Reported EM Debt Trading for 2023 at US$5.592 Trillion
After US Interest Rates Reach Highest Level in 22 Years, FOMC Pauses Series of Rate Increases; ECB, in 10th Consecutive Hike, Raises Interest Rates to a Record High of 4%
Fitch Downgrades US Credit Rating from AAA to AA+, Citing an “erosion of governance” in the Past 2 Decades and “expected fiscal deterioration” over the Next 3 Years; Moody’s Revises US Credit Outlook Down from Stable to Negative, while Affirming Aaa Rating
S&P Raises Brazil’s Sovereign Debt Rating to BB, Joining Other Credit Agencies
LIBOR Fades into History After 50 Years
MiFID Relief from SEC Expires
Ukraine Summer Counter-Offensive Falters in 2nd Year of War with Russia
Zambia Reaches Milestone Debt Relief Plan with China and Other Creditors, but Plan Falls Apart before Year End, Threatening Broader G20 Common Framework
Spain Wins 2023 Women’s World Cup with 1-Nil Victory Over England
Swift Response by Regulators Averts Potential Global Contagion from Failure of Several Small to Mid-Size US Banks
Former Head of Crypto Firm FTX Convicted of Massive Fraud
Hamas October 7 Attack Triggers Israel Response, with Potential for Broader Middle East Conflict
EMTA Resumes its Hong Kong Forum
US OFAC Proposes Sanctions Relief on Venezuela’s Oil & Gas Sector, If Venezuela Follows Through on Election Reforms
Libertarian Javier Milei Elected President of Argentina
India’s Population Surpasses China’s; Indian Debt Added to Indices
Amidst Political Tensions, China’s Growth Slows as Property Market Continues to Struggle
Erdogan Re-Elected President in Turkey, Surprises Market with Rate Hikes and Orthodox Policies
Argentina Appeals US Court Judgment to Pay $16 Billion for 2012 Expropriation of YPF
2022
Reported EM Debt Trading for 2022 at US$5.419 Trillion
Ghana Agrees IMF Financing Program; Suspends Debt Payments
Messi Leads Argentina to World Cup Win in Qatar
Peru’s President Castillo Removed from Office After Attempting to Dissolve Congress
China’s Covid-19 Policy Relaxed After Meeting with Widespread Domestic Dissent and Weighing on Global Economic Recovery
US Eases Restrictions on Venezuelan Oil Exports
Lula Narrowly Defeats Bolsonaro to Regain Brazil’s Presidency
Crypto Collapse Spares Broader Economy
China’s Communist Party Names Xi Jinping as its General Secretary for Unprecedented Third Term
Queen Elizabeth II Dies; King Charles III Becomes Britain’s New Sovereign and Commonwealth Head
Chile’s Voters Reject Proposed Constitution
Gustavo Petro, Former Leftist Guerilla, Wins Colombia’s Presidency
Weakening Global Demand, Zero-Covid Policy, Contribute to China’s Growth Slowdown; Real Property Crisis Deepens
EMTA Reinstates In-Person Events in London, Frankfurt, Zurich, Dubai, Singapore, Cape Town and Johannesburg
Responding to 40-Year High Inflation, FOMC Adopts Multiple Hikes in US Interest Rates, Strengthening the Dollar and Raising Recession Fears as well as Some EM Debt Default Concerns
Global Covid-19 Concerns Continue to Ease, but Pandemic Leaves Supply-Chain Disruptions in its Wake
EMTA Forum Moderated Live from Kyiv One Week into the Invasion
Russia Invades Ukraine, Causing Global Tensions, Triggering Financial Sanctions, and Eventually Resulting in Debt Defaults, with EMTA Market Recommendations for Russian and Ukraine Debt and FX Markets
2021
Reported EM Debt Trading for 2021 at US $5.138 Trillion
Chile Ends Three Decades of Centrist Rule, Electing Most Leftist President Since Allende
Turkey’s Economy Slides into Turmoil
EMTA FX Contract Amendments for BRL/Other LatAm Transactions Become Effective
