Membership, Events and Communications

Membership

ICMA’s membership continues to demonstrate robust growth and strong engagement across 71 jurisdictions. In 2025, we welcomed 37 new members, including 4 Tier 2b upgrades, bringing our total to 637 members, up from 624 the previous year, the highest number in the last two decades. Despite 24 resignations, primarily due to cost-cutting, reorganisations, and mergers, this marks a clear net positive trajectory. Importantly, 99% of membership invoices for 2025 were paid, underscoring the strength and resilience of our community.

A key highlight of the year was the AGM 2025 in Frankfurt, which drew 264 voting members, representing 57.1% of total membership. This record level of participation marks the highest voting turnout in ICMA’s history and reflects the strong engagement fostered by the Membership team.

The launch of the GMRA Legal Opinions Subscription Service was another milestone achievement. At inception, the service attracted 39 new subscribers and prompted 11 members to upgrade to Tier 2b. Today, it boasts 48 active subscribers, with all payments received, a clear testament to its relevance and value in supporting member needs.

Our committees remain at the heart of ICMA’s work. Over 20 regional committee meetings were hosted this year, reinforcing ICMA’s role as a trusted convenor and strengthening member relationships across jurisdictions. We also welcomed new Chairs for the Committee of Regional Representatives (CRR) in Southern Africa, Germany, and MENAT, whose energy and commitment are already reinvigorating regional engagement. In addition, ICMA hosted a series of regional lunches and networking sessions, providing valuable opportunities for members to connect and exchange insights, a tangible record of active engagement throughout the year.

Capacity-building efforts with regulators and the official sector gained significant momentum in 2025. ICMA delivered initiatives for IOSCO members in Madrid and Kuala Lumpur, and held workshops in Mauritius, Indonesia (OJK & Bank of Indonesia), Philippines (BSP), UAE (Central Bank), and India (RBI & SEBI). These programmes reinforce ICMA’s role as a global partner in strengthening capital markets infrastructure and supporting regulatory development worldwide.

Strategic Focus: Expanding ICMA’s regional reach and influence

ICMA continues to strengthen its engagement across the Middle East, North Africa and Türkiye (MENAT), with the region now representing one of the Association’s most dynamic growth areas. Over the past year, ICMA has deepened relationships with regulators, trade associations and member firms, while expanding its visibility through high-level events, collaborative initiatives and regional market development projects.

A key focus has been building the MENAT Regional Committee into an active forum that supports engagement, policy dialogue and new membership growth. The Committee has played a central role in guiding ICMA’s priorities for the region and in fostering collaboration between local and international market participants. A new chair and vice chair have been recently elected: Mohammed Sharad from Islamic Development Bank and Nadia Zubairi from Bank ABC. Under their leadership, we are expecting ICMA’s footprint in the region to deepens.

ICMA has worked closely with regional regulators and peer associations to advance cross-market dialogue and standardisation, including through events and shared initiatives.

The following were held in 2025:

The Saudi Capital Market Summit in collaboration with ISDA and ISLA
Capital market workshop at the Saudi Financial Academy’s annual conference
Moderated panels at Securities Finance Times Saudi Symposium in Riyadh and Absolute Collateral MENAT Forum in Dubai
Joined panel at ADGM & IOSCO’s AMERC conference in Abu Dhabi
Moderated 2 panels at ICA’s Annual Conference in Dubai

Further regional content and joint events are under development to capture the distinctive evolution of MENAT capital markets. Notably, the ICMA MENAT Primary Market Forum 2026 planned for 2 February 2026 in Dubai and the Saudi Securities Finance Forum 2026 to be held in April 2026, jointly organised with ISLA. Both have generated high levels of interest for sponsorship.

Together, these initiatives underline ICMA’s long-term commitment to supporting market development, regulatory dialogue and professional capacity-building across MENAT — ensuring that regional perspectives are embedded in ICMA’s global work while delivering tangible local impact.

In addition to our technical assistance and regional event participation, ICMA Education & Training has partnered with regional institutions in Saudi Arabia and the UAE to develop and deliver capacity building training programmes to support market participants in building the knowledge and skills required to implement and align with international standards.

