The Foreword to the ICMA Quarterly Report for the Third Quarter of 2026 is by Bryan Pascoe, Chief Executive of ICMA. There are thought leadership features on: Making Treasury clearing work: the importance of cross-product netting and existing legal frameworks; China's integration into the global fixed income market: policy reforms, market dynamics, and the future of market liquidity; One language, multiple rails: a common standard for digital and traditional assets; Agents, not assistants: agentic AI in capital markets; Covered bonds and SSAs: symbiosis and resilience; and the benefits of 28th Regimes for enhanced unity and more common strength in a challenging phase of EU integration.
The Quarterly Report also includes international capital market practice and regulatory policy updates on primary markets, secondary markets, repo and collateral markets, buy-side, sustainable finance, and FinTech and digitalisation.
