This page is dedicated to ICMA’s Bond Market Policy Mind Map and Ecosystem*, for general informational use.
This chart shows the bond life-cycle, with the key actors in the fixed income markets at the centre, and a selection of major international policy developments around it.
The aim is to visualise the interconnectivity of policies and main actors in the bond market and its life cycle. It highlights some of the main themes relevant to issuers, investors, and intermediaries as well as market infrastructure and includes links for further educational reading. This illustrates the bond market in a simplified way. The selection of key themes is a subjective and dynamic process, and will be regularly updated.
The placemat can serve a variety of purposes. It can be used as an educational tool introducing some technical terms, explaining the functioning of Debt Capital Markets (DCM), its actors and the main policy initiatives that govern the activities and relationships among the players. It is also a reference document, highlighting some of the key activities that ICMA is involved in on behalf of its members internationally and an entry portal into further thought leadership contributions and publications. It offers themes for engagement with policy makers and members, to prompt an exchange of views and learn more about the opinions and activities of ICMA stakeholders.
A navigation guide text, glossary and a short video with an animated slide show, published below explain in more detail its individual elements, representing altogether an educational engagement tool.
Download the ICMA Bond Market Policy Mind Map & Ecosystem chart
(last updated September 2025)
View the Navigation Guide.
View the Glossary.
For further information, please contact the ICMA Brussels team at brussels@icmagroup.org.
*Disclaimer: ICMA’s Bond Market Policy Mind Map and Ecosystem provides no more than a snapshot of some key aspects in the fixed income market. It does not purport to be complete or to provide legal or other advice but is aimed at generating discussion with stakeholders and members on policy developments in the fixed income markets and we would be delighted to exchange views on these aspects.
