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 2024Observers
Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.
- 21 November
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- 19 September
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Agenda
Summary
List of participantsItem 1 - Market outlook - Generali asset Management
Item 2A - Artificial Intelligence - AXA
Item 2B - Artificial Intelligence - ECB
Item 3 - ETFs - Union Investment - 26 June
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Agenda
Summary
List of participantsItem 1 - Market outlook - EIB
Item 2 - Hedge Funds in EGB market - HSBC
Annex - Item 2 - BMCG Hedge Fund survey results - 12 March
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Agenda
Summary
List of participantsItem 1A - Market outlook - Citi
Item 1B - CRE market update - GIC
Item 2 - Primary market absorption - ESM
Item 3 - Private debt market - Muzinich
- 28 November
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Agenda
Summary
List of participantsItem 1 - Market Outlook - Nomura
Item 2 - Market Absorption - BNP
Item 3 - Trends in the SSA market - Blackrock - 19 September
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Agenda
Summary
List of participants
Item 1 - Market Outlook - AXAItem 2 - Monetary policy normalisation and quantitative tightening around the globe - T.Rowe Price
Item 3 - Deep dive into inflation linked products - HSBC - 1 June
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Agenda
Summary
List of participants
Item 1 - Market Outlook - PGIM
Item 2 - Market Vulnerabilities - Amundi
Item 3 Bank Funding - ICMA
- 18 April
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Market Update
- 14 February
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Agenda
Summary
List of participants
Item 1 - Market Outlook - ESM
Item 2 - Monetary Policy Normalisation - Commerzbank
Item 3 - Update on algo trading - Citigroup
- 10 November
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Agenda
Summary
List of participants
Item 1 - ECB Market Outlook - BNP
Item 2 - Monetary Policy Normalisation - J.P. Morgan
Item 3 - ESG Developments - ICMA
Item 4 - MiFIR Review - AFME
- 29 September
- 13 September
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Agenda
Summary
List of participants
Item 1 - Repo activities of the German Finance Agency
Item 2 - Market Review - Morgan Stanley - 23 June
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Agenda
Summary
List of participants
Item 1 - Market Review - Nomura
Item 2 (a) - Primary Markets - European Commission
Item 2 (b) - Market Review - Muzinich
Item 3 - Monetary Policy Normalisation - AXA - 17 March
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Agenda
Summary
List of participants
Item 1 (a) - Market Review - Bank of America
Item 1 (b) - Market Review - Commerzbank
Item 2 - EU Bonds - Citi - 24 February
- 2 December
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Agenda
Summary
List of participants
Item 1 - Market Outlook - ESM
Item 2 - Bond Market Liquidity - Morgan Stanley
Item 3 - Assessing Market-Based Inflation Expectations - AXA Investment Managers
Item 4 - ECB Presentation on SMA - 15 September
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Agenda
Summary
List of participants
Welcome remarks Isabel SchnabelItem 1 - Market Outlook - Commerzbank
Item 2 - Developments in the ESG and Sustainablility-Linked Bond Market - Union Investment
Item 3 - Bond ETF growth - Tradeweb - 27 May
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Agenda
Summary
List of participants
Item 1 - Bond Market Outlook - Mediobanca
Item 2 - Repo market and securities lending - Goldman Sachs
Item 3 - Role of non bank market makers - Blackrock - 3 March
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Agenda
Summary
List of participants
Item 1 - Market review - Amundi
Item 2 - Central bank tools to address market dysfunction in light of the 2020 “dash for cash” - Union Investment
Item 3 - Outlook of fiscal policies and their impact on the euro area bond markets, changes in issuance patterns and strategy of DMOs - Citi
- 14 December
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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
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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
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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
- 21 April
- 30 March
- 18 March
- 9 March
- 6 March
- 4 March
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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
