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05 September 2016

ICMA(国際資本市場協会)、バイ・イン規則の見直しに関して市中協議


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ICMA is launching a consultation to review and potentially update the ICMA Buy-in Rules under the Secondary Market Rules & Recommendations. This is in response to feedback from members with respect to the efficiency of the existing buy-in process in the current market environment.


The key areas for possible enhancement include:

 - The requirement (or not) to appoint a buy-in agent

- Flexibility in the timing of the buy-in

- The potential for buy-in auctions

 Based on informal feedback from members, ICMA has decided to focus on two key aspects of the buy-in process to improve the efficiency and flexibility:

  • The requirement of a buy-in agent

Given the difficulty in finding willing buy-in agents, it may be more efficient for the initiating party to execute the buy-in themselves, negating the need for buy-in agents. The buy-in could be executed in the OTC market, or through an auction process on a regulated electronic platform.

  • Flexibility in the timing of the buy-in

It has been pointed out that the current five-day notification of the buy-in execution is unnecessarily rigid, and that flexibility to determine a longer period between the buy-in notice and the buy-in execution would be a welcomed enhancement.

The consultation also covers a number of other issues, or potential areas for enhancement, as well as asking for members’ suggestions for possible additional revisions.

The period for the consultation is 5 September 2016 through 14 October 2016.

Full press release



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