Digitisation of debt issuance continued apace in 2021. ICMA’s latest review of its primary markets technology directory, conducted in Q4 of last year, saw the addition of more than 10 platforms or applications for the issuance of debt instruments. This brings the total number of solutions to over 45, up from 35 in Q4 2020 and more than doubling compared to 2018 when the directory was first launched.

The directory seeks to provide greater transparency in a rapidly expanding competitive marketplace by comparing the key features and capabilities of technology solutions available to automate all or part of the process of issuing debt securities. The scope includes bonds, but also other types of debt instruments such as commercial paper, loans and Schuldscheine. It highlights whether the various solutions are aimed at underwriters, investors, issuers or others, at what stage of the issuance process they can be utilised, supported issuance methods as well as connectivity options.

Key observations:

    • Since the last review in 2020, new technology offerings have targeted in particular bond syndication, seeking to enhance deal-related data management and communication between underwriters and issuers, but also investors.
    • New platforms have emerged to streamline end-to-end issuance workflows, but also to support the issuance, trading and settlement of digital securities based on distributed ledger technology.
    • The directory includes a growing number of auction platforms aimed at both public sector and corporate issuers, amongst others.

The directory does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the directory and wish to join are very welcome to do so.

This initiative complements ICMA’s mappings of Electronic Trading Platforms, Repo Trading technologies, and FinTech solutions for repo and cash bond operations.

Download the ICMA Primary Markets Technology directory
(last update: 08 February 2022)

This unique resource is one of several ICMA technology directories available to members, contributing non-member providers and regulators through the ICMA webpage. To download the directories, please contact our membership department if you do not know your firm’s login credentials. 

If your firm is not a member of ICMA, please contact Sanaa Clausse-BenAbdelhadi for more information about membership.


      • This directory focuses on available and emerging solutions in primary bond markets.
      • The mapping directory compares the capabilities of the different providers, but it does not provide any information on volume or market share.
      • All providers responded in their own words. ICMA did not modify any wording provided by the providers participating in this directory.
      • ICMA does not endorse any particular solution or provider. The mapping directory is for reference only and will be updated as and when necessary.
      • The providers will be responsible for sending updates to ICMA. The table will be updated as close to real time as possible.

Legal Disclaimer:

The information and content provided herein have been prepared and provided by third-parties. This information is provided by ICMA to its members for information purposes only and should not be relied upon as legal, financial or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.


Georgina Jarratt
Managing Director, Head of Fintech and Digitalisation
Direct line: +44 20 7213 0348

Gabriel Callsen
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334

Rowan Varrall
Associate, Fintech and Digitalisation
Direct line: +44 20 7213 0317

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