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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 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
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
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

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