ICMA Quarterly Briefing, Q2 2025: Artificial intelligence regulation in the bond market: finding the balance

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: [email protected]. 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.