The Association was established under the name “Association of International Bond Dealers” (AIBD) in February 1969 in Zurich, where it is entered in the commercial register.
With effect from January 1, 1992, the Association changed its name to “International Securities Market Association” (ISMA). As a result of the Association’s merger with the International Primary Market Association (IPMA), the Association changed its name to “International Capital Market Association” (ICMA) effective July 1, 2005.

1970s

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. opens in London to provide data services to the market, and in 1989 AIBD launches TRAX, the transaction matching and regulatory reporting system.

 

General Certificate Programme (GCP) replaces AIBD certificate. Global Master Repurchase Agreement (GMRA) launched in 1992 and the ISMA Centre established at the University of Reading.
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” under the Swiss Federal Act on Stock Exchanges and Securities Trading (SESTA) in 1998. In this capacity and to the extent of its submission under SESTA, ISMA is subject to the Swiss Federal Banking Commission’s supervision.

 

ISMA maintains its ISSRO status under the Financial Services and Markets Act 2000.
The International Repo Council is formed under ISMA 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.

 

ISMA and the International Primary Market Association (IPMA) create ICMA. The Regulatory Policy team is built up to provide services and expertise for members.

 

ICMA adopts a new governance and management structure which clearly identifies the board’s supervisory role and the executive committee’s responsibility for the Association’s management.
ICMA develops close working relationships with other associations, pursuing informal co-operation on regulatory policy work, establishes partnerships with local trade associations worldwide and combines activities with the Euro Debt Market Association (AMTE).
ICMA extends representation to all capital market constituencies, with the investor-led Asset Management and Investors Council and the Covered Bond Investor Council, and opens associate
membership to law firms. A membership categorisation structure is introduced.
ICMA creates a new sub-region covering Latin America. 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 sells its market services arm, Xtrakter, to Euroclear.