COVID-19 Pandemic Eases Somewhat as Vaccines Lead to Widescale Economic Recovery in Developed Markets (EM Generally Lags), but Delta and other Variants Prolong Global COVID Concerns
US Call for Diplomatic Boycott of 2022 Beijing Winter Olympics Joined by UK, Canada, Australia
EMTA Joins LinkedIn
FOMC Signals, then Accelerates, QE Taper Timeline, Future Rate Hikes
Inflation Flares in US to Nearly 40-Year High
China’s Common Prosperity Drive Unsettles Heavily-Leveraged Real Property Sector; Evergrande Defaults, Moves Toward Restructuring
EMTA Hosts Webinars on ESG, Proposed NYS Bond Restructuring Legislation, China/SE Asia, Colombia and East Africa, and Resumes In-Person Events in Boston and NYC after 18-Month Hiatus
LatAm Elections Create Policy Uncertainties Throughout Region
2020
Reported EM Debt Trading for 2020 at US$5.067 Trillion
COVID—19 Pandemic Sweeps Across Globe, Closing Economies and Shaking Markets; Energy and Commodity Prices Plummet; Rapid Development of Vaccines, Launch of Inoculations Creates Optimism Toward End of Year
US FOMC Cuts Interest Rates to Near-Zero, Provides Liquidity, but Eschews Negative Nominal Rates
As Financial Markets are Forced to WFH, EMTA Converts In-Person Events to Zoom Webinars and Unveils New Website
Argentina and Ecuador Quickly Restructure Debt; Various Other EM Countries Default or Request Debt Relief, Requiring Multiple EMTA Market Recommendations
Tokyo Olympic Games Postponed to 2021
China Tightens Control Over Hong Kong
EMTA Issues FX Market Recommendations/Guidance for CNY, KZT and PHP and Coordinates Market Transition for African Currency Rates
China Emphasizes Domestic Growth, Technology Gains, as Foreign Investor Interest in Local Chinese Markets Increases
2019
Reported EM Debt Trading for 2019 Rises to US$5.341 Trillion
Reversing Course, US FOMC Cuts Interest Rates
Saudi ARAMCO Launches Record IPO
EMTA Initiates Forums in South Africa
Market Sell-Off as Alberto Fernandez Elected President of Argentina (Cristina Fernandes de Kirchner as VP)
Regime Change Stalls in Venezuela as US Sanctions Continue
Populist Unrest Across the Globe
US/China Trade Wars, Reduced Growth in China Weigh on Markets
EMTA Replaces ARS Exchange Rate Divergence Mechanism
Emerging Markets Charity, supported by MarketAxess Charity Day, Tops $7MM in Grants to EM Health and Education over 17 Years
PDVSA Defaults on 2020 Bond, Putting Venezuela’s Ownership of CITGO at Risk
2018
Reported EM Debt Trading for 2018 Stays at US$4.9 Trillion
Strong Dollar, FOMC Rate Increases and Trade Tensions Curtail EM Investment Flows
US, Mexico and Canada Sign Pact to Replace NAFTA
France Defeats Croatia as Russia Hosts 2018 World Cup
EMTA Inaugurates Istanbul Forum
North and South Korea Hold Historic Talks
Jair Bolsonaro Elected Brazil’s President; Lopez Obrador Elected President of Mexico
Flat Trading Begins for Venezuela and PDVSA Debt; Bolivar Redenominated
Saudi Arabia Scraps ARAMCO IPO
MIFID II Becomes Effective in EU
China Growth and Turkey/Argentina Concerns Weigh on EM Prospects
US Tightens Iran, Russia and Venezuela Sanctions
2017
Reported EM Debt Trading Volumes for 2017 Taper Off to $4.9 Trillion
Venezuela Prospects for Default Deepen; US Imposes Sanctions; Veny and PDVSA Debt Further Downgraded to Default Status; EMTA Recommends Flat Trading (with no claims) for Republic Debt, effective early January 2018
UK Credit Rating Drops Over Brexit Concerns
China Debt Downgraded by S&P, Moody's Over Debt Growth
Robert Mugabe Replaced as Zimbabwe President
EMTA Proposes to End Back-Up Surveys for EM Currencies
South Africa Loses Investment Grade Status
Midterm Election Results Reinforce Investor Confidence in Argentine Economic Reforms
EMTA Recommends Flat Trading for Mozambique
Chinese President Xi Jinping Begins Second Term and Raised to Mao-like Status
FOMC Slowly Pushes Interest Rates Higher
Market Prepares for MIFID II Implementation
US Withdraws from TPP and Paris Climate Accord
Geopolitical Tensions Rise over North Korea Nuclear Threat
Global Liquidity and Economic Growth Bolster EM Assets; Global Equity Markets Surge
2016
Reported EM Debt Trading Volumes for 2016 Climb Somewhat to US$5.167 Trillion
EMBL Announces Final London Charity Ball, Having Raised GBP 3.5 MM Since 2004
Colombian Voters Reject Peace Deal with FARC but Congress Approves Renegotiated Deal
Brazilian President Rousseff Impeached and Replaced by VP Temer
PdVSA Downgraded Deeper into Junk Status
Germany Joins Switzerland and Japan in Selling 10-Year Debt at Negative Yield
Saudi Arabia Issues $17 Billion in Bonds
Turkey Downgraded Below Investment Grade
Brazil Hosts 31st Olympic Games
EMTA Adds New Set of Hong Kong and Singapore Forums
CME/EMTA Rate Replaced by MOEX Rate for Ruble FX Contracts
UK Votes to Leave EU in Historic Brexit Vote
Argentina Settles with Hold-Out Creditors and Issues $16.5 Billion in New Bonds
2015
EMTA Celebrates 25th Anniversary in NYC and London
Reported EM Debt Trading Drops to $4.726 Trillion in 2015
S&P and Fitch Downgrade Brazil Below Investment Grade
S&P and Moody’s Downgrade Russia Below Investment Grade
Market Relief as US Fed Finally Raises Fed Funds Rate by .25%
IMF to Add Chinese Renminbi to SDR Basket in October 2016
Mauricio Macri Elected President of Argentina
EMTA Forms Advisory Council for Argentina
ECB Launches QE Program to Promote EuroZone Growth
2014
Reported EM Debt Trading Volumes at US$5.9 Trillion in 2014
Russia Annexes Crimea; Ukraine Unsettled and Receives IMF Support; US, EU Impose Limited Sanctions; S&P Cuts Russia and Ukraine Debt Ratings
Argentina Exchange Bonds Ruled in Default After US Supreme Court Declines to Hear Hold-Out Case; Second Circuit and Griesa Decisions Stand, Requiring Pari Passu Treatment for Hold-Outs; EMTA Recommends Flat Trading for Most Argentina Bonds
EMTA Initiates Forums in Frankfurt, Zurich, Boston and LA
Market Adopts MAE Exchange Rate for ARS NDF Settlements
Erdogan Elected President of Turkey; Dilma Rousseff Re-Elected President of Brazil
Market Moves to T+2 Settlement for Most EM Debt Assets
EMTA Co-ordinates Benchmark Shifts for FX Rates in Asia, Africa & EE
2013
Reported EM Debt Trading Volumes at US$5.571 Trillion in 2013
US Fed Begins Tapering
S&P Downgrades EU One Notch from Triple A to AA+; Downgrades France and Netherlands to AA
Market Still Awaits Outcome in Argentine Holdout Litigation
UK Loses Triple A Rating from Moody’s and Fitch’s
Philippines Earns Investment Grade from S&P
EMTA Sponsors Industry Forums on Argentina, Venezuela and Sovereign Debt Architecture
Venezuela President Chavez Dies, Is Succeeded by Nicolas Maduro
2012
Reported EM Debt Trading Volumes Ease to US$5.56 Trillion in 2012
ICE to Buy NYSE /Euronext
US 2d Circuit Court Upholds Griesa Ruling Against Argentina; Market Awaits Outcome on Remedy
Venezuela Re-elects President Chavez
UST Confirms NDF’s Subject to Dodd-Frank
Enrique Pena Nieto Elected President of Mexico
Uruguay Earns Investment Grade Rating from S&P and Moody’s
EMTA Sponsors Industry Gatherings on Argentina, Greece; Initiates Miami Forum
Greece Completes Largest Sovereign Debt Restructuring; S&P Lifts Greece’s Debt Rating by Six Notches to B-
EMTA Recommends W/I Trading Forms for Greece
Xi Jinping Assumes Leadership of the People's Republic of China
