International Capital Market Association

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International Capital Market Association
Founded 2005
Headquarters Switzerland
Products Trade Association
Web site

International Capital Market Association (ICMA) is the trade association representing the financial institutions active in the international capital markets worldwide. It was created in 2005 through the merging of the International Primary Market Association (IPMA) and ISMA. The organization's precursor was the Association of International Bond Dealers (AIBD), which was created in 1969.[1]

ICMA's members are located in around 50 countries across the world. The association represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers amongst its 400 member firms.

ICMA monitors the increasing range of financial products being traded and sets rules governing good market practice. Bylaws provide for disciplinary proceedings and procedures for the settlement of disputes through conciliation and arbitration. ICMA estimates that virtually all trades in international securities effectively take place under its rules.

ICMA’s market conventions and standards have served as pillars of the international debt market for almost 40 years, providing the self regulatory framework of rules governing market practice which have facilitated the orderly functioning and impressive growth of the market. ICMA actively promotes the efficiency and cost effectiveness of the capital markets by bringing together market participants including regulatory authorities and governments.[2]

Since the inception of its European Seminar in 1974, the association has also been committed to providing ICMA Executive Education courses to its members and to the market at large. The establishment by the Association of the ICMA Centre at The University of Reading in 1991, and its subsequent financial support, created an institution which is setting the standards in the application of information technology to financial markets training and education.


Over 550 delegates attended the 40th ICMA annual general meeting and conference in Vienna where industry experts and market practitioners gathered to discuss the issues facing the global capital markets.

Delegates heard keynote addresses from President of the European Central Bank, Jean-Claude Trichet and Finance Minister of Austria, Mag. Wilhelm Molterer. With high-level contributions from President of the Central Bank of Luxembourg, Yves Mersch; Former Vice President and Treasurer, The World Bank Eugene Rotberg; Deputy Head of Banking Department, Bank for International Settlements, Louis de Montpellier.[3]

The ICMA's Board As Of August 29, 2011[edit]