International Capital Market Association

What International Capital Market Association does

International Capital Market Association (ICMA) is a private, membership-based trade association founded in 1969 and headquartered in Zurich, Switzerland, with additional offices in London, Paris, Brussels, and Hong Kong. It serves over 630 member firms spanning 71 jurisdictions, drawn from the sell-side (banks, dealers), buy-side (asset managers, institutional investors), corporate issuers, and sovereign/public sector issuers active in international capital markets. ICMA's core function is the development and maintenance of market practice standards, legal documentation frameworks, and regulatory policy positions that underpin cross-border securities and repo transactions globally.

ICMA's product portfolio includes the Global Master Repurchase Agreement (GMRA) — the de facto legal standard for repo transactions worldwide — the ICMA Primary Market Handbook, Secondary Market Rules & Recommendations (including Buy-in Rules), and the suite of sustainable finance principles for which it serves as Secretariat: the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, Sustainability-Linked Bond Principles, and the newly launched Climate Transition Bonds. Technology products include the Common Domain Model (CDM, developed with FINOS) and the Bond Data Taxonomy (BDT), both machine-readable data and process standards for repo and bond markets, as well as multiple FinTech directories and the GMRA Digital Assets Annex for digital and tokenized instruments. Education offerings span professional certification (ICMA-Certified Fixed Income Trader & Portfolio Manager), structured training courses, and academic partnerships.

ICMA generates revenue primarily through recurring membership fees from financial institutions, supplemented by one-time certification and examination fees (e.g., EUR 4,500–6,500 per ICMA-Certified qualification depending on format and membership status), publication sales, and event-related income. Distribution occurs via direct engagement, regional committees, an annual general meeting, regional summits, and digital channels including the icmagroup.org website, webinars, and professional networks such as ICMA Future Leaders, the ICMA Women's Network, and a mentoring platform. The association operates without external investors or parent-company ownership and is governed by its members through a Board, Executive Committee, and General Meeting structure.

Name

International Capital Market Association

Legal name

International Capital Market Association

Website

https://icmagroup.org

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

501–1,000 employees

Short description

International Capital Market Association (ICMA) is a Zurich-based global trade association serving 630+ member firms across 71 jurisdictions, providing standardized legal documentation, market practice rules, sustainable finance frameworks, and education programs for international capital markets participants.

Ownership category

akta.pro rank

Product category

Capital Markets Association Services

NAICS

Business Associations (813910), Securities and Commodity Exchanges (52321)

SIC

Services-Membership Organizations (8600), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

IPO & New Issue Issuer Services (Listing/ISIN setup) (FSACAKAH)

akta.pro secondary industry

Internal Audit & SOX/ICFR Advisory (BPAHAFAD)

Keywords

• Capital markets association
• Repo market documentation
• Sustainable bond principles
• Fixed income certification
• Secondary market rules

Headquarters

HQ city

Zürich

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Membership Fees: ICMA generates revenue primarily through membership fees from financial institutions, asset managers, banks, and other capital markets participants. Membership provides access to rules, recommendations, legal documentation, helpdesk services, and other member-exclusive resources.
2. Education and Training Programs: ICMA Education generates revenue through professional certification programs, courses, and training sessions. Programs include the ICMA-Certified Fixed Income Trader & Portfolio Manager, Financial Market Foundations, Debt Capital Markets, Fixed Income Trading & Strategies, and specialized courses in sustainable finance, fintech, and securities financing.
3. Certification and Examination Fees: Revenue from certification programs including examination fees for ICMA-Certified qualifications. The Fixed Income Trader & Portfolio Manager certification costs EUR 4,500-6,500 depending on format and membership status.
4. Publication Sales: Revenue from selling ICMA rule books, documentation frameworks, and research publications to non-members.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

ICMA is a membership-based trade association that develops and maintains standardised legal documentation, market practice rules, and regulatory policy frameworks for international capital and securities markets. Its core offerings include the Global Master Repurchase Agreement (GMRA), Secondary Market Rules & Recommendations (including Buy-in Rules), the Primary Market Handbook, sustainable finance principles (Green, Social, Sustainability, SLB and Climate Transition Bonds), the Bond Data Taxonomy, the Common Domain Model (CDM), professional certification programmes, and market data surveys.