- 20 November
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AgendaSummaryList of participantsItem 1: Bond Market Outlook – Union InvestmentItem 2a: Market and survey-based inflation expectations – EFAMAItem 2b: Market and survey-based inflation expectations – ECBItem 3a: Algorithmic trading in bond markets – CitiItem 3b: Algorithmic trading in bond markets – Morgan Stanley
- 12 June
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AgendaSummaryList of participantsItem 1: Bond Market Outlook – MediobancaItem 2a: Update on Sustainable and Responsible Investing – MuzinichItem 2b: Update on Sustainable and Responsible Investing – AllianzItem 3a: €STR next steps – ECBItem 3b: Bond market implications of IBOR reform – Blackrock & CommerzbankItem 4: Closing remarks - ECB
- 12 February
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AgendaSummaryList of participantsItem 1: Bond Market Outlook – EFAMAItem 2a: Euro area DMO issuance dynamicsItem 2b: Update on the Primary Dealership Model - BNPPItem 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
- 9 October
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AgendaSummaryList of participantsItem 1: Bond Market Outlook – BNP ParibasItem 2a: Electronic trading in bond markets & MiFiD2 – Goldman SachsItem 2b: Electronic trading in bond markets & MiFiD2 – TradewebItem 3a: Update on the impact of Brexit – ICMAItem 3b: Update on the impact of Brexit – Nomura
- 26 June
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AgendaSummaryList of participantsItem 1: Welcome Remarks – ECBItem 2: Bond Market Outlook – HSBCItem 3: The global QE unwind – Blackrock & CommerzbankItem 4a: Hidden risks to bond markets – AllianzItem 4b: Hidden risks to bond markets – Citi
- 6 February
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AgendaSummaryList of participantsItem 1: Bond Market Outlook for the year ahead - Wellington Item 2a: Stock-taking on the first weeks under MiFID 2 and MiFIR - Morgan StanleyItem 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 InvestmentItem 3: Update on the green and social bond market – ICMA Item 4a: Benchmark Reform – Barclays Item 4b: Benchmark Reform – AFME
- 10 October
- AgendaSummaryList of participantsItem 1 - Bond Market Outlook - EFAMAItem 2a - MiFID 2 and MiFiR - BarclaysItem 2b - MifidII MiFiR - DAMItem 2c - MiFiD2 Research rules and implementation - CommerzbankItem 3a - Sovereign risk concentration - NomuraItem 3b - Primary Dealers - HSBC
- 16 May
- AgendaSummaryPresentation item 2 – Secondary market and impact of repo liquidityPresentation item 3 a – An overview of FinTechPresentation item 3 b – Update on Trends on E-Trading VenuesPresentation item 4 – Bond market outlook
- 7 February
- AgendaSummaryPresentation item 1 – GDP linked bonds and sovereign bond-backed securitiesPresentation item 2 – Impact of the ECB asset purchase programmePresentation item 3.1 – Yield curve targeting-part IPresentation item 3.2. – Yield curve targeting-part IIPresentation item 4. – Bond market outlook
- 12 October
- AgendaSummaryPresentation item 1.1Presentation item 1.2Presentation item 1.3Presentation item 2.1Presentation item 2.2Presentation item 3.1Presentation item 3.2Presentation item 4
- 27 June
- Summary
- 21 June
- AgendaSummaryPresentation item 1 – Bond market outlookPresentation item 2.1 – Risk markets into the UK referendum on EU membershipPresentation item 2.2 – Further aspects from the UK referendumPresentation item 3.1 – How does Solvency II workPresentation item 3.2. – Solvency II impact on European bond marketsPresentation item 4.1. – Impact of the recent regulation on repo for insurance companiesPresentation item 4.2 – Update on capital and liquidity requirementsPresentation item 4.3 – Towards an FX single code
- 7 April
- AgendaSummaryPresentation item 1 – Bond market outlook and other topics of relevancePresentation item 2.1 - Impact of low or negative interest rate environment – dealer perspectivePresentation item 2.2 – Impact of low or negative interest rate environment – insurance company perspectivePresentation item 3 - Bank business models and the role of Principal Trading Firms (PTFs) in liquidity provision and intermediationPresentation item 4 – Money market benchmarks and on the on-going reform process
- 19 January
- AgendaSummaryPresentation item 1.a – Automated trading strategies – dealer perspectivePresentation item 1.b - Automated trading strategies – buy-side perspectivePresentation item 1.c – ICMA ETP mapping studyPresentation item 2 - Bond market outlook, issuance and other topicsPresentation item 3.a – Transmission of the ECB’s expanded asset purchase programmePresentation item 3.b – Recent developments in market-based indicators of inflation expectations
