EMTA : EM Background : Significant Market Events and EMTA Projects EM Background
Significant Market Events and EMTA Projects



  • 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


  • 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


  • 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


  • 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


  • 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



  • 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


  • 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


  • 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 


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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


  • 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'


  • 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


  • 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


  • 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")


  • EMTA Volume Survey Shows 1993 Trading Volumes of Nearly US$2 Trillion
  • EMTA Adopts Code of Conduct for Trading EM Instruments
  • When-Issued Trading Forms Recommended for Brazil Brady Bonds
  • Market Practices Developed for EM Options
  • EMTA Lobbies for Passage of NAFTA 
  • Brady Plan Rescheduling Completed for Argentina
  • Federal Reserve Board and Manhattan DA Investigate EM Debt Trading Market


  • First EMTA Annual Volume Survey Shows 1992 EM Trading Volumes of US$734 Billion
  • Argentina Finance Minister Cavallo Addresses EMTA Annual Meeting
  • EMBI Index Introduced by J.P. Morgan 
  • EMTA Adopts Market Practices for Argentina Brady Bonds
  • LDC Debt Traders Change Name to EMTA


  • LDC Debt Trading Volumes Estimated at about US$200 Billion (IFR)
  • First EMTA Annual Meeting, with FRBNY President Gerald Corrigan as Keynote Speaker
  • Argentina Adopts Convertibility Plan, Linking Peso to the U.S. $ and Ending Hyper-Inflation
  • First Market Practices Issued by LDC Debt Traders


  • Total LDC Debt Trading Estimated at US$75-100 Billion (JPM)
  • EMTA Formed (as the LDC Debt Traders Assn) in December 1990
  • Salomon Brothers Launches its Brady Bond Index
  • Confirmation Forms Developed for Mexico and Venezuela Brady Bonds
  • Brady Plan Restructurings Completed for Mexico and Venezuela