What is the History of ICMA?

ICMA, which stands for International Capital Market Association is a trade association and self-regulatory association, which is offering assistance for all its participants within the capital market. Even though ICMA is an international association, its mainly focusing on the European region. It is worthy to deep dive and learn more about the history and how it evolved. Here’s a timeline that represents the history of ICMA and how it has evolved along with time. Based on these facts, it is even possible for you to get a better understanding about the services offered by ICMA.


In the year 1968, there was a meeting organized in between all the leading active forms within Eurobond market. The main objective of this meeting was to come into an agreement and then establish Association of International Bond Dealers. However, it took some time for the establishment of AIBD.


AIBD was officially established within the year 1969. The foundation meeting took place on 7th of February in 1969. AIBD was established in Zurich, Switzerland, while adhering to the Swiss law. Along with that, it entered into the commercial register.


AIBD went ahead and developed a series of recommendations and rules for governing settlement and trading in the international securities market. On top of that, they went ahead and established a regional structure, which is representing the overall geographical composition of the Operations Certificate Programme.


Numerous changes took place within ICMA during the 1980s. One of the greatest milestones of AIBD that took place during 1980s where it was approved in the UK as an international securities self-regulating organization. On top of that, it was able to gain recognition as a designated investment exchange as well. This is where AIBD was able to go ahead and open up their subsidiary in London. Along with that, they were able to introduce the regulatory reporting system, and transaction matching system as well.


During the 1990s. AIBD was able to go ahead and establish a center at the University of Reading. This is where they were able to replace AIBD Certificate in place of General Certificate Programme. In the year 1992, they were able to go ahead and launch Global Master Repurchase Program as well.

From 1st of January 1992, AIBD decided to change the name. This is where the name was changed to ISMA, which stands for International Securities Market Association. Along with that, the Swiss Financial Market Supervisory Association went ahead and recognized it as an institution, which is similar to an exchange. It was decided that ISMA is governed by the Swiss Federal Act with related to Stock Exchanges and Securities Trading.

Early 2000s

During the early 2000s, ISMA was able to retain its ISSRO status under the UK Financial Services and Markets Act. On top of that, they were able to go ahead and establish the International Repo Council as well. ISMA was also able to launch Coredeal, which became one of the most prominent products offered by them to the market. This was an order driven exchange, based on a screen. This was considered as an investment exchange. Later it was sold to MTS I the year 2001. Along with that, the very first international regulatory consultant was employed in the year2002 as well.


From 1st of July 2005, International Primary Market Association merged along with ISMA. Along with that, the name was changed to ICMA, which stands for International Capital Market Association. In the meantime, a regulatory team policy was also developed. This was supposed to deliver expertise and services for all the members.


In the year 2006, ICMA went ahead and developed a new management and governance structure. This clearly identified the advisory role played by the brand. On top of that, they were able to clearly define the responsibility of the executive committee for ensuring the day to day management of the association as well.


By the year 2007, ICMA was able to develop strong relationships with numerous other associations. The main objective because such relationships were developed was to ensure regulatory policy work and informal co-operation. In the meantime, ICMA was able to open up associate membership to welcome professional advisors. This is where accountants and law firms got the opportunity to become members of ICMA. This is where the current membership categorization was introduced as well.

The Center Facilities of ICMA were expanded during the same year. Along with that, they were able to increase physical capacity by 50%. On top of that, they were able to expand executive education as well. This is where they launched the financial markets foundation course. By this year, they were making plans to sell the market services to Euroclear. The transaction was completed in the year 2009.

Early 2010s

ICMA was able to develop a new chapter for Austria, Turkey, Greece, Eastern Europe, and South Eastern Europe by the year 2010. On top of that, they were also able to open new chapters to the Latin American region. After three years, ICMA could expand its membership to the Asian region. This is where the subsidiary in Hong Kong was established.

After 2015

We can see how some prominent changes have taken place in ICMA during the recent past as well. For example, the name of International Repo Council was changed to International Repo and Collateral Council in the year 2015.In the same year, ICMA wanted to create a chapter for Ireland.

In the year 2017, the Swiss Federal Financial Market Infrastructure Act was able to get into a force, where they ensured that they are no longer offering services for the institutions that are similar to exchange. Therefore, ICMA is not retaining that status from the year 2017.

50th Year celebrations of ICMA were held in the year 2018. By that time, ICMA has been expanded to 60 different countries in the world, and it has a membership of 530 members.


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