Treasury Markets Association

What Treasury Markets Association does

Treasury Markets Association (TMA) is a Hong Kong-incorporated professional industry association established in 2005 through the institutionalisation of the Treasury Markets Forum of Hong Kong and the merger with ACI-The Financial Markets Association of Hong Kong. It is the sole industry body endorsed by the Hong Kong Monetary Authority (HKMA) for treasury market standards in Hong Kong, and it administers an HKMA-endorsed Code of Conduct and Practice that institutional members and money brokers are required to observe.

TMA's core offerings are organized around a three-tier Professional Qualification Framework (PQF) for treasury practitioners: a Level 1 Professional Certificate in Treasury Markets delivered via HKMU LiPACE (QF Level 4, HKD 4,600), a Level 2 Postgraduate Certificate in Banking and Corporate Treasury Management delivered via HKU SPACE (QF Level 6, HKD 7,000/module), and a Level 3 Treasury Market Management Masterclass delivered via CUHK Business School (HK$48,000). TMA also administers the Enhanced Competency Framework on Treasury Management (ECF-TM) with HKMA, issuing ATMP, CTMP, and CSTMP designations, and provides market infrastructure services including the FX Global Code Public Register (183 signatories as of March 2026), LIBOR transition resources, benchmark data at benchmark.tma.org.hk, and a continuing program of seminars, webinars, and networking events with SFC-recognized CPD credits.

TMA generates revenue from four streams: recurring individual and institutional membership subscriptions, one-time fees from the PQF and other education programs, event and seminar fees, and ancillary services tied to the FX Global Code register. The customer base is distributed across Hong Kong's banking and financial services industry, including global and regional banks, money brokers, corporate treasury departments, and individual practitioners, with members progressing through increasingly senior credentials within the TMA ecosystem. In May 2026, TMA signed a Strategic MOU with the Hong Kong Institute of Bankers to broaden its professional development collaboration across the banking sector.

Name

Treasury Markets Association

Legal name

Treasury Markets Association

Website

https://www.tma.org.hk

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Treasury Markets Association (TMA) is a Hong Kong-based professional industry association established in 2005 that serves treasury market practitioners through a three-tier Professional Qualification Framework, HKMA-endorsed competency certification (ECF-TM), market data and benchmark services, and the FX Global Code Public Register.

Ownership category

akta.pro rank

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Membership Fees: TMA generates revenue through individual and institutional membership fees. Individual members and staff of institutional members receive access to member benefits, CPD credits, educational programs, and networking events.
2. Education and Training Programs: Revenue from professional certification programs including Professional Certificate in Treasury Markets (HKD 4,600), Postgraduate Certificate courses (HKD 7,000 per module), and Treasury Market Management Masterclass (HK$48,000). Also includes exam fees and crash course fees.
3. Event and Seminar Fees: Revenue from seminars, webinars, crash courses, and networking events with CPD credits offered for professional development.
4. FX Global Code Registration Services: TMA hosts a public register for market participants in Hong Kong to make their Statement of Commitment to FX Global Code public. The register includes 183 statements as of March 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

TMA is an industry association that delivers a three-level Professional Qualification Framework (PQF) for treasury markets (Level 1 Professional Certificate with HKMU LiPACE, Level 2 Postgraduate Certificate with HKU SPACE, Level 3 Masterclass with CUHK Business School), administers the Enhanced Competency Framework on Treasury Management (ECF-TM) jointly with the Hong Kong Monetary Authority, hosts the FX Global Code Public Register, publishes benchmark/market data via benchmark.tma.org.hk, and provides individual/institutional membership, the Code of Conduct and Practice, LIBOR transition resources, and CPD-accredited seminars and events.

Product overview

Treasury Markets Association (TMA) is a professional association incorporated in 2005 that promotes professionalism and competitiveness of treasury markets in Hong Kong. The organization operates a multi-tiered educational ecosystem comprising the Professional Qualification Framework (PQF) with three levels: Professional Certificate in Treasury Markets (Level 1), Postgraduate Certificate in Banking and Corporate Treasury Management (Level 2), and Treasury Market Management Masterclass Program (Level 3). TMA also administers the Enhanced Competency Framework on Treasury Management (ECF-TM) with certifications including ATMP, CTMP, and CSTMP. The association provides market infrastructure services including benchmark/market data, FX Global Code public register, LIBOR transition resources, and administers the Code of Conduct and Practice. Membership services include Individual and Institutional categories, complemented by ongoing seminars, events, and continuing professional development (CPD) opportunities.

