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Divisions and committees
Credit
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Credit
The Credit division monitors developments in policy and market structure that might affect the corporate bond and loan markets.
Overview
The division develops market policy and best practice on issues related to corporate bond price transparency and valuation and over-the-counter derivatives in cooperation with the International Swaps and Derivatives Association (ISDA).
Credit division priorities
EC MIFID II finalisation – continue to provide active technical input into the MiFID process.
Produce educational and technical documents to help draw attention to the issues surround European credit markets.
Participate in industry leading events, including AFME's Market Liquidity. conference, which focus on credit issues for AFME credit trading businesses.
To monitor developments in other regulations which could impact credit trading, including short selling and others.
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Key Documents
AFME Responses
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AFME Responses
6 March 2024
AFME/IA Joint Proposal for FCA: Revised UK Post-trade Transparency Model for Bonds
View Online
November, 2017
AFME welcomes a report by Expert Group on European Corporate Bonds Markets
View Online
October, 2017
AFME welcomes SEC and EC announcement on MiFID II inducement research
View Online
April, 2017
DP response – Transparency and Liquidity: Trade transparency and well-functioning market for mortgage-credit bonds
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Capital Markets Union (CMU)
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Capital Markets Union (CMU)
November 2023
CMU: Capital Markets Union – Key Performance Indicators Sixth Edition
AFME report
View Online
November 2022
CMU: Capital Markets Union – Key Performance Indicators Fifth Edition
AFME report
View Online
October 2021
CMU: Capital Markets Union – Key Performance Indicators Fourth Edition
AFME report
View Online
28 October 2020
CMU: Capital Markets Union – Key Performance Indicators Third Edition
AFME Report
View Online
16 October 2019
CMU: Capital Markets Union – Key Performance Indicators Second Edition
AFME report
View Online
December 2017
European Commission – Following up from the Call for Evidence – EU regulatory framework for financial services
Regulatory release
View Online
20 November 2017
European Commission FAQ on corporate bonds
Regulatory release
View Online
21 March 2016
How Europe’s capital markets interconnect
AFME Infographic
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Useful resources
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Useful resources
25 Apr 2023
Liquidity Provision & Risk Management – Corporate Bond Markets
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08 Nov 2022
Comparing CB, ABS and Corporate Bond Liquidity
View Online
April, 2018
Recommendations to improve regulatory reporting and transparency in corporate bond markets
IOSCO
View Online
November, 2017
Improving European Corporate Bonds Market (findings and recommendations)
European Commission
View Online
June, 2016
Fixed Income Reference Price Transactions Standard (FICC Markets)
FMSB
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MiFID II
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MiFID II
September, 2017
AFME Report: MiFID II/ MiFIR post-trade reporting requirements
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May, 2013
AFME Report: MiFID II and fixed income transparency
View Online
April, 2017
Industry documents: MiFID II Fixed Income and Currencies (FIC) Trading Venues Questionnaire
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June, 2017
Regulatory releases: Finanstilsynet: Trade transparency and possible waivers and deferrals for non-equity instruments
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Market Liquidity - Regulatory Studies
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Market Liquidity - Regulatory Studies
2018
ESMA working Paper – Liquidity in fixed income markets – risk indicators and EU evidence (2018)
View Online
2017
FCA insight – New evidence on liquidity in the UK corporate bond market
View Online
2017
European Commission – Analysis of European Corporate Bond Markets
View Online
2017
European Commission: Drivers of Corporate Bond and Market Liquidity in the EU
View Online
2016
FCA – Liquidity in the UK corporate bond market: evidence from trade data, Occasional Paper
View Online
Market Liquidity - Market Studies
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Market Liquidity - Market Studies
2017
IOSCO – Examination of Liquidity of the Secondary Corporate Bond Markets, final report
View Online
2016
ESRB – Market liquidity and Market Making
View Online
2016
CFA Institute – Secondary Corporate Bond Market Liquidity Survey Report
View Online
Contacts
Victoria Webster
Managing Director, Fixed Income
[email protected]
+44 (0)20 3828 2689
Rupert Warmington
Senior Fixed Income Advisor, Capital Markets
[email protected]
+44 (0)20 3828 2701
Anastasios Charalampous
Associate, Fixed Income
[email protected]
+44 (0) 7584 583 122
Press Releases
Publications
Consultation Responses
Briefing Notes
Press Releases
Publications
Consultation Responses
Briefing Notes
See all press releases
Press Releases
Buy and sell side unite on joint AFME/IA proposals for a future UK post-trade transparency model for corporate and sovereign bonds
13 Mar 2024
Press Releases
AFME welcomes FCA’s Final Report on Wholesale Data Market Study
29 Feb 2024
Press Releases
UK bonds consolidated tape is a major milestone for the UK - AFME responds to FCA consultation
15 Sep 2023
See all publications
Publications
Initial Impact of COVID-19 on European Capital Markets
21 Apr 2020
Publications
Artificial Intelligence and Machine Learning in Capital Markets: Considerations for a Broad Framework for Transparency
18 Sep 2019
Publications
Introduction to CSDR Settlement Discipline
16 Sep 2019
See all consultation responses
Consultation Responses
AFME-ISDA’s response to the Commission’s proposal on low carbon and positive carbon impact benchmarks
22 Aug 2018
Consultation Responses
GFMA Response to IOSCO consultation on Regulatory Reporting and Public Transparency in the Secondary Corporate Bond Markets
16 Oct 2017
Consultation Responses
Proposal for adaptation of transparency rules under MiFID II/MiFIR
4 May 2017
See all briefing notes
Briefing Notes
AFME briefing note: MiFID2 and fixed income transparency
30 Jul 2013
Briefing Notes
AFME briefing note - MIFID2 and fixed income transparency
1 May 2013
Briefing Notes
AFME position paper on MiFID/R key council proposals
1 Apr 2013