The council of reporting dealers (CRD) comprises the market making community within ICMA’s membership. The trading activity of CRD member firms – which currently number around 40 – accounts for the majority of cross-border business in the international capital market.

Almost three quarters of CRD member firms are based in London, with the remainder located mainly within the EU or elsewhere in Europe. The size and active nature of the London-based dealers suggests that London accounts for up to 75% of trading activity by CRD member firms.

The actions of the CRD are overseen by the committee of reporting dealers, comprising 9 individuals drawn from council member firms and elected by the CRD.