ICMSA

What ICMSA does

ICMSA is a London-headquartered, membership-based professional association founded in 1994 that represents institutions providing Paying Agency and related services in the international capital markets. The association operates with a lean 1–10 employee base and serves 44+ member institutions spanning global banks (Deutsche Bank, HSBC, BNP Paribas, Citibank, BNY, MUFG, Société Générale Luxembourg, Banque et Caisse d'Epargne de l'Etat Luxembourg / Spuerkeess), International Central Securities Depositories (Clearstream Banking S.A. and Euroclear Bank SA/NV), corporate trustee providers (Law Debenture, CSC, GLAS, Kroll, M&G, Wilmington Trust, Mizuho Trust, Apex), and a significant contingent of international law firms (Linklaters, Clifford Chance, Freshfields, Norton Rose Fulbright, Herbert Smith Freehills Kramer, Ashurst, Allen Overy Shearman Sterling, Baker McKenzie, Hogan Lovells, Sidley Austin, Mayer Brown, Slaughter and May, and others). Its stated mission is to foster the highest standards in the practice and management of international capital market services by considering regulatory, legal, and fiscal market developments affecting the issuance and asset servicing of international securities.

ICMSA does not operate as a technology or product vendor. Its offerings are published best-practice recommendations, bulletins, and white papers developed through five sub-committees covering Market Practice, Global Tax, Trustee, Primary Market, and Post-Trade, distributed via the ICMSA website, sub-committee meetings, and the annual AGM & Forum (the 29th edition hosted by Norton Rose Fulbright in 2024). Recent outputs include the 2024 ICMSA White Paper on the Eurobond Market, Bulletin 241218/65 covering the Japan tax relief procedure, and Bulletin 250107/66 with updated pro-forma standard meeting provisions for bondholders/noteholders incorporating enhanced electronic consent wording. ICMSA positions its scope against a EUR 13.2 trillion Eurobond market with 12,000 issuers across 130 countries and over 350,000 distinct securities in circulation, with annual issuance of 300,000 to 550,000 new securities by private institutions, central banks, and supranational organisations.

Revenue is generated through membership fees; specific pricing tiers are not publicly disclosed. The organization is governed by a Management Committee composed of representatives from member institutions, chaired by Rochelle Hsu (Deutsche Bank AG London), with Vice-Chairs Bob King, Dan Kuhnel (Euroclear Bank SA/NV), and Jeff Allen (BNY), and run day-to-day by Secretary General & Treasurer Joanna O'Connor, supported by a Business Development Manager. Operating geographies span the UK, Luxembourg, the US, Ireland, France, Germany, the Netherlands, and Belgium, with the association describing itself as having a global footprint in support of Eurobond market practice.

Name

ICMSA

Legal name

International Capital Market Services Association

Website

https://icmsa.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

ICMSA is a London-headquartered membership association founded in 1994 that develops best-practice standards for institutions providing Paying Agency and related services in the international capital markets, serving 44+ banks, ICSDs, law firms, and corporate trustees globally.

Ownership category

akta.pro rank

Product category

Capital Market Industry Association

NAICS

Business Associations (813910)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Technical Committees, Working Groups & Expert Panels (BPADANAB)

akta.pro secondary industries

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), International CSDs (ICSDs) (FSAFAGAB)

Keywords

• Capital market association
• Market practice standards
• Eurobond services
• Securities industry group
• International capital markets

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels1 record

Marketing channels3 records

Core offering

ICMSA is a London-based membership industry association that fosters the highest standards in the practice and management of international capital market services. It represents institutions providing Paying Agency and similar services, considers regulatory, legal and fiscal market developments impacting issuance and asset servicing of international securities, and produces published best-practice recommendations through five specialized sub-committees (Market Practice, Global Tax, Trustee, Primary Market, Post-Trade). Members receive full access to ICMSA publications, sub-committee participation, voting rights at general meetings, and eligibility for the Management Committee.

Product overview

ICMSA is an industry association for international capital market services, not a product company. It represents institutions providing Paying Agency and similar services in international capital markets. The association's offerings consist of published best practices, standards, and recommendations through its sub-committees (Market Practice, Global Tax, Trustee, Primary Market, Post-Trade), along with ICMSA Bulletins, White Papers, and industry guidance documents rather than software products or technology offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• ICMSA Membership Institutional membership in the International Capital Market Services Association for global banks, ICSDs, law firms, and corporate trustees active in the Eurobond and international securities markets.
• ICMSA Bulletins Timely industry guidance documents published by ICMSA sub-committees covering topics such as standard meeting provisions for bondholders, global tax relief procedures, and market practice updates.
• ICMSA White Papers In-depth research papers such as 'The Eurobond Market – where global issuers meet global investors' that document and contextualize the international capital markets for members and stakeholders.
• ICMSA AGM and Forum Annual industry conference and general meeting of ICMSA members covering regulatory, legal, and market practice developments affecting international capital market services.
• Sub-Committee Participation Working group participation for member institutions in specialized sub-committees that develop published best-practice recommendations across market practice, global tax, trustee matters, primary market, and post-trade areas.