S&P and Moody’s Downgrade Many European Sovereigns, including Spain and Italy; France Loses AAA Rating from S&P
Venezuela Withdraws from ICSID
2011
EM Debt Trading Volumes Ease to US$6.5 Trillion in 2011
Bill Rhodes Delivers Keynote Address at EMTA Annual Meeting
Europe Struggles Toward Greater Fiscal Integration in Effort to Preserve Euro Amidst Spreading Contagion from Greece to Portugal, Spain and Italy
Dodd-Frank Rules Proposed, including Volcker Rules
Greece Gets Further Downgrades and Seeks 2d Support Package from EU/IMF
Christine LaGarde Succeeds Dominique Straus-Kahn as IMF Managing Director
US Loses AAA Credit Rating from S&P
Brazil Upgraded by S&P One Notch to BBB
Hungary Downgraded by Moody's and S&P Below Investment Grade
2010
EM Debt Trading Volumes Rebound to US$6.765 Trillion in 2010
Ireland Gets EuroZone/IMF Support Package; EU Outlines Future (after mid-2013) Bailout Plan, including Restructuring Mechanism
Dilma Rousseff Elected to Succeed Lula da Silva as President of Brazil
China Launches Offshore Renminbi Trading Market in Hong Kong
Spain Loses AAA Debt Rating
EMTA Initiates Central America/Caribbean Forum
Argentina Completes Second Debt Exchange/Total Debt Now Restructured at 92% of 2001 Level
Dubai World Announces Restructuring/EMTA Initiates Dubai Forum
EuroZone Countries Establish Euro 440 Billion European Financial Stability Facility (EFSF)
Greek Bond Rating Cut to Junk Status and Greece Gets EU/IMF Support Package
Collective Rating of EM Sovereign Bonds in EMBI Global Reaches Investment Grade
U.S. Enacts Dodd-Frank Act to Reform/Punish Financial Markets
2009
EM Debt Trading Volumes Show Small Rise to Nearly US$4.5 Trillion in 2009
Limited EMTA Survey Shows US$1.2 Trillion in EM CDS Trading in 2009
Global Banking System Stabilizes and Some Growth Resumes
Mexico's Finance Minister Carstens Addresses EMTA Gathering, Later Named Central Bank President
G20 Replaces G8 as Main Global Economic Policy Body
EMTA Upgrades its Website and Changes IT Platform
ISDA/EMTA Issue Market Practices for CDS, and Non-Deliverable Swaps
Governments Coordinate More Fiscal Stimulus and Propose Widespread Financial Reforms
2008
EM Debt Trading Volumes Fall to US$4.2 Trillion in 2008
Ecuador Selectively Defaults on Eurobonds
IMF Grants Support Financing to Hungary, Iceland, Pakistan and Ukraine
Governments Worldwide Provide Fiscal Stimulus and Rescue Banks
Burst Housing Bubble and Sub-Prime Mortgage Crisis Leads to Global Financial Crisis and Recession
EMTA Initiates Forums in Sao Paulo and Buenos Aires
Brazil and Peru Receive Investment Grade Ratings
Global Credit Crunch Forces Wall Street Contraction
Dmitry Medvedev Elected President of Russia
2007
Annual EM Debt Trading Volumes Nearly US$6.5 Trillion in 2007
Cristina Fernandez de Kirchner Elected President of Argentina
US FOMC Initiates Monetary Easing Following Sub-Prime Mortgage Crisis
China Launches Sovereign Wealth Fund
EMTA Presents "Focus on Africa" Seminar Series
Bulgaria and Romania Join the EU
EMTA Publishes Standard Terms for Non-Deliverable Currency Options
US-Peru Free Trade Agreement Takes Effect
Several EMTA-sponsored Venezuela and Nigeria Warrant Delivery Facilities Completed
2006
Annual EM Trading Volumes Surpass US$6.5 Trillion for 2006
Brazil's Central Bank President Meirelles Addresses EMTA's Annual Meeting
EMTA-Sponsored Benefits in London and NYC Raise Nearly $1 Million for EM Charities
Felipe Calderon Elected President of Mexico, President Lula Re-Elected in Brazil
EMTA Sponsors its First Annual Asian Forum
EMTA Launches Series of Presentations on Local Markets and Investor Topics
