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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.

Chair

Director General Market Operations of the ECB

Members and composition

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 October.
To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.

Members in 2021

Observers

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

Meetings

2021

1 December
15 September
2 June
3 March

2020

14 December: Agenda
Summary
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
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
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
26 May: Summary
6 May: Summary
21 April: Summary
Market Update – Muzinich
30 March: Summary
18 March: Summary
9 March: Summary
6 March: Summary
4 March: Agenda
Summary
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

20 November: Agenda
Summary
List of participants
Item 1: Bond Market Outlook – Union Investment Item 2a: Market and survey-based inflation expectations – EFAMA
Item 2b: Market and survey-based inflation expectations – ECB
Item 3a: Algorithmic trading in bond markets – Citi
Item 3b: Algorithmic trading in bond markets – Morgan Stanley
12 June: Agenda
Summary
List of participants
Item 1: Bond Market Outlook – Mediobanca Item 2a: Update on Sustainable and Responsible Investing – Muzinich Item 2b: Update on Sustainable and Responsible Investing – Allianz Item 3a: €STR next steps – ECB Item 3b: Bond market implications of IBOR reform – Blackrock & Commerzbank Item 4: Closing remarks - ECB
12 February: Agenda
Summary
List of participants
Item 1: Bond Market Outlook – EFAMA
Item 2a: Euro area DMO issuance dynamics
Item 2b: Update on the Primary Dealership Model - BNPP
Item 3a: Liquidity in the euro area bond markets and the market impact of the end of net purchases of the APP - DWS
Item 3b: Liquidity in the euro area bond markets and the market impact of the end of net purchases of the APP – Tradeweb

2018

9 October: Agenda
Summary
List of participants
Item 1: Bond Market Outlook – BNP Paribas
Item 2a: Electronic trading in bond markets & MiFiD2 – Goldman Sachs
Item 2b: Electronic trading in bond markets & MiFiD2 – Tradeweb
Item 3a: Update on the impact of Brexit – ICMA
Item 3b: Update on the impact of Brexit – Nomura
26 June: Agenda
Summary
List of participants
Item 1: Welcome Remarks – ECB
Item 2: Bond Market Outlook – HSBC
Item 3: The global QE unwind – Blackrock & Commerzbank
Item 4a: Hidden risks to bond markets – Allianz
Item 4b: Hidden risks to bond markets – Citi
6 February: Agenda
Summary
List of participants
Item 1: Bond Market Outlook for the year ahead - Wellington
Item 2a: Stock-taking on the first weeks under MiFID 2 and MiFIR - Morgan Stanley
Item 2b: Stock-taking on the first weeks under MiFID 2 and MiFIR - Tradeweb
Item 2c: Stock-taking on the first weeks under MiFID 2 and MiFIR - Union Investment
Item 3: Update on the green and social bond market – ICMA
Item 4a: Benchmark Reform – Barclays
Item 4b: Benchmark Reform – AFME

2017

10 October: Agenda
Summary
List of participants
Item 1 - Bond Market Outlook - EFAMA
Item 2a - MiFID 2 and MiFiR - Barclays
Item 2b - MifidII MiFiR - DAM
Item 2c - MiFiD2 Research rules and implementation - Commerzbank
Item 3a - Sovereign risk concentration - Nomura
Item 3b - Primary Dealers - HSBC
16 May: Agenda
Summary
Presentation item 2 – Secondary market and impact of repo liquidity
Presentation item 3 a – An overview of FinTech
Presentation item 3 b – Update on Trends on E-Trading Venues
Presentation item 4 – Bond market outlook
7 February: Agenda
Summary
Presentation item 1 – GDP linked bonds and sovereign bond-backed securities
Presentation item 2 – Impact of the ECB asset purchase programme
Presentation item 3.1 – Yield curve targeting-part I
Presentation item 3.2. – Yield curve targeting-part II
Presentation item 4. – Bond market outlook

2016

12 October: Agenda
Summary
Presentation item 1.1
Presentation item 1.2
Presentation item 1.3
Presentation item 2.1
Presentation item 2.2
Presentation item 3.1
Presentation item 3.2
Presentation item 4
27 June: Summary
21 June: Agenda
Summary
Presentation item 1 – Bond market outlook
Presentation item 2.1 – Risk markets into the UK referendum on EU membership
Presentation item 2.2 – Further aspects from the UK referendum
Presentation item 3.1 – How does Solvency II work
Presentation item 3.2. – Solvency II impact on European bond markets
Presentation item 4.1. – Impact of the recent regulation on repo for insurance companies
Presentation item 4.2 – Update on capital and liquidity requirements
Presentation item 4.3 – Towards an FX single code
7 April: Agenda
Summary
Presentation item 1 – Bond market outlook and other topics of relevance
Presentation item 2.1 - Impact of low or negative interest rate environment – dealer perspective
Presentation item 2.2 – Impact of low or negative interest rate environment – insurance company perspective
Presentation item 3 - Bank business models and the role of Principal Trading Firms (PTFs) in liquidity provision and intermediation
Presentation item 4 – Money market benchmarks and on the on-going reform process
19 January: Agenda
Summary
Presentation item 1.a – Automated trading strategies – dealer perspective
Presentation item 1.b - Automated trading strategies – buy-side perspective
Presentation item 1.c – ICMA ETP mapping study
Presentation item 2 - Bond market outlook, issuance and other topics
Presentation item 3.a – Transmission of the ECB’s expanded asset purchase programme
Presentation item 3.b – Recent developments in market-based indicators of inflation expectations

