The ICMA Quarterly Report for the First Quarter of 2020 begins with reflections from ICMA’s Chief Executive, Martin Scheck, on an exceptionally busy year for ICMA. The Quarterly Assessment is on the transition from LIBOR to risk-free rates, focusing on legacy bonds. There are feature articles on: key publications on the global transition to risk free rates; on putting the capital in the European Capital Markets Union; on the second year of MiFID II/R and the bond markets; on ICMA’s CSDR impact study on mandatory buy-ins; and on an overview of EBRD’s pioneering green bond programme. These contributions are followed by reports on ICMA’s work on international capital market practice and regulation in primary markets, secondary markets, repo and collateral markets, sustainable finance and asset management. Towards the end of the Quarterly Report, there is an international regulatory digest of recent G20 and European financial reform developments and an update on FinTech in international capital markets.