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Bond Market Contact Group (BMCG)

The BMCG serves as a forum for discussing issues related to the euro area bond market. This includes short-term market developments as well as structural and regulatory trends and the functioning of the euro area bond market in general.

Members and composition

The chair is the Director General Market Operations of the ECB.

The composition of the group is reviewed at the end of the calendar year. Institutions are welcome to express their interest in joining the BMCG by submitting an application form and relevant documentation to the BMCG secretariat at the latest by end November. To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.

Members in 2024

Observers

Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.

2024
21 November


19 September


26 June


12 March

Agenda

2023
2022
2021
2020
14 December

Agenda
Summary
List of participants


Item 1: Bond Market Outlook - BNP
Item 2: First experience on the impact of EU issuance on euro area bond markets – Commerzbank
Item 3: Outlook for 2021 – Nomura

23 September

Agenda
Summary
List of participants


Item 1: Bond Market Outlook - Mediobanca
Item 2a: “New Normal” after Covid-19 – lessons learnt from the impact of the pandemic on the financial markets – Morgan Stanley
Item 2b: New Normal” after Covid-19 – lessons learnt from the impact of the pandemic on the financial markets – Allianz
Item 3a: Primary euro area bond markets and the impact of the upcoming EU issuance on national issuance and the development of a safe asset for the euro area – Blackrock
Item 3b: Primary euro area bond markets and the impact of the upcoming EU issuance on national issuance and the development of a safe asset for the euro area – ESM

25 June

Agenda
Summary
List of participants


Item 1: The ECB’s policy response to the COVID-19 crisis – ECB
Item 2: Bond Market Outlook – Citigroup
Item 3a: Real money investor strategies in a low-yield environment – NBIM
Item 3b: Real money investor strategies in a low-yield environment – DWS
Item 4: CSDR mandatory buy-in in non-cleared bond and repo markets – ICMA & Goldman Sachs

6 May

Summary
List of participants

21 April

Summary
List of participants
Market Update – Muzinich

30 March

Summary
List of participants

18 March

Summary
List of participants

9 March

Summary
List of participants

6 March

Summary
List of participants

4 March

Agenda
Summary
List of participants


Item 1: Bond Market Outlook – MTS
Item 2a: A review of central banks’ strategies – Nomura
Item 2b: A review of central banks’ strategies – Commerzbank
Item 3: Update on the Corporate Bond Market – Union Investment

2019
2018
2017
2016
12 October
AgendaSummaryPresentation item 1.1Presentation item 1.2Presentation item 1.3Presentation item 2.1Presentation item 2.2Presentation item 3.1Presentation item 3.2Presentation item 4
27 June
Summary
21 June
AgendaSummaryPresentation item 1 – Bond market outlookPresentation item 2.1 – Risk markets into the UK referendum on EU membershipPresentation item 2.2 – Further aspects from the UK referendumPresentation item 3.1 – How does Solvency II workPresentation item 3.2. – Solvency II impact on European bond marketsPresentation item 4.1. – Impact of the recent regulation on repo for insurance companiesPresentation item 4.2 – Update on capital and liquidity requirementsPresentation item 4.3 – Towards an FX single code
7 April
AgendaSummaryPresentation item 1 – Bond market outlook and other topics of relevancePresentation item 2.1 - Impact of low or negative interest rate environment – dealer perspectivePresentation item 2.2 – Impact of low or negative interest rate environment – insurance company perspectivePresentation item 3 - Bank business models and the role of Principal Trading Firms (PTFs) in liquidity provision and intermediationPresentation item 4 – Money market benchmarks and on the on-going reform process
19 January
AgendaSummaryPresentation item 1.a – Automated trading strategies – dealer perspectivePresentation item 1.b - Automated trading strategies – buy-side perspectivePresentation item 1.c – ICMA ETP mapping studyPresentation item 2 - Bond market outlook, issuance and other topicsPresentation item 3.a – Transmission of the ECB’s expanded asset purchase programmePresentation item 3.b – Recent developments in market-based indicators of inflation expectations
2015
13 October
AgendaSummaryPresentation item 1 - Bond market outlook and other topics of relevancePresentation Item 2.1.a - Impact of MiFID II from a dealer perspectivePresentation Item 2.1.b - Impact of MiFID II from an investor perspectivePresentation Item 2.2 - Impact of new regulations related to derivative productsPresentation Item 2.3 - Implications of the new capital regulations (including the TLAC and MREL rules)Presentation Item 3 - Self-regulated best practices
30 June
AgendaSummaryPresentation Item 1 - Bond market outlookPresentation Item 2 - Implications of the end of tapering by the Federal ReservePresentation Item 3.1 – Long term implications of the APP – dealer perspectivePresentation Item 3.2 – Long term implications of PSPP – investor perspectivePresentation Item 3.3 – Long term implications of ABSPP and CBPP3 – investor perspective
29 June (teleconference)
Summary
21 April
AgendaSummaryPresentation Item 1Presentation Item 2Presentation Item 3.1 – liquidity in bond and credit markets – dealer perspectivePresentation Item 3.2 – liquidity in bond and credit markets – investor perspectivePresentation item 4 – Presentation of the EFC Sub-Committee on EU Sovereign Debt Markets (ESDM
16 March (teleconference)

Summary

27 January

AgendaSummary

Item 1 - Bond market outlookItem 2.1 - Analysis of October 2014 risk-off episode from a HF perspectiveItem 2.2 - Events of October 2014 from a dealer perspectiveItem 3.1 - Impact of ABSPP and CBPP3 and potential LSAPsItem 3.2 - Impact of ABSPP and CBPP3 January 2015 from an investor perspectiveItem 4 - Best practice framework for euro area government bond markets
2014
21 October
AgendaSummaryItem 1 - Bond market outlookItem 2.1 - Collateral issues of relevance for the functioning of bond markets - bank perspectiveItem 2.2 - Collateral issues of relevance for the functioning of the bond markets - investor perspectiveItem 2.3 - Recent Developments to the Collateral FrameworkItem 3 - Systemic riskItem 4.1 - Best practice framework – US fixed income marketsItem 4.2 - Best Practice framework - EGB Market
1 July
AgendaSummaryItem 1 - Bond Market OutlookItem 2 part I- Some considerations on market making and tradingItem 2 part II - Addressing the Liquidity ChallengeItem 3 - Demand for sovereign bonds: The importance of diversityItem 4 - SSM Comprehensive Assessment - Key issues from a market perspective
8 April
AgendaSummaryItem 1 - bond market outlook and other topics of relevanceItem 2 - Central banks' asset purchase programmesItem 3 part I - Role of trading and liquidity in bond marketsItem 3 part II - Role of trading and liquidity in bond marketsItem 4 part I - SME funding initiatives - New European Comission initiatives for SME funding in Europe.pdfItem 4 part II - SME funding initiatives - the market association perspectiveItem 4 part III - SME funding initiatives - the issuer perspective.pdf
21 January
AgendaSummaryItem 1 - Bond market outlook and main developmentsItem 2a - Sovereign funding challenges for 2014 and private sector issuanceItem 2b - Bond demand outlook from investor sideItem 3 - Review of latest developments of electronic trading in bond marketsItem 4 - Risk metrics
2013

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