[on-hold music] Capital Market Insights from ICMA.

Global Markets: Shared Priorities by Brian Pascoe, Chief Executive of ICMA.

Reflecting on our recent AGM and annual conference held in London at the end of May, it is very encouraging and pleasing to see the exceptional convening power ICMA has across the full fixed income landscape.

With well over one thousand three hundred people in attendance over the two days, this was by some way our largest turnout.

Fully aligned with our deliverables on a day-to-day basis, market resilience against the backdrop of structural change was the core underlying feature of discussions throughout the conference.

Sessions highlighted the critical importance of maintaining robust market infrastructure as market participants prepare for shorter settlement cycles, changing liquidity dynamics, and increasing demands on collateral and funding markets.

The role of repo, the mainstreaming and interconnectedness of private credit with wholesale markets, market transparency, and effective regulatory frameworks all featured prominently, reflecting our collective continued commitment to ensuring that markets remain efficient, stable, and capable of supporting economic growth during periods of uncertainty.