The International Capital Market Association's Assessment of Market Practice and Regulatory Policy

09 July 2021

The Quarterly Assessment is on the orderly wind-down of LIBOR in the bond market.


This Quarterly Report is produced by the Market Practice and Regulatory Policy team at ICMA.

ICMA’s Quarterly Report for the Third Quarter of 2021 begins with a Message from ICMA’s Chief Executive, Martin Scheck, on key ICMA initiatives. The Quarterly Assessment is on the orderly wind-down of LIBOR in the bond market. There are international capital market features on: regulatory policy work of the new ICMA representative office in Brussels; suggested improvements to China’s bond repo market; a clearer pathway to carbon neutrality in Japan; and supporting frontier money markets in the pandemic year. The Quarterly Report also covers ICMA’s market practice and regulatory policy work in the primary markets, secondary markets, repo and collateral markets, sustainable finance, asset management, FinTech, the transition from LIBOR to risk-free rates, and capital market developments in China.

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