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The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission. This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages. You can at any time change or withdraw your consent from the Cookie Declaration on our website. Learn more about who we are, how you can contact us and how we process personal data in our Privacy Policy. Please state your consent ID and date when you contact us regarding your consent. Do not sell or share my personal information Deny Allow selection Customize Allow all * 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. MISSION STATEMENT HISTORY * GOVERNANCE * Members * The Board * The Chief Executive * The Executive Committee * The General Meeting * The Nomination Committee * The Auditors * ICMA Competition Law Guidelines THE REGIONS ICMA COUNCILS & COMMITTEES ICMA IN ASIA PACIFIC * ICMA SOCIAL NETWORKS * ICMA Future Leaders * ICMA Women's Network * ICMA Mentoring Platform INTERNATIONAL AFFILIATIONS CAPACITY BUILDING ICMA PRODUCT INFORMATION EMPLOYMENT OPPORTUNITIES 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. BENEFITS OF MEMBERSHIP APPLY FOR MEMBERSHIP LIST OF ICMA MEMBER FIRMS ICMA MEMBERS REGISTER 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. * PRIMARY MARKETS * ICMA Primary Market Handbook - Home * Primary Market Committees ‣ * ICMA Primary Market Practices Committee * ICMA Asia Pacific Bond Syndicate Forum * ICMA Legal and Documentation Committee * ICMA Asia Pacific Legal & Documentation Forum * Public Sector Issuer Forum * ICMA Corporate Issuer Forum * ICMA Financial Institution Issuer Forum * 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 ‣ * Bank Capital * Infrastructure Financing * Islamic Finance * Private Placements * Retail Structured Products * Securitisation * Sovereign Debt * Securitisation (Asset Management Perspective) * SECONDARY MARKETS * ICMA’s Rules and Recommendations for the Secondary Market ‣ * ICMA Consultation on the Buy-in Rules * Secondary Market Practices Committee (SMPC) and related Working Groups ‣ * ICMA SMPC and Terms of Reference * MiFID II/R Working Group * CSDR-SD Working Group * SMPC - Secondary Market Rules & Recommendations * ICMA Electronic Trading Working Group (ETWG) * ICMA Bond Market Liquidity Taskforce * Central Bank Corporate Bond Purchase Programmes * Electronic Trading ‣ * ICMA Electronic Trading FinTech Directory * ICMA Industry Guide to Definitions and Best Practice for Bond Pricing Distribution * Papers and Reports * Common Domain Model (CDM) * “T+1” – the shortening of standard settlement cycles * Market Transparency ‣ * Transparency Directory * Consolidated Tape * Market Data ‣ * IG Corporate Bond Traded Volumes (ICE Data Services) * Euro Government Bond Markets * Euro Corporate Bond Markets * Global Bond Yields * Market Liquidity ‣ * Bond Market Liquidity Library * European Commission Expert Group on Corporate Bond Markets * ICMA Studies and Papers * Secondary Markets Regulation ‣ * MiFID II/R * CSDR Settlement Discipline * Fundamental Review of the Trading Book (FRTB) * MAR/Investment recommendations * 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 European Repo and Collateral Council (ERCC) * ICMA European Repo and Collateral Committee * ICMA ERCC Operations Group * ICMA Global Repo and Collateral Forum (GRCF) * ICMA ERCC Publications ‣ * ICMA ERCC Reports * Frequently Asked Questions on Repo * ICMA ERCC Papers and Responses * ICMA ERCC Guide to Best Practice in the European Repo Market * ICMA ERCC Recommendations for Reporting under SFTR * “T+1” – the shortening of standard settlement cycles * Market Data ‣ * SFTR Public Data * ICMA European Repo Market Survey * Euro Repo Funds Rate * ICMA Asia-Pacific Repo Market Survey * Regulation ‣ * MiFID II/R and SFTs * SFT Regulation (SFTR) * FinTech ‣ * ICMA Ops FinTech Mapping Directory * Common Domain Model (CDM) * Repo Trading FinTech Directory * Repo and Sustainability * Other Resources ‣ * ICMA Guide to Asia Repo Markets * Latest ICMA Repo News * Sanctions on Russia: Considerations for repo and secondary trading * EURO COMMERCIAL PAPER AND CERTIFICATES OF DEPOSIT * Archive * ASSET MANAGEMENT * ICMA AMIC Councils and Committees ‣ * AMIC Committee Composition * Current Active Subcommittees and Working Groups * AMIC Publications ‣ * AMIC Reports and Reviews * AMIC Responses * Regulatory Issues ‣ * EU Sustainable Finance Disclosure Regulation (SFDR) * MiFID II/R - Research Unbundling * Securitisation * Other BENCHMARK REFORM AND TRANSITION TO RISK-FREE RATES CAPITAL MARKETS UNION INTERNATIONAL CAPITAL