A meeting of the main firms active in the Eurobond market agrees to form the Association of International Bond Dealers (AIBD).

The “Association of International Bond Dealers” (AIBD) is established as an association under Swiss law in February 1969 in Zurich

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).

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.

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.


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.

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.

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).

ICMA invites investors and asset managers to join the newly created Asset Management and Investors Council (AMIC).

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).

ICMA creates a chapter for Greece, Turkey and the Balkan States within the Austria, Eastern and South Eastern Europe region.

ICMA opens its Asia Pacific office in Hong Kong to represent growing membership in the region.

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.

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.

ICMA celebrates its 50th anniversary in London.

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

ICMA Zurich
T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich

ICMA London
T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris
T: +33 1 8375 6613
25 rue du Quatre Septembre
75002 Paris

ICMA Brussels
T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong
T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
sustainabilitybonds@icmagroup.org (sustainable finance)
Copyright © 2024 International Capital Market Association.