1968
A meeting of the main firms active in the Eurobond market agrees to form the Association of International Bond Dealers (AIBD).
1969
The “Association of International Bond Dealers” (AIBD) is established as an association under Swiss law in February 1969 in Zurich
1970s
AIBD oversees the formation of a series of rules and recommendations governing trading and settlement in the international securities market; establishes a regional structure to reflect the geographic composition of the Association’s global membership; creates the AIBD Certificate and the Operations Certificate Programme (OCP).
1980s
In the UK AIBD is approved as an “International Securities Self-Regulating Organisation” (ISSRO) and recognised as a “Designated Investment Exchange” (DIE). AIBD Ltd., the Association’s wholly owned subsidiary, opens in London to provide data services to the market, and in 1989 AIBD launches TRAX, a transaction matching, confirmation and regulatory reporting system.
1990s
The AIBD Centre is established at the University of Reading in December 1990. The General Certificate Programme (GCP) replaces the AIBD certificate. The Global Master Repurchase Agreement (GMRA) is launched in 1992.
Effective January 1, 1992, AIBD changes its name to “International Securities Market Association” (ISMA). The Swiss Federal Banking Commission, the predecessor of the Swiss Financial Market Supervisory Authority FINMA, recognises ISMA as an “institution similar to an exchange” and subjects it in part to the Swiss Federal Act on Stock Exchanges and Securities Trading (SESTA) in 1998. In this capacity and to the extent of its subjection to SESTA, ISMA has been subject to supervision until December 31, 2016.
2000 to 2003
ISMA maintains its ISSRO status under the UK Financial Services and Markets Act 2000. The International Repo Council is formed under the Association’s auspices in 2000. ISMA launches Coredeal, a screen based order-driven exchange recognised by the FSA as an investment exchange in May 2000, and sold to MTS in November 2001. First international regulatory consultant employed in 2002.
2005
Effective July 1, 2005 ISMA and the International Primary Market Association (IPMA) merge. As a result, the Association changes its name to “International Capital Market Association” (ICMA). The Market Practice and Regulatory Policy team is built up to provide services and expertise for members.
2006
ICMA adopts a new governance and management structure which clearly defines the board’s supervisory role on the one hand and the executive committee’s responsibility for the Association’s day-to-day management on the other.
2007
ICMA develops close working relationships with other associations, pursuing informal co-operation on regulatory policy work, co-operates with local trade associations worldwide and integrates activities of the Euro Debt Market Association (AMTE) which are now carried out by the SVT market committee within ICMA’s framework.
ICMA extends membership to asset and fund managers as well as insurance companies and opens associate membership to professional advisers (such as law firms and accountants). A membership categorisation structure is introduced.
ICMA Centre facilities are extended, accommodating an increase of 50% in physical capacity, and ICMA Executive Education is expanded with the launch of the Financial Markets Foundation Course (FMFC).
2008
ICMA invites investors and asset managers to join the newly created Asset Management and Investors Council (AMIC).
2009
ICMA sells its market services arm, Xtrakter, to Euroclear.
ICMA opens its Paris office and takes over the business activities of the Association des Marchés Taux en Euro (AMTE).
2010
ICMA creates a chapter for Greece, Turkey and the Balkan States within the Austria, Eastern and South Eastern Europe region.
2013
ICMA opens its Asia Pacific office in Hong Kong to represent growing membership in the region.
2015
The International Repo Council (IRC) which operates under ICMA’s auspices changes its name to International Repo and Collateral Council (IRCC).
ICMA creates a chapter for Ireland within the United Kingdom, Ireland and the Americas region.
2017
In January 2016 the Swiss Federal Financial Market Infrastructure Act (FMIA) enters into force which no longer provides for an “institution similar to an exchange” as one of the types of regulated institution. As a result, effective January 1, 2017 ICMA relinquishes this status and is no longer subject to supervision in Switzerland. At the same time, ICMA is one of FINMA’s national stakeholders with which FINMA maintains contact and liaises on regulatory and market matters.
2018
ICMA celebrates its 50th anniversary in London.
2021
ICMA decides to break up the region for the United Kingdom, Ireland and the Americas into two distinct and separate regions, i.e. the region for Ireland and the region for the United Kingdom and the Americas.
ICMA opens its representative office in Brussels to strengthen the association's presence in the EU.
History of the Eurobond market
- About ICMA
- Membership
- Market Practice & Regulatory Policy
- Sustainable Finance
- FinTech & Digitalisation
- Education & Training
- Events
- Media & Market Data
Welcome to the International Capital Market Association
For over 50 years ICMA and its members have worked together to promote the development of the international capital and securities markets, pioneering the rules, principles and recommendations which have laid the foundations for their successful operation.
A global community for the capital markets
ICMA has over 620 members located in 70 jurisdictions drawn from both the sell and buy-side of the market.
ICMA engages with its global membership on market practice and regulatory policy issues through its expert forums.
Here are the key sections covering our work programmes, including contact details of ICMA staff responsible for each area.
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Primary Markets
- ICMA Primary Market Handbook - Home
- Primary Market Committees ‣
-
Primary Market Topics
‣
- Accounting and Auditing
- Benchmark Reform and Transition to Risk-Free Rates
- MiFID II/R in Primary Markets
- Primary Markets Conduct (non-MiFID)
- Electronification
- Primary Markets Technology Mapping Directory
- Dialogue with Investors
- Prospectuses
- PRIIPs KIDs
- Retail Access to Bond Markets
- Market Infrastructure and Asset Servicing
- Market Abuse Regulation (MAR) - Primary Market Aspects
- Periodic Reporting / Continuing Obligations
- Taxation (Primary Markets)
- Other ICMA Primary Market Advocacy Materials
- Primary Market Products ‣
-
Secondary Markets
- ICMA’s Rules and Recommendations for the Secondary Market ‣
- Secondary Market Practices Committee (SMPC) and related Working Groups ‣
- Central Bank Corporate Bond Purchase Programmes
- Electronic Trading ‣
- “T+1” – the shortening of standard settlement cycles
- Market Transparency ‣
- Market Data ‣
- Market Liquidity ‣
- Secondary Markets Regulation ‣
- Euro Safe Assets
- Archive
-
Repo and Collateral Markets
-
Legal Documentation
‣
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal Opinions
- ICMA GMRA Clause Library and Taxonomy
- Master Regulatory Reporting Agreement (MRRA)
- Resolution Stays
- ICMA FAQs in relation to the GMRA and market turbulence
- 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) Adhering Parties
- Repo and Collateral Council and related groups ‣
- ICMA ERCC Publications ‣
- “T+1” – the shortening of standard settlement cycles
- Market Data ‣
- Regulation ‣
- FinTech ‣
- Repo and Sustainability
- Other Resources ‣
-
Legal Documentation
‣
ICMA serves as Secretariat to the GBP, the SBP, the SBG and the SLBP, providing support while advising on governance and other issues.
ICMA also leads numerous other initiatives in sustainable finance. ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and in the dialogue with the regulatory and policy community.
ICMA seeks to mainstream relevant FinTech developments and market electronification through all of its initiatives, activities and fora.
FinTech and market electronification are addressed through ICMA’s various committees, working groups and work streams as well as through bilateral discussions with member firms and technology providers.
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