Product overview

ICMA operates as a trade association providing a comprehensive suite of standardised frameworks, rules, and market infrastructure for international capital markets. The organisation offers core products including the Primary Market Handbook and Secondary Market Rules & Recommendations (including Buy-in Rules), legal documentation frameworks such as the Global Master Repurchase Agreement (GMRA) with Digital Assets Annex, and sustainable finance principles (Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, Sustainability-Linked Bond Principles, and the newly launched Climate Transition Bonds). Technology products include the Bond Data Taxonomy, Common Domain Model (CDM), and multiple FinTech directories. Education offerings span professional training courses and the ICMA-Certified Fixed Income Trader & Portfolio Manager certification. Data products include market surveys, trading activity reports, and the Sustainable Bonds Database. The association also provides regulatory helpdesk services and coordinates working groups across primary markets, secondary markets, repo and collateral, asset management, and FinTech/digitalisation.

Differentiator

Problem solved

Functional benefit

Brands

• ICMA Certified: Professional qualifications program for capital markets professionals including ICMA-Certified Fixed Income Trader & Portfolio Manager
• ICMA Education
• ICMA Future Leaders
• ICMA Women's Network

Products and services

• Global Master Repurchase Agreement (GMRA)
• ICMA Secondary Market Rules & Recommendations
• ICMA Primary Market Handbook
• Green Bond Principles (GBP)
• Social Bond Principles (SBP)
• Sustainability Bond Guidelines (SBG)
• Sustainability-Linked Bond Principles (SLBP)
• Climate Transition Bonds (CTBs)
• Bond Data Taxonomy
• Common Domain Model (CDM)
• GMRA Digital Assets Annex
• ICMA-Certified Fixed Income Trader & Portfolio Manager
• ICMA Education & Training
• European Repo Market Survey
• Sustainable Bonds Database
• ICMA GMRA Legal Opinions
• ICMA Legal & Regulatory Helpdesk
• European Secondary Market Data Reports
• Digital Bonds Annex

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered core, regional and flagship.

• International Islamic Financial Market (IIFM)coreStrategic or Co-development Partner · 19 February 2026IIFM and ICMA signed a Memorandum of Understanding to develop a global standardized documentation framework for Shari'ah-compliant repurchase agreements (Islamic Repo), officially titled the IIFM/ICMA Islamic Repo Master Agreement. The initiative addresses liquidity management challenges in Islamic finance by replacing fragmented practices with unified operational standards, leveraging ICMA's GMRA expertise and IIFM's Shari'ah standard-setting capabilities. Yusuf Battiwala from Norton Rose Fulbright appointed as Legal Counsel.
• People's Bank of China (PBoC)coreStrategic or Co-development Partner · 30 January 2026ICMA welcomed the People's Bank of China's recognition of the GMRA for bond repo transactions involving CIBM (China Interbank Bond Market) bonds. This recognition enables greater cross-border repo market activity using internationally recognized documentation standards.
• Association for Financial Markets in Europe (AFME)regionalStrategic or Co-development Partner · 6 October 2025ICMA and AFME published updated Confidentiality Agreement template for use in investment grade and high yield bond offerings.
• International Securities Lending Association (ISLA)coreStrategic or Co-development Partner · 2 October 2025ICMA and ISLA jointly published a legal opinion for Saudi Arabia covering enforceability of close-out netting under the Global Master Securities Lending Agreement (GMSLA) and Global Master Repurchase Agreement (GMRA). Written by Riyadh-based firm STAT Law, the opinion provides market participants assurance that securities lending and repo transactions will be enforceable under Saudi law, supporting Saudi Arabia's 2030 Economic Vision.
• Loan Market Association (LMA)flagshipStrategic or Co-development Partner · 4 September 2025ICMA and LMA co-host the Annual Africa Summit, with full support from South Africa's leading banks, IFC and other institutions. The summit brings together African debt capital market participants for discussions on market development.
• Financial Academy (Saudi Arabia)regionalStrategic or Co-development Partner · 29 July 2025ICMA Education & Training and Saudi Arabia's Financial Academy launched the Saudi Capital Markets Training Programme to develop professional expertise in Saudi Arabia's growing capital markets.
• Monetary Authority of Singapore (MAS)coreStrategic or Co-development Partner · 2 June 2025ICMA leads the Project Guardian Fixed Income workstream, with deliverables published as an addendum to the Guardian Fixed Income Framework. This initiative explores tokenization and digital assets in fixed income markets.
• Imperial College LondonflagshipStrategic or Co-development Partner · 20 May 2025ICMA Education & Training and Imperial College London announced a strategic partnership to launch a Sustainable Finance and Investing programme, combining ICMA's market expertise with academic rigor from a leading institution.
• FINOScoreTechnology or Integration · 12 November 2024ICMA collaborates with FINOS on the Common Domain Model (CDM) for repo and bonds - a standardized machine-readable and machine-executable data and process model developed for the financial industry.
• Association for Financial Markets in Europe (AFME)regionalStrategic or Co-development Partner · 4 November 2024ICMA and AFME publish Confidentiality Agreement template for use in investment grade and high yield bond offerings, standardizing documentation practices.
• NUS Asian Institute of Digital FinanceregionalStrategic or Co-development Partner · 3 July 2024ICMA and the NUS Asian Institute of Digital Finance announced strategic collaboration on digital finance research and market development initiatives in Asia.
• Islamic Development Bank (IsDB)coreStrategic or Co-development Partner · 2 June 2024ICMA, IsDB and LSEG published guidance on green, social and sustainability sukuk, providing frameworks for Shari'ah-compliant sustainable debt instruments.
• London Stock Exchange Group (LSEG)coreStrategic or Co-development Partner · 2 June 2024ICMA, IsDB and LSEG published guidance on green, social and sustainability sukuk, combining sustainable finance expertise with exchange market infrastructure.
• China Central Depository & Clearing Co. (CCDC)regionalStrategic or Co-development Partner · 26 February 2024ICMA and CCDC issued a joint white paper on the use of RMB bonds in global repo transactions, facilitating cross-border repo market development.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Securities Industry and Financial Markets Association (SIFMA): US-headquartered trade association for broker-dealers, asset managers, and securities firms. SIFMA is a much larger broad-market body covering equities, fixed income, and capital markets in the US, with overlapping advocacy, data, and educational functions but no comparable single-documents franchise like the GMRA.
• Global Financial Markets Association (GFMA): Umbrella organization for AFME, SIFMA, and ASIFMA, coordinating global advocacy for capital markets. GFMA sits above regional associations that overlap with ICMA's membership and policy remit, but is a broader coordinating body rather than a documentation-focused peer.