Named customers44 records

Segments4 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core.

• Euroclear Bank SA/NVcoreStrategic or Co-development PartnerEuroclear Bank SA/NV is a key member and represented on the Management Committee. Dan Kuhnel serves as Vice-Chair and Market Practice Sub-Committee Chair. Euroclear is one of the two major ICSDs supporting the Eurobond ecosystem.
• Clearstream Banking S.A.coreStrategic or Co-development PartnerClearstream Banking S.A. is a key member with Guido Wille serving on the Management Committee. Clearstream is one of the two major ICSDs that were designed to support the Eurobond market from its inception.
• Deutsche Bank AG LondoncoreStrategic or Co-development PartnerDeutsche Bank AG London is represented by Rochelle Hsu who serves as ICMSA Chair & Director. Deutsche Bank is a major player in international capital markets services.
• BNP Paribas SAcoreStrategic or Co-development PartnerBNP Paribas SA is a member institution with Helen Tricard serving on the Management Committee. BNP Paribas is one of Europe's largest banks operating in international capital markets.
• HSBC Bank plccoreStrategic or Co-development PartnerHSBC Bank plc is a member with Kevin Turner and Bob King (Vice-Chair) serving on the Management Committee. HSBC is a major global bank in international capital markets.
• Citibank N.A.coreStrategic or Co-development PartnerCitibank N.A. is a member with David Jones and Jillian Hamblin (Trustee Sub-Committee Chair) involved in ICMSA leadership. Citibank is a major provider of paying agency services.
• BNYcoreStrategic or Co-development PartnerBNY (Bank of New York Mellon) is represented by Jeff Allen (Director) and Elizabeth Fortune on the Management Committee. Jeff Allen also serves as Vice-Chair of ICMSA.
• Norton Rose Fulbright LLPcoreStrategic or Co-development PartnerNorton Rose Fulbright LLP sponsored and hosted the 29th ICMSA AGM & Forum in 2024, demonstrating their commitment to the association and industry standards.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Securities Industry and Financial Markets Association (SIFMA): SIFMA is the largest US securities industry trade association covering capital markets, asset management and broker-dealers - a much larger broad-incumbent equivalent of ICMSA in scope and governance model.
• Association for Financial Markets in Europe (AFME): AFME represents a broad cross-section of European wholesale financial market participants, including many of the same global banks that are ICMSA members, advocating on capital markets regulation and producing market standards.
• Global Financial Markets Association (GFMA): GFMA is the global umbrella association for AFME, SIFMA and ASIFMA, coordinating industry positions on cross-border capital markets issues - comparable in mission and partially overlapping membership with ICMSA.

Direct peers

• Futures Industry Association (FIA): FIA is the leading global trade organization for the derivatives and listed futures industry, setting operational standards and advocating on market structure - shares the association model and standards-development function with ICMSA.
• Alternative Investment Management Association (AIMA): AIMA is a membership association representing the alternative investment industry globally, publishing standards, guidance and best practice - analogous operating model to ICMSA but in hedge funds and private credit.
• International Swaps and Derivatives Association (ISDA): ISDA is a membership-based standards body for the derivatives market, producing the ISDA Master Agreement and related documentation - comparable to ICMSA in operating model, member composition (dealers, law firms) and standards-development function.
• International Capital Market Association (ICMA): ICMA is the primary trade association for the international bond and syndicated loan markets, developing primary and secondary market standards and recommended documentation - the closest functional peer to ICMSA in international capital markets.
• Association of National Numbering Agencies (ANNA): ANNA is the global association of national numbering agencies responsible for ISIN allocation for securities, providing operational standards to financial market infrastructures - the most directly comparable infrastructure-side standards body to ICMSA's role in capital market services.

Emerging players

• International Association of Credit Portfolio Managers (IACPM): IACPM is a membership association for credit portfolio managers at financial institutions, operating with a similar association-and-best-practice model as ICMSA in the wholesale credit market.

Others

• Institute of International Finance (IIF): IIF is the global association of the financial industry with members including the same major banks as ICMSA, focused on macroprudential and regulatory advocacy rather than operational standards.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/icmsa

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICMSA