Bid-asks to gap out under buy-in rules, ICMA warns

By Jasper Cox
28 Nov 2019

The mandatory buy-in regime under the EU’s regulation for central securities depositories (CSDR) is expected to cause bid-ask spreads across bond markets to widen significantly, according to a warning from the International Capital Markets Association. The lobby group would like the rules changed.

The regime is set to come into force next September, although it is thought it will be extended to November because of an issue relating to cash penalties.

ICMA surveyed 44 firms, split across the buy side, the sell side, and repo and securities lending. In total, 84% ...

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