ICMA Women’s Network publishes White Paper on Gender equality in capital markets
24 September 2026 Over the past decade, the capital markets industry has made meaningful progress towards greater gender equality. However, while formal policies and organisational commitments have evolved, barriers to career progression remain, particularly around access to opportunity, visibility, sponsorship and influential networks.
ICMA is pleased to publish the ICMA Women’s Network (or IWN) White Paper: Gender equality in capital markets, which examines the current state of gender equality across the international capital markets industry and considers practical steps that firms, individuals and industry bodies can take to support further progress.
Drawing on a survey of IWN members across different regions, seniority levels and functions, alongside established external research, the White Paper explores seven recurring themes:
- Visibility, voice and confidence and their role in career progression and leadership recognition.
- Bias, workplace culture and informal power structures and their influence on access to opportunities.
- Female leadership visibility and the importance of role models.
- Sponsorship, mentorship and career progression, including the importance of active advocacy.
- Parenthood, caregiving and career sustainability and their continuing impact on career progression.
- Men as allies and the role of greater male engagement, sponsorship and leadership.
- Pay and transparency, including transparency around compensation, progression criteria and reward structures.
The White Paper also highlights reasons for optimism, including greater visibility of female leaders, more flexible working arrangements and stronger organisational focus on inclusion. Its central conclusion is that awareness of the challenges is no longer the principal issue. The priority is translating that awareness into sustained action.Rather than prescribing firm-level policy, the White Paper is intended as a practical resource for market participants, providing ideas for further discussion and action while reinforcing the business, talent, performance and market resilience case for gender equality.
To find out more about the ICMA Women’s Network and its work, or to join the network, visit www.icmagroup.org/IWN.
“This paper is an important contribution to a conversation our industry must continue to advance. Gender equality in capital markets is about fairness, but also about talent, leadership and the long-term strength of our market. The progress made through the ICMA Women’s Network is real; the task now is to turn insight into sustained action.”
Stephen Fisher, Head of Government and Public Affairs, Deutsche Bank AG, London and Chair of ICMA
“As a leading international industry association in financial services, ICMA has an important role in bringing market participants together to share experiences, challenge established practices and identify practical ways forward. This White Paper provides a valuable evidence base for further discussion on gender equality and, importantly, highlights actions that can help translate good intentions into meaningful and lasting progress across our industry.”
Bryan Pascoe, Chief Executive, ICMA
“I am encouraged by the rich response this survey has drawn from our members, which speaks to the convening power of this networkthe IWN. But the findings are also a timely reminder that despite real progress over the past decade, there remains much work to be done to achieve gender equality in our industry."
Katie Kelly, Co-founder and Lead of the ICMA Women's Network, Senior Director, ICMA
