ICMA Quarterly Briefing Q3 2026: ICMA response to SEC proposal on Rule 15c2-11

Listen now to the latest 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 special summer edition, reviewing the year so far, are industry experts Anita Karppi, Senior Director, Market Practice and Regulatory Policy, ICMA; 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 Co-Chair of the AMIC Executive Committee. In this podcast, recorded on 4 August 2026, the team discusses: Which developments have surprised investors most during the first half of 2026, and what has driven continued market resilience? How are central bank policy, inflation and fiscal deficits shaping the outlook for interest rates and financial markets? What are sovereign investors and long-term institutions focusing on, from AI and diversification to private markets and the role of gold? Have markets become too comfortable with risk, or are investors adapting to a fundamentally different investment environment? Which economic and market indicators will matter most during the remainder of 2026? 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]

It’s no great surprise why exchange-traded funds (ETFs) are playing an increasing role as a core portfolio instrument across institutional, wealth and retail channels, given their cost efficiency and transparency. But where might the next wave of innovation in active and fixed income ETFs come from? How will technology, tokenisation and evolving investor preferences reshape the ETF ecosystem and the way investment exposures are delivered? Listen now to this ICMA Podcast, where Anita Karppi, Senior Director Buy-side at ICMA, discusses current trends and the future of ETFs with John Taylor, Head of EMEA ETF Capital Markets, J.P. Morgan Asset Management; Alexandre Roubaud, Head of EMEA ETF Markets, BlackRock, and Sander Van Nugteren, Senior ETF Capital Markets Specialist, BNP Paribas Asset Management.

Alexander Westphal, Senior Director, Market Practice and Regulatory Policy, ICMA explains the latest industry guidance on the new Gating Event and its role in supporting an efficient and orderly transition to T+1 settlement in the EU. Read the full 2026 Q3 Quarterly Report here.

Sabah Anjum, Associate, Market Practice and Regulatory Policy, ICMA and Natalie Westerbarkey, Managing Director and Co-Head, Market Practice and Regulatory Policy, ICMA, explores the future of securitisation, examining how regulatory reform, market innovation and industry collaboration can support sustainable market growth. Read the full 2026 Q3 Quarterly Report here.

Alex Tsang, Director, Asia Pacific, ICMA, explores China's integration into the global fixed income market, examining the policy reforms, repo market developments and infrastructure needed to support greater international participation. Read the full 2026 Q3 Quarterly Report here.

Anita Karppi, Senior Director and Head of Buy-side, ICMA, highlights the key themes shaping ICMA's buy-side agenda, from artificial intelligence and ETFs to market structure, regulation and the evolving role of institutional investors. Read the full 2026 Q3 Quarterly Report here.

Thorsten Guthke, Director, Market Practice and Regulatory Policy, ICMA, discusses how 28th regimes could help overcome regulatory fragmentation and support greater integration across Europe's capital markets. Read the full 2026 Q3 Quarterly Report here.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, ICMA, discusses the joint industry response to the FCA and PRA consultations on reforming the UK's securitisation framework and the opportunity to enhance the market's competitiveness and international appeal. Read the full 2026 Q3 Quarterly Report here.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, discusses ICMA's response to the US Securities and Exchange Commission's proposed amendments to Rule 15c2-11 and the importance of ensuring the changes support the effective functioning of international fixed income markets. Read the full 2026 Q3 Quarterly Report here.

Andy Hill, Managing Director and Co-Head, Market Practice and Regulatory Policy, discusses ICMA's work to improve the quality and reliability of bond axe information, supporting greater transparency and efficiency in electronic fixed income trading. Read the full 2026 Q3 Quarterly Report here.