Brady Bonds Retired by Brazil, Nigeria, Panama, Philippines, Uruguay and Venezuela
Russia Agrees to Prepay Soviet-Era Paris Club Debt in Full
Iraq Issues Sovereign Bonds in Debt Restructuring
EMTA Proposes Multilateral Facility to Settle Venezuela Warrant Claims
2005
Annual EM Trading Volumes Reach US$5.485 Trillion
Peruvian Finance Minister Zavala Addresses EMTA’s Annual Meeting
Brazil Issues Real-Denominated Eurobond
DTCC Shuts Down EMCC
US Congress Ratifies Free Trade Agreement (CAFTA) with Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua
Brazil Issues US$4.4 Billion in New A-Bonds in Exchange for Outstanding C-Bonds
China Revalues Yuan, Replaces Dollar Peg with Peg to Basket of Foreign Currencies
Argentina Completes Debt Exchange Offer with 76% Participation
S&P Joins Moody's and Fitch in Rating Russia Investment Grade
2004
EMTA-Sponsored Industry Benefits Raise Over $600,000 in New York and London for EM Charities
Venezuelan Finance Minister Nobrega Addresses EMTA’s Annual Meeting
Asian Currency NDF and Brazil NDF Architectures Revised
EMTA Sponsors Industry Steering Group to Develop an Offshore Alternative to the Emerging Markets Clearing Corporation (EMCC)
Germany Repackages Russian Paris Club Debt into Aries Credit-Linked Notes
Poland, Czech Republic, Hungary and Others Join the EU
EMTA Initiates Winter Forum in London
2003
Annual EM Trading Volumes Total Nearly US$4 Trillion for 2003
Argentina’s Secretary of Finance Guillermo Nielsen Addresses EMTA Annual Meeting
EMTA-Sponsored Industry Benefits Raise Over $320,000 in NYC and London for EM Charities
Confidence in Brazil/Low Interest Rate Environment Drive Year’s Market Strength
Brazil, US Clash in FTAA Talks in Cancun; More Conciliatory in Miami
Russia Gets Investment Grade Rating from Moody’s
Argentina Gets 3-Year IMF Program; Dart Entity Obtains $725 Million Judgment; Initial Argentina Restructuring Terms Rejected by Creditors
EMTA Architecture for ARS NDF’s Sets Standard for Lat Am NDF Market
Mexico First Sovereign to Retire All of its Brady Bonds
EMTA Develops EM Sovereign Bond Documentation Charts
Mexico, Brazil and Others Issue NY Bonds with Collective Action Clauses (CAC’s); SDRM Shelved by Official Sector
Marketable Bond Package (including CAC’s) Recommended by EMTA, Other Trade Associations
1st Non-Deliverable Forwards (NDF’s) and EM Credit Derivatives Volume Surveys Published by EMTA
2002
Russia Upgraded to BB by S&P and to Ba2 by Moody's
EU Announces Accession Date of May 2004 for Ten New Member Countries Including Poland, Czech Republic and Hungary; 2007 Target Date for Romania and Bulgaria
Argentina Defaults on World Bank Debt
Continuing Political Turmoil in Venezuela Shuts Down Oil Exports, Causes Economic Deterioration
US and Chile Reach Free Trade Agreement
US Treasury Under Secretary Taylor Addresses EMTA’s Annual Meeting
Brazil Election and Economic Concerns Hang Over Markets. Lula da Silva Elected Brazil's President
Official and Private Sectors Debate Relative Merits of SDRM, Voluntary Collective Action Clauses
Global Environment Encourages Greater Risk Aversion
Mexico Redeems its Series B,C and D USD Discount Bonds
Mexico is Upgraded to Investment Grade by S&P
EMCC Consolidates with DTCC
Argentina Devalues Peso
EMTA Moves to 360 Madison Avenue from 63 Wall Street
2001
Annual EM Trading Volumes Rebound to US$3.5 Trillion
Large Bond Exchanges, Austerity Proposals, Return of Domingo Cavallo and Other Measures Fail to Stem Financial Crisis in Argentina. President De La Rua Resigns and Argentina Defaults on its External Debt
Mexico’s Finance Minister Gil-Diaz Addresses EMTA’s Annual Meeting
