History
The growing challenges of globalisation and consolidation in the banking sector, together with increasing regulatory activity, led to the formation of the International Capital Market Association in July 2005 through the merger of ISMA and IPMA, creating an organisation with a broad franchise across the primary and secondary international capital markets.
The driving force behind the creation of the Eurobond market was an unfavourable tax regime introduced in the USA in the early 1960s, effectively forcing international borrowing in US dollars offshore. The first Eurobond is generally considered to have been an issue by Autostrade in 1963.
The Association was established in 1969 by a group of bond dealers representing banks and securities firms, as the Association of International Bond Dealers (AIBD), in response to a settlement crisis which threatened what was then the new Eurobond market.
In the years that followed, AIBD enacted a series of rules and recommendations governing market practice, thereby providing the stability and order essential for the continuing development of the international capital market.
In the 1980s AIBD began to provide data services to the market and in 1989 launched the transaction matching, confirmation and regulatory reporting system, known as TRAX. The International Primary Market Association (IPMA) was founded in 1984 by major banks to provide sound basic recommendations for the primary capital market. In 1992 AIBD changed its name to International Securities Market Association (ISMA).
ICMA sold its market services business, including TRAX, to Euroclear in April 2009.
Read more about this topic: ICMA
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