2015

13 October: Agenda
Summary
Presentation item 1 - Bond market outlook and other topics of relevance
Presentation Item 2.1.a - Impact of MiFID II from a dealer perspective
Presentation Item 2.1.b - Impact of MiFID II from an investor perspective
Presentation Item 2.2 - Impact of new regulations related to derivative products
Presentation Item 2.3 - Implications of the new capital regulations (including the TLAC and MREL rules)
Presentation Item 3 - Self-regulated best practices
30 June: Agenda
Summary
Presentation Item 1 - Bond market outlook
Presentation Item 2 - Implications of the end of tapering by the Federal Reserve
Presentation Item 3.1 – Long term implications of the APP – dealer perspective
Presentation Item 3.2 – Long term implications of PSPP – investor perspective
Presentation Item 3.3 – Long term implications of ABSPP and CBPP3 – investor perspective
29 June (teleconference): Summary
21 April: Agenda
Summary
Presentation Item 1
Presentation Item 2
Presentation Item 3.1 – liquidity in bond and credit markets – dealer perspective
Presentation Item 3.2 – liquidity in bond and credit markets – investor perspective
Presentation item 4 – Presentation of the EFC Sub-Committee on EU Sovereign Debt Markets (ESDM
16 March (teleconference): Summary
27 January: Agenda
Summary
Item 1 - Bond market outlook
Item 2.1 - Analysis of October 2014 risk-off episode from a HF perspective
Item 2.2 - Events of October 2014 from a dealer perspective
Item 3.1 - Impact of ABSPP and CBPP3 and potential LSAPs
Item 3.2 - Impact of ABSPP and CBPP3 January 2015 from an investor perspective
Item 4 - Best practice framework for euro area government bond markets

2014

21 October: Agenda
Summary

Item 1 - Bond market outlook
Item 2.1 - Collateral issues of relevance for the functioning of bond markets - bank perspective
Item 2.2 - Collateral issues of relevance for the functioning of the bond markets - investor perspective
Item 2.3 - Recent Developments to the Collateral Framework
Item 3 - Systemic risk
Item 4.1 - Best practice framework – US fixed income markets
Item 4.2 - Best Practice framework - EGB Market
1 July: Agenda
Summary

Item 1 - Bond Market Outlook
Item 2 part I- Some considerations on market making and trading
Item 2 part II - Addressing the Liquidity Challenge
Item 3 - Demand for sovereign bonds: The importance of diversity
Item 4 - SSM Comprehensive Assessment - Key issues from a market perspective
8 April: Agenda
Summary

Item 1 - bond market outlook and other topics of relevance
Item 2 - Central banks' asset purchase programmes
Item 3 part I - Role of trading and liquidity in bond markets
Item 3 part II - Role of trading and liquidity in bond markets
Item 4 part I - SME funding initiatives - New European Comission initiatives for SME funding in Europe.pdf
Item 4 part II - SME funding initiatives - the market association perspective
Item 4 part III - SME funding initiatives - the issuer perspective.pdf
21 January: Agenda
Summary

Item 1 - Bond market outlook and main developments
Item 2a - Sovereign funding challenges for 2014 and private sector issuance
Item 2b - Bond demand outlook from investor side
Item 3 - Review of latest developments of electronic trading in bond markets
Item 4 - Risk metrics

2013

8 October: Agenda
Summary

Presentation item 1 Presentation item 2 Presentation item 3 Presentation item 4
9 July: Agenda
Summary

Item 1 - Review of recent bond market developments
Item 2 - Bond market liquidity
Item 3 - Euro area financial integration
Item 4a - The main elements of BRRD
Item 4b - Too big to fail
Item 5 - Impact on regulatory developments from an insurance company point of view
9 April: Agenda
Summary

Item 1 - Review of recent bond market developments
Item 2 - Market Access for Sovereigns
Item 3 - Market Functioning Issues
Item 4 - Putting scarcity scares into perspective
Item 5a - The Impact on Bond Markets – Buy Side Perspectives
Item 5b - The impact of legislation on the bond markets; MIFID II and the Basel Securitisation Framework
Item 6 - Financial transaction tax
22 January: Agenda
Summary

Item 2 - Review of bond market developments
Item 3 (i) - Global outlook for public sector and private sector bond issuance
Item 3 (ii) - Global outlook for public sector and private sector bond issuance from investor perspective
Item 3 (iii) - Developments in eligible and used collateral
Item 4 - Regulatory changes and other structural issues