IMF Proposes Sovereign Debt Restructuring Mechanism (SDRM)
Mexico Redeems its Series A USD Discount Bonds
Paris Club Launches Website
EMTA Calls for More Constructive Dialogue with Official Sector to Catalyze Private Capital Flows into the Emerging Markets
EMTA Calls for Greater Investor Rights, More Transparency at Paris Club
Market Practice Separates Trading of Mexico Brady Bonds and VRR's
2000
Arminio Fraga, President of the Central Bank of Brazil, and Daniel Marx, Secretary of Finance of Argentina, Address EMTA Annual Meeting
Brazil Closes US$5 Billion Exchange Offer
Ecuador Reschedules 97% of its Brady Bonds
Russia Completes London Club Restructuring
Vicente Fox Elected President in Mexico's Most Open Election; PRI Turns Over Power After Seven Decades
Ecuador Adopts Dollarization
Mexico Upgraded to Investment Grade by Moody's
EMTA Upgrades its Website, Adding New Developments and Key Industry Views Areas
ECN's Introduce All-Electronic Trading of Brady Bonds and Eurobonds
1999
Annual EM Trading Volumes Bottom Out at US$2.2 Trillion
U.S. Treasury Official Timothy Geithner and IMF Deputy Head Stanley Fischer Address EMTA Annual Meeting
Emerging Markets Community Debates 'Burden-Sharing'
Ecuador Defaults on its Brady Bonds and Convenes a Consultative Group Chaired by EMTA
EMTA Helps Develop Cross-Product Netting Agreement with BMA and ISDA
EMCC Reaches Critical Mass
Brazil Effectively Devalues the Real/Market Confidence Restored Following Support Package
1998
EM Trading Volumes Plummet in the Aftermath of the Russian Crisis
Former U.S. Treasury Secretary Nicholas Brady Addresses EMTA Annual Meeting
EMTA Develops Ruble/US$ Exchange Rate in Collaboration with CME After Russian Ruble is Devalued and Russia Defaults on a Number of Debt Instruments
Emerging Markets Community Debates Dollarization
EMCC Launched in April
EMTA Helps Develop 1998 FX and Currency Option Definitions in Collaboration with ISDA and FX Committee
EMTA Introduces 'Batch Settlement' for Russian Loans
1997
Annual EM Trading Volume Reaches Nearly US$6 trillion for 1997
Russian Deputy Finance Minister Kasyanov Addresses EMTA Annual Meeting
EMTA Netting Facility Helps to Close Russia VEB Debt Restructuring
New EMTA Market Practices for Repos, Warrant Trades and Russian Loans
South Korean Recovery Package Announced
Asian Economic Crisis Begins
Netting Facility Also Addresses Argentina Interest 'Tails'
1996
EM Debt Trading Volumes Exceed US$5.2 Trillion for 1996
EMTA Releases Feasibility Study for Emerging Markets Clearing Corporation (EMCC)
EMTA Helps Launch the Loan Syndications and Trading Association (LSTA)
Deputy Secretary of the Treasury Lawrence Summers Addresses EMTA Members
EMTA Issues Forms for Trading Russian Loans W/R (When-Restructured)
Standard Terms for Loan Participations Developed
EMTA Issues Clarification Statements on Polish Securities Markets
1995
Mexican Rescue Package Stabilizes Markets
Bond Markets Begin Settling on T+3 Basis
EMTA Launches Match-EM Trade Comparison and Matching System
EMTA Recommends Standard Terms for Assignments of Loan Assets
Mexican Finance Minister Ortiz and Brazilian Finance Minister Malan Address EMTA Annual Meeting
EMTA Moves to 63 Wall Street
Revised EMBI and EMBI+ Indices Are Introduced
1994
Emerging Markets React Negatively to General Interest Rate Increases
EMTA Develops Facility for Multilaterally Netting Loan Trades
Master Options Agreement Issued
Brazil Introduces the Real Plan, Ending its Hyper-Inflation
Brady Plan Rescheduling Completed for Brazil
NAFTA Takes Effect
EMTA Introduces Month-End Pricing Report
Mexico Devalues Peso in December ("Tequila Crisis")