This Quarterly Report is produced by the Market Practice and Regulatory Policy team at ICMA. In the ICMA Quarterly Report for the Third Quarter of 2018, the Foreword is by ICMA’s new Chair, Mandy DeFilippo of Morgan Stanley International. This is followed by a Message from ICMA’s Chief Executive. The Quarterly Assessment is on the transition to risk-free rates in the international bond market. There are feature articles on the risks of international capital market fragmentation and on how to survive in a mandatory buy-in world. The ICMA Quarterly Report also covers other international capital market practice and regulatory developments in the primary markets, secondary markets, repo and collateral markets, asset management, and green, social and sustainable bond markets. These contributions are followed by an international regulatory digest of recent G20 and European financial regulatory reforms. Finally, there is a review of the 50th ICMA AGM and Conference in Madrid.