MARKET FRAGMENTATION ICMA QUARTERLY REPORT ICMA LEGAL & REGULATORY HELPDESK 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. THE PRINCIPLES & RELATED GUIDANCE MEMBERSHIP, GOVERNANCE & WORKING GROUPS OF THE PRINCIPLES CODES OF CONDUCT FOR ESG RATINGS AND DATA PRODUCTS PROVIDERS SUSTAINABLE BOND MARKET DATA REGULATORY RESPONSES & COMMENTARY OTHER SUSTAINABLE FINANCE GUIDANCE, RESEARCH & INITIATIVES CONTACTS & PRINCIPLES HELPDESK ARCHIVE 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. * FINTECH ADVISORY COMMITTEE AND RELATED GROUPS * ICMA FinTech Advisory Committee * Common Domain Model (CDM) * DLT Bonds Working Group * Bond Data Taxonomy Working Group * Electronic Trading Council (ETC) * Artificial Intelligence in Capital Markets (AICM) Working Group * ICMA FINTECH DIRECTORIES * ICMA Primary Markets FinTech Directory * ICMA Electronic Trading FinTech Directory * ICMA Repo Trading FinTech Directory * ICMA Operations FinTech Directory * ICMA Distributed Ledger Technology (DLT) Regulatory directory * FINTECH RESOURCES * Frequently Asked Questions on DLT and blockchain in bond markets * FinTech Publications, Consultations and Reports * FinTech Regulatory Roadmap * Tracker of New FinTech Applications in Bond Markets * FinTech Glossary * Showcase of ICMA member FinTech & software vendors STUDYING WITH ICMA ICMA Education has been setting the standard of training excellence in the capital markets for almost five decades with courses covering everything from market fundamentals to latest developments and more. FIND OUT MORE LINKEDIN DOWNLOAD THE BROCHURE ALREADY STUDYING? MY ICMA EDUCATION ACCREDITATIONS ONLINE SELF-STUDY COURSES FINANCIAL MARKET FOUNDATIONS COURSES DEBT CAPITAL MARKETS COURSES FIXED INCOME TRADING & STRATEGIES COURSES FINANCIAL MARKETS OPERATIONS COURSES FINANCIAL TECHNOLOGY COURSES REPO & COLLATERAL COURSES SUSTAINABLE FINANCE COURSES * DUBAI PROGRAMMES * Diploma in Debt Capital Markets ‣ * Register Your Interest Form | Diploma in Debt Capital Markets * Diploma in Securities and Derivatives ‣ * Register Your Interest Form | Diploma in Securities and Derivatives 2025 SCHOLARSHIP PROGRAMME CORPORATE FINANCE CERTIFICATE WHAT’S HAPPENING AT ICMA? Find out about our latest announcements ICMA REPORTS AND PAPERS NEWS MARKET DATA ICMA WEBINARS & PODCASTS SUBSCRIBE TO MAILING LISTS ICMA EDUCATION & TRAINING PRESENTS ''LET'S TALK MARKETS'' - EPISODE 4 - RETHINKING FINANCE ARCHITECTURE * About ICMA * Membership * Market Practice & Regulatory Policy * Sustainable Finance * FinTech & Digitalisation * Education & Training * Events * Media & Market Data MISSION STATEMENT HISTORY * GOVERNANCE * Members * The Board * The Chief Executive * The Executive Committee * The General Meeting * The Nomination Committee * The Auditors * ICMA Competition Law Guidelines THE REGIONS ICMA COUNCILS & COMMITTEES ICMA IN ASIA PACIFIC * ICMA SOCIAL NETWORKS * ICMA Future Leaders * ICMA Women's Network * ICMA Mentoring Platform INTERNATIONAL AFFILIATIONS CAPACITY BUILDING ICMA PRODUCT INFORMATION EMPLOYMENT OPPORTUNITIES BENEFITS OF MEMBERSHIP APPLY FOR MEMBERSHIP LIST OF ICMA MEMBER FIRMS ICMA MEMBERS REGISTER * PRIMARY MARKETS * ICMA Primary Market Handbook - Home * PRIMARY MARKET COMMITTEES * ICMA Primary Market Practices Committee * ICMA Asia Pacific Bond Syndicate Forum * ICMA Legal and Documentation Committee * ICMA Asia Pacific Legal & Documentation Forum * Public Sector Issuer Forum * ICMA Corporate Issuer Forum * ICMA Financial Institution Issuer Forum * 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 * Bank Capital * Infrastructure Financing * Islamic Finance * Private Placements * Retail Structured Products * Securitisation * Sovereign Debt * Securitisation (Asset Management Perspective) * SECONDARY MARKETS * ICMA’S RULES AND RECOMMENDATIONS FOR THE SECONDARY MARKET * ICMA Consultation on the Buy-in Rules * SECONDARY MARKET PRACTICES COMMITTEE (SMPC) AND RELATED WORKING GROUPS * ICMA SMPC and Terms of Reference * MiFID II/R Working Group * CSDR-SD Working Group * SMPC - 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Episode 4 - Rethinking Finance Architecture ICMA EDUCATION & TRAINING PRESENTS ''LET'S TALK MARKETS'' - EPISODE 4 - RETHINKING FINANCE ARCHITECTURE In this episode of ICMA Education & Training’s latest vlog “Rethinking Finance Infrastructure”, ICMA’s Georgina Jarratt (Managing Director, Head of Fintech & Digitalisation) speaks to Armin Peter, former Global Head of Debt Syndicate at UBS about the huge impact of technology on the capital markets. 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