Differentiator

Problem solved

Functional benefit

Products and services

• Professional Qualification Framework (PQF) A three-level professional qualification framework for treasury markets practitioners in Hong Kong, comprising Level 1 Professional Certificate (QF Level 4), Level 2 Postgraduate Certificate (QF Level 6), and Level 3 Masterclass Program. Aimed at treasury market professionals seeking standardized industry-recognized qualifications.
• Professional Certificate in Treasury Markets (Level 1) A QF Level 4 recognized qualification delivered in collaboration with HKMU LiPACE, providing junior treasury staff with foundational knowledge of financial and treasury markets and their operating environment. Aimed at junior staff engaged in treasury markets activities.
• Postgraduate Certificate in Banking and Corporate Treasury Management (Level 2) A QF Level 6 qualification awarded within the HKU system through HKU SPACE, providing middle/senior management staff with breadth and depth of knowledge of treasury markets, products, risk management, and compliance. Aimed at middle and senior management in treasury functions.
• Treasury Market Management Masterclass Program (Level 3) An advanced executive program delivered in collaboration with CUHK Business School, designed for senior Treasury Market executives to develop analytical skills, broaden strategic thinking, and prepare for future opportunities through simulation exercises. Requires TMA Full Membership and competitive selection.
• Enhanced Competency Framework on Treasury Management (ECF-TM) An industry-wide competency framework launched by HKMA, TMA, and the banking industry to facilitate building professional competencies for practitioners working in Treasury Management. Certifications include ATMP, CTMP, and CSTMP at Core, Professional Level I, and Professional Level II tiers. Aimed at practitioners engaged by Authorized Institutions undertaking treasury management activities.
• Market Data/Benchmark Services Market data platform providing benchmark rates and market information for treasury markets participants in Hong Kong. Aimed at treasury market participants requiring reference rates and benchmark data.
• LIBOR Transition Resources Comprehensive resources and guidance for transitioning from LIBOR to alternative reference rates, including transition guides, market practices, and regulatory information. Aimed at financial institutions and corporate treasury teams navigating the LIBOR transition.
• FX Global Code Public Register A public register hosted by TMA for market participants in Hong Kong to make their Statement of Commitment to the FX Global Code publicly available. 183 statements registered as of March 2026, including major institutions such as Bank of China (Hong Kong), HSBC, Standard Chartered, and Morgan Stanley Bank Asia.
• Code of Conduct and Practice A code setting out minimum standards which institutions should follow in their treasury market activities, endorsed by HKMA. Institutional and Individual Members of TMA and all money brokers are required to observe and comply with the Code.
• Individual Membership Membership category for financial professionals engaged in treasury markets, offering access to education, events, networking, and professional development resources. Aimed at individual treasury market practitioners.
• Institutional Membership Membership category for financial institutions, money brokers, corporations, and other organisations participating in treasury markets. Aimed at banks, authorized institutions, and corporate treasury departments.
• Seminars & Events Continuing professional development events including courses, webinars, exams, and seminars for treasury markets professionals. CPD credits are recognized by SFC and ECF-TM. Aimed at individual practitioners and institutional staff seeking professional development.

