ICMA’s market practices committee (MPC) has two key areas of responsibility:

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to ensure that, at all times, ICMA’s rules and recommendations properly reflect the requirements of the international capital market as a whole; and
 

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to provide guidance to member firms where, for instance, a firm is unsure of the interpretation of an ICMA rule in a given situation.
 

The MPC forms a pivotal link between the members of the Association and its board, the regulators, and the markets with respect to the issues that fall within its scope. The introduction of the European single currency in January 1999 serves as an example of how the MPC examines the issues posed by a new market development, gauges its effects, considers various alternatives and, ultimately, promotes the optimal solution for ICMA members and the international capital market as a whole. Once this process is complete, the MPC proposes a new or amended rule or recommendation or, where legislation or government action is anticipated, recommends a response. ICMA’s executive committee then considers and, as appropriate, acts on the MPC's recommendations. In this way, as new products have been engineered and traded, ICMA’s rules and recommendations have evolved swiftly to continually accommodate new practices, conventions and norms.

The composition of the MPC always seeks to reflect the geographic diversity of the Association, the different products that are traded in the market, and the different types of member firm. The individual members of the committee are chosen for their experience in the market and their seniority in their organisations, enabling the committee to embrace a broad range of views and expertise.

The MPC has a number of sub-committees, namely the primary market practices sub-committee, the secondary market practices sub-committee, the legal and documentation sub-committee and the ECP sub-committee.