ICMA
The International Capital Market Association (ICMA) is the self-regulatory organisation and trade association for the international securities market. Its primary role is to oversee the fast-changing marketplace through the issuing of rules and recommendations relating to trading and settlement practices.
ICMA currently has over 400 members in almost 50 countries and has a proven track record in representing their interests. In addition to its regulatory role, ICMA also provides its member firms - and other users - with a range of services, products and support.
The Association was established in 1969. Formerly known as the Association of International Bond Dealers (AIBD), ICMA's original remit was to create a framework of rules under which the fledgling over-the-counter Eurobond market could function and to provide essential direction and stability to this rapidly evolving market.
In 1992, the Association changed its name to ISMA to reflect more accurately the expanding activities of its membership. In 2005, ISMA merged with IPMA (the International Primary Market Association), and the name of the organisation was changed to ICMA (International Capital Market Association). In fulfilling its role as a regulator, ICMA constantly monitors the increasing range of financial products being traded and sets rules governing good market practice. By-laws 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 holds a comprehensive archive of bond data, some of which relates as ar back as to the inception of the market. The data is collected from a range of sources by ICMA Limited's team of data analysts, who endeavour to ensure that it remains up-to-date and accurate. In addition, reporting obligations placed by ICMA on members of its council of reporting dealers ensure that bid and offer prices are received on a daily basis from member firms who make markets in international securities. Together, these vast resources of information form the raw material enabling ICMA to provide authoritative and accurate financial data to dealers, fund managers, institutional investors, investment managers and other subscribers. Covering many thousands of international securities and internationally traded domestic government bond issues, this data is provided to the market in both paper and electronic formats. Prices, terms and conditions, statistics and indices are delivered to subscribers both directly and through third-party data vendors.
TRAX is ICMA's real-time, electronic post-trade matching and regulatory transaction reporting system. An effective risk management tool, TRAX is capable of accepting every type of equity and fixed income security – and currently contains a database of more than 200,000 securities. Operating 365 days a year, 24 hours a day since 1989 and currently used by more than 200 participants to confirm trades conducted in the over-the-counter market for international securities, almost 1.5 million trade entries are entered into TRAX each month.
icma-info.org is the market data service for brokers, intermediaries, institutions, issuers, advisers ... in fact anybody in the professional financial markets who needs to keep track of their international bond portfolio.
For further information about ICMA and its range of products and services, please contact ICMA Limited's corporate communications department:
Contact Address:
International Capital Market Association Limited (ICMA)
Seven Limeharbour
Docklands
E14 9NQ
Telephone: +44 (0)207 623 9353
Fax: +44 (0)207 623 9356
Email: info@icma-group.co.uk
Web: www.icmagroup.org
www.icma-info.org (for bond market data)
