest efficiency gains are emerging, and how firms should navigate the growing regulatory agenda, they also discuss the risks and limitations of AI, the importance of responsible use, and why upskilling is becoming essential across the industry. A practical, grounded view of how AI is reshaping workflows, risk considerations and future capabilities in capital markets.

Digital bonds: hype, hope or the future of capital markets? Listen to our podcast examining just how far - or not - the bond market has progressed towards a digital future with host Mushtaq Kapasi, Chief Representative of ICMA for Asia Pacific in conversation with Ankur Prakash, Head of Digital and Strategic Initiatives, Global Banking at Standard Chartered and Yam Ki Chan, Vice President at US fintech Circle, one of the world's major issuers of stablecoins. This is the first of a special series of podcasts examining some of the leading trends of the day, co-produced by Resonate Global Advisors.

Listen now to the podcast from the Asset Management and Investors Council (AMIC), ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies, among others. Anita Karppi, Senior Director - Buy-side, Market Practice & Regulatory Policy, ICMA was joined this episode by industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, and Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee. This podcast was recorded on 24th October 2025, where the team discussed: IMF/WB Annual Meetings: What were the major takeaways? US Government Shutdown & US/China Trade Negotiations: How will these challenges impact global markets? Central Bank Meetings: What to expect from the Fed, ECB, BoE, and BoJ in late October and early November? Equity and Commodity Markets: Are we witnessing bubbles, and how can we define one? Investor Sentiment: After a strong 2025 performance, will investors take profits or reduce risks? German Government & European Financial Integration: Will we finally see progress on the Capital Markets Union? If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org. Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Gabriel Callsen, Senior Director, FinTech and Digitalisation, ICMA gives an update on ICMA's Bond Data Taxonomy: market initiatives and adoption.

Alex Westphal, Senior Director, Market Practice and Regulatory Policy, talks about the latest milestones in Europe's journey to T+1, also looking at SFT specific impacts and discussions which are central to the success of T+1.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, discusses ICMA's response to the US SEC concept release on foreign private issuer eligibility.

Ruari Ewing, Senior Director, Market Practice and Regulatory Policy, summarises developments in the UK prospectus regime (POATRs) and related aspects following the UK Chancellor's Mansion House speech on 15th July.

Natalie Westerbarkey, Co-Head of Market Practice and Regulatory Policy, talks through ICMA's bond market policy mind map & ecosystem.

Natalie Westerbarkey, Co-Head of Market Practice and Regulatory Policy, explores lessons from the EU consultation on building integrated bond markets and summarises ICMA's vision.

Andy Hill, Co-Head of Market Practice and Regulatory Policy, seeks to address some common misconceptions around repo haircuts.

Andy Hill, Co-Head of Market Practice and Regulatory Policy, discusses bond market axe distribution standards.

Simone Bruno, Associate Director, Data Analyst, Market Practice and Regulatory Policy, summarises the recenty released ICMA European Secondary Bond Market Data Report, covering sovereign bonds

Nina Suhaib-Wolf, Director, Market Practice and Regulatory Policy sums up the changes to the non-equity SI regime in the EU and UK, as well as ICMA's response to the FCA consultation

Mushtaq Kapasi, Managing Director, Asia-Pacific, provides an update on China's recent reforms in cross border repo and collateral markets.

Marc Granville, Head of Education, ICMA, gives an update on upcoming courses and other developments.

In this podcast, Vincci Xiao, Associate, Membership, Events and Communication at ICMA is joined by two inspiring women to explore the evolution of the ICMA Women's Network (IWN) and gender equality across global and Asian financial markets as IWN celebrates its 10th anniversary. The guests include Desirée Sumilang, Executive Director and Senior Legal Counsel in the Global Markets Division at Crédit Agricole CIB, and IWN APAC Representative; and Miriam Patterson, Senior Director of Market Practice and Regulatory Policy at ICMA. Together, they discuss how bank cultures differ and influence gender equality, the role of male allyship in Asia, the availability of childcare and its impact on women's career progression, and the importance of international collaboration in strengthening local IWN chapters.