Quantifiable outcome

• TMA has been operating since 2005 with consistent annual reports published (2006-2025)
• +1 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Hong Kong Institute of BankerscoreStrategic or Co-development Partner · 4 May 2026TMA and Hong Kong Institute of Bankers signed a Strategic Memorandum of Understanding to collaborate on professional development initiatives for banking and treasury market practitioners. The partnership aims to enhance professionalism and continuing education in Hong Kong's financial services sector.
• HKU SPACEcoreStrategic or Co-development PartnerTMA partners with HKU SPACE to deliver the Postgraduate Certificate in Banking and Corporate Treasury Management (Level 2 PQF program). The program is awarded within the HKU system, combining academic rigor with industry-focused treasury content.
• Hong Kong Metropolitan University (HKMU) LiPACEcoreStrategic or Co-development PartnerTMA collaborates with HKMU LiPACE to deliver the Professional Certificate in Treasury Markets (Level 1 PQF program). HKMU LiPACE provides the e-learning platform and academic certification, while TMA provides industry expertise and recognition.
• CUHK Business SchoolcoreStrategic or Co-development PartnerTMA collaborates with CUHK Business School to deliver the Treasury Market Management Masterclass Program (Level 3 PQF program). CUHK provides faculty, facilities, and academic framework for the advanced executive education program targeting senior treasury market executives.
• Hong Kong Monetary Authority (HKMA)coreStrategic or Co-development PartnerHKMA collaborates with TMA and the banking industry to launch the Enhanced Competency Framework on Treasury Management (ECF-TM). The HKMA endorses TMA's Code of Conduct and Practice. HKMA provides regulatory oversight and support for industry-wide competency standards.
• ACI - The Financial Markets AssociationminorOthersACI-The Financial Markets Association of Hong Kong merged with the Treasury Markets Forum of Hong Kong in 2005 to form TMA. TMA maintains connections with the global ACI network.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• ACI - The Financial Markets Association: ACI-FMA is the global counterpart organization for financial market practitioners, providing certifications (ACI Dealing Certificate, AMCTF) and market standards worldwide. TMA itself was formed via merger with ACI Hong Kong in 2005, making ACI the closest direct peer with overlapping product offerings (dealer certifications, codes of conduct) and shared regulatory philosophy.
• Hong Kong Institute of Bankers (HKIB): HKIB is Hong Kong's leading banking professional body offering Certified Banker and other qualifications. TMA and HKIB signed a Strategic MOU in May 2026 to collaborate on professional development, positioning HKIB as a co-equal HK-based professional body serving overlapping banking and treasury practitioner segments.
• Asia Pacific Loan Market Association (APLMA): APLMA is the regional loan market industry body that TMA partnered with to publish LIBOR transition guidance. Both serve HK-based financial market practitioners, develop market standards, and engage with HKMA on industry-wide reference rate transitions.

Broad incumbents

• Asia Securities Industry & Financial Markets Association (ASIFMA): ASIFMA is the broader Asia Pacific industry association for capital markets, covering securities, fixed income, and FX. TMA's focus on HK treasury markets is a narrower subset of ASIFMA's coverage, but they both serve buy-side and sell-side practitioners in the region with standards and advocacy functions.
• International Swaps and Derivatives Association (ISDA): ISDA sets global standards for derivatives markets and offers the widely-recognized ISDA Master Agreements. TMA's Code of Conduct and FX Global Code activities overlap with ISDA's scope, and both engage with HK regulators on treasury and derivatives market standards.
• Global Association of Risk Professionals (GARP): GARP administers the globally-recognized FRM and SCR certifications for risk professionals. While GARP focuses on risk (vs. TMA's treasury focus), both compete for the same bank treasury and risk practitioner audience with professional certification programs.
• Chartered Institute for Securities & Investment (CISI): CISI provides globally-recognized financial services certifications (including for capital and treasury markets). CISI competes with TMA's PQF for institutional training budgets, especially for international banks operating across multiple Asian markets.
• International Capital Market Association (ICMA): ICMA sets standards for international capital markets and offers qualifications for debt capital market and FX practitioners. ICMA represents the broader global standard-setter peer for TMA's Code of Conduct and FX-related market infrastructure activities.

Regional players

• Securities and Futures Commission (SFC) of Hong Kong: SFC is HK's securities regulator that recognizes TMA as a CPD provider. While SFC is a regulator rather than a peer, it occupies adjacent territory in setting professional standards and licensing requirements for HK financial market practitioners.
• Australian Financial Markets Association (AFMA): AFMA is the Australian counterpart industry association for wholesale financial markets, offering the AFMA Dealing Certificate and codes of conduct. AFMA is the most directly comparable Asia-Pacific regional association model that TMA could benchmark against for expansion.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Treasury.Markets.Association
• Instagraminstagram.com/treasury.markets.association

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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

Frequently asked questions about Treasury Markets Association