ICMA Quarterly Briefing, Q4 2025: Demystifying repo haircuts

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.

Andy Hill, Co-Head of Market Practice and Regulatory Policy, discusses bond market axe distribution standards.

Simone Bruno, Associate Director, Data Analyst, Market Practice and Regulatory Policy, summarises the recenty released ICMA European Secondary Bond Market Data Report, covering sovereign bonds

Nina Suhaib-Wolf, Director, Market Practice and Regulatory Policy sums up the changes to the non-equity SI regime in the EU and UK, as well as ICMA's response to the FCA consultation