Summary

2025 has been a year of growth, innovation, and engagement for ICMA’s Membership team. From record-high membership numbers and successful new services to active regional leadership and impactful capacity-building initiatives, the team has delivered outstanding results that reinforce ICMA’s global reach and influence.

Contact: membership@icmagroup.org

Events

In 2025, ICMA have supported 55 industry events and welcomed 4,800 delegates to almost 40 events globally across Europe, the Middle East, Asia Pacific, and the USA.

Key regional activities include:

Riyadh: We co-hosted “Capital Markets & the Kingdom of Saudi Arabia – Delivering Liquidity & Depth in Derivatives, Financing & Secondary Bond Markets” with ISDA and ISLA, alongside the Saudi Tadawul Group’s 3rd Annual Capital Market Forum
Singapore: We partnered with SGX on “Advancing Sustainable Finance and Climate Transition in Asia.
Shanghai: We collaborated with CCDC to deliver the “ICMA China Sustainable Finance Conference.
West Africa: We launched a new annual conference focused on local bond market development and regional capacity building.

Earlier this year, a record 1,200 senior market participants from around 60 countries joined us for ICMA’s 57th AGM & Conference in Frankfurt, supported by the German regional committee.

High-profile speakers focused on the state of and outlook for the international bond markets, taking a deep dive into economic fragmentation, geopolitical developments, private credit, regulation of the securitisation market, the future of the repo and sustainable finance markets and of course, the impacts of AI and digitalisation.

More recently, nearly 500 delegates gathered in Tokyo for the 11th Annual Conference of the Principles, a full day event, supported by the Japan Securities Dealers Association (JSDA). The conference showcased updates on 2025 guidance and provided a platform for discussions on global sustainable finance topics, including transition finance and the impact of regulation.

The annual FinTech and Digitalisation Forum took place in London, attracting 300 delegates. Building on last year’s agenda, the forum included updates from the buy and sell side, market infrastructure providers, technology firms, SSA issuers, and regulators.

We extend our thanks to members for continuing to support our events offering through speaking, hosting, and sponsorship.

Contact: events@icmagroup.org

Communications

In 2025, ICMA continued to strengthen its communications programme with a clear focus on improving member access to insight, analysis, and practical interpretation of market and regulatory developments. Building on progress made in 2024, the year saw further improvements in reach, engagement, and the effectiveness of ICMA’s core communication channels.
ICMA’s issued over 25 reports and white papers in 2025 included the flagship ICMA Quarterly Report, which now approaches its 80th edition. These provided members with visibility of ICMA outputs and regulatory engagement, supporting transparency and awareness across a diverse global membership.

Read ICMA’s reports and papers here.

Read the ICMA Quarterly Report here.

ICMA recognises that social media is an important part of an effective communications strategies. Our focus on LinkedIn presence as an additional distribution channel has enabled us to gain over 6,300 followers over the course of the year, thereby extending the reach of ICMA content and reinforcing its visibility as a trusted industry reference point.

Follow ICMA on LinkedIN

ICMA’s podcast series has also grown in popularity, with 63 episodes released in 2025 and over 8,600 global downloads year to date.

Available through major platforms like iTunes, Spotify, and the ICMA website, these podcasts provide members with on-the-go access to expert discussions, including “The AMIC Podcast” and “The ICMA Social Bonds Podcast”.

Browse our webinar and podcast library

Looking forward ICMA aims to align webinars with the release of major white papers and reports, providing members with structured opportunities to explore key findings, ask questions, and engage directly with ICMA experts.

Press Releases

To keep members informed and amplify the impact of our work, ICMA issued 83 press releases supporting key reports, guidance, white papers, consultations, and ICMA network activities.

ICMA’s news page is the best place to keep up to date on our most recent work.

These integrated, cost-efficient channels have enhanced the accessibility and impact of ICMA’s output, strengthening member engagement and reinforcing ICMA’s role as a practical source of market insight.

Contact: PressOffice@icmagroup.org