- 13 October
- AgendaSummaryPresentation item 1 - Bond market outlook and other topics of relevancePresentation Item 2.1.a - Impact of MiFID II from a dealer perspectivePresentation Item 2.1.b - Impact of MiFID II from an investor perspectivePresentation Item 2.2 - Impact of new regulations related to derivative productsPresentation Item 2.3 - Implications of the new capital regulations (including the TLAC and MREL rules)Presentation Item 3 - Self-regulated best practices
- 30 June
- AgendaSummaryPresentation Item 1 - Bond market outlookPresentation Item 2 - Implications of the end of tapering by the Federal ReservePresentation Item 3.1 – Long term implications of the APP – dealer perspectivePresentation Item 3.2 – Long term implications of PSPP – investor perspectivePresentation Item 3.3 – Long term implications of ABSPP and CBPP3 – investor perspective
- 29 June (teleconference)
- Summary
- 21 April
- AgendaSummaryPresentation Item 1Presentation Item 2Presentation Item 3.1 – liquidity in bond and credit markets – dealer perspectivePresentation Item 3.2 – liquidity in bond and credit markets – investor perspectivePresentation item 4 – Presentation of the EFC Sub-Committee on EU Sovereign Debt Markets (ESDM
- 16 March (teleconference)
- 27 January
- Item 1 - Bond market outlookItem 2.1 - Analysis of October 2014 risk-off episode from a HF perspectiveItem 2.2 - Events of October 2014 from a dealer perspectiveItem 3.1 - Impact of ABSPP and CBPP3 and potential LSAPsItem 3.2 - Impact of ABSPP and CBPP3 January 2015 from an investor perspectiveItem 4 - Best practice framework for euro area government bond markets
- 21 October
- AgendaSummaryItem 1 - Bond market outlookItem 2.1 - Collateral issues of relevance for the functioning of bond markets - bank perspectiveItem 2.2 - Collateral issues of relevance for the functioning of the bond markets - investor perspectiveItem 2.3 - Recent Developments to the Collateral FrameworkItem 3 - Systemic riskItem 4.1 - Best practice framework – US fixed income marketsItem 4.2 - Best Practice framework - EGB Market
- 1 July
- AgendaSummaryItem 1 - Bond Market OutlookItem 2 part I- Some considerations on market making and tradingItem 2 part II - Addressing the Liquidity ChallengeItem 3 - Demand for sovereign bonds: The importance of diversityItem 4 - SSM Comprehensive Assessment - Key issues from a market perspective
- 8 April
- AgendaSummaryItem 1 - bond market outlook and other topics of relevanceItem 2 - Central banks' asset purchase programmesItem 3 part I - Role of trading and liquidity in bond marketsItem 3 part II - Role of trading and liquidity in bond marketsItem 4 part I - SME funding initiatives - New European Comission initiatives for SME funding in Europe.pdfItem 4 part II - SME funding initiatives - the market association perspectiveItem 4 part III - SME funding initiatives - the issuer perspective.pdf
- 21 January
- AgendaSummaryItem 1 - Bond market outlook and main developmentsItem 2a - Sovereign funding challenges for 2014 and private sector issuanceItem 2b - Bond demand outlook from investor sideItem 3 - Review of latest developments of electronic trading in bond marketsItem 4 - Risk metrics
- 8 October
- AgendaSummaryPresentation item 1Presentation item 2Presentation item 3Presentation item 4
- 9 July
- AgendaSummaryItem 1 - Review of recent bond market developmentsItem 2 - Bond market liquidityItem 3 - Euro area financial integrationItem 4a - The main elements of BRRDItem 4b - Too big to failItem 5 - Impact on regulatory developments from an insurance company point of view
- 9 April
- AgendaSummaryItem 1 - Review of recent bond market developmentsItem 2 - Market Access for SovereignsItem 3 - Market Functioning IssuesItem 4 - Putting scarcity scares into perspectiveItem 5a - The Impact on Bond Markets – Buy Side PerspectivesItem 5b - The impact of legislation on the bond markets; MIFID II and the Basel Securitisation FrameworkItem 6 - Financial transaction tax
- 22 January
- AgendaSummaryItem 2 - Review of bond market developmentsItem 3 (i) - Global outlook for public sector and private sector bond issuanceItem 3 (ii) - Global outlook for public sector and private sector bond issuance from investor perspectiveItem 3 (iii) - Developments in eligible and used collateralItem 4 - Regulatory changes and other structural issues