Andy Hill discusses ICMA’s report documenting the performance of the investment grade secondary bond market in Europe from February to April 2020 as the COVID-19 pandemic caused unprecedented levels of market volatility. During the peak of the crisis, before central bank intervention, participants resorted to voice trading when the market became too volatile and too illiquid for dealers to risk providing pricing across electronic platforms, although trading volumes recorded through platforms were at record levels. One of the key lessons from the crisis is that while market infrastructure held up well after 10 years of technological innovation, the role of market-makers in creating liquidity remains at the core of the secondary markets. Reducing the ability of market-makers to provide this service will inevitably impact market liquidity and efficiency, especially in times of market stress.
ICMA Quarterly Briefing, Q3 2022: Repo and collateral market developments
ICMA Quarterly Briefing, Q3 2022: Transition from LIBOR in the bond market
ICMA Social Bonds Podcast Series Episode 3: Corporates
ICMA Social Bonds Podcast Series Episode 2: Current state of the market
Unmissable career Insights from Niall Bohan at the European Commission
Next steps in digitising capital markets
An insight into opportunities for young professionals at the EIB
ICMA Social Bonds Podcast Series Episode 1: SBP Introduction
The Indian fixed income market – recent themes and outlook
ICMA Market integrity in sustainable finance series I Episode 1 I Greenwashing risks and remedies
Monthly Market update: ICMA Asset Management & Investors Council (24 May 2022)
An interview with Íslandsbanki: the first Icelandic bank to tackle Sustainable Financing
Female Invest: the journey to close the financial gender gap
Why diversity and inclusion isn’t just a “nice to have”
ICMA Quarterly Briefing, Q2 2022: Introduction
ICMA Quarterly Briefing, Q2 2022: Diversity and inclusion
ICMA Quarterly Briefing, Q2 2022: The transition from LIBOR in the bond market: progress and remaining steps
ICMA Quarterly Briefing, Q2 2022: CSDR settlement discipline
ICMA Quarterly Briefing, Q2 2022: Ensuring the usability of the EU Taxonomy
ICMA Quarterly Briefing, Q2 2022: EU Listing Act consultation and UK Prospectus Regulation review outcome
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