Others

• Fintech Open Source Foundation (FINOS): Open-source foundation for financial services technology, co-developer with ICMA of the Common Domain Model (CDM) for repo and bonds. FINOS is a technology-enabling peer rather than a direct competitor, but the two share a growing FinTech/digitalisation workstream.

Direct peers

• Association for Financial Markets in Europe (AFME): European trade association representing global investment banks and capital markets participants. AFME co-publishes documentation templates (e.g., Confidentiality Agreements for IG/HY bond offerings) with ICMA and overlaps in advocacy, market data, and primary-market policy work.
• International Securities Lending Association (ISLA): Trade association for the securities lending industry, administrator of the Global Master Securities Lending Agreement (GMSLA). ISLA co-publishes legal opinions with ICMA and operates an analogous membership, legal-documentation, and regulatory-engagement model focused on a related securities market vertical.
• International Swaps and Derivatives Association (ISDA): Global trade association that develops standard documentation for derivatives transactions, most notably the ISDA Master Agreement. ISDA is ICMA's closest functional analog: both are nonprofit, membership-based bodies that define the legal and operational standards for international capital markets.
• Loan Market Association (LMA): London-based trade association for the syndicated loan market, administrator of the LMA Standard Documents. LMA co-hosts the Africa Summit with ICMA and has a comparable membership-based, documentation-driven business model in an adjacent debt-market vertical.
• Alternative Investment Management Association (AIMA): Global hedge fund and alternative investment trade association with a comparable membership, advocacy, education, and certification-driven model. AIMA addresses the buy-side audience that overlaps with ICMA's Asset Management Investors Council.
• International Islamic Financial Market (IIFM): Bahrain-based standard-setter for Islamic financial markets, focused on Shari'ah-compliant documentation. IIFM signed a 2026 MoU with ICMA to develop the IIFM/ICMA Islamic Repo Master Agreement, reflecting directly overlapping remit on cross-border financial documentation.

Regional players

• Asia Securities Industry and Financial Markets Association (ASIFMA): Hong Kong-based regional trade association for Asia-Pacific capital markets. ASIFMA competes for institutional mindshare in markets where ICMA is expanding (Hong Kong, China, Singapore) and engages on overlapping topics such as bond market liquidity and sustainable finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@theICMA
• LinkedInlinkedin.com/company/international-capital-market-association-icma-
• Xx.com/icmagroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about International Capital Market Association