For readers who may not be familiar with ICMA, could you give us an overview of the association and its core mission?
The International Capital Market Association, or ICMA, is a not-for-profit trade association that has been at the heart of international debt capital markets for over 50 years. Our mission is to promote resilient, well-functioning, and globally coherent debt securities markets, which are essential to fund sustainable economic growth and development.
We represent a diverse community of over 620 member institutions from more than 70 jurisdictions worldwide, including banks, issuers, asset managers, infrastructure providers, and law firms. What makes ICMA distinctive is our focus on cross-border markets and our commitment to international standards that help these markets operate efficiently. ICMA’s core areas of focus are primary markets, secondary markets, repo and collateral markets, and cross-cutting themes: sustainable finance and fintech and digitalisation.
What value do institutions gain from joining ICMA?
The benefits are substantial and multifaceted. Firstly, members become part of a respected global community with unparalleled networking opportunities. Our events, committees, and working groups connect professionals across the debt capital markets, facilitating relationship-building and knowledge exchange.
Secondly, members have a real voice in shaping both market practice and the regulatory environment. Through our committees and working groups, they can influence the development of best practices and regulatory responses. This is particularly valuable for institutions looking to have input into how markets evolve.
Thirdly, members have access to our standard documentation and legal opinions, which are foundational to efficient market operations. This includes the ICMA Primary Market Handbook, our secondary market rules and recommendations, and legal opinions on the Global Master Repurchase Agreement (GMRA) covering more than 70 jurisdictions.
These are supported by our dedicated Legal & Regulatory Helpdesk, which provides our members with guidance on the standard documentation and regulations we cover, at no extra cost.
Fourthly, we provide extensive educational opportunities through our highly regarded training programmes, which are available at preferential rates to members. These range from introductory courses to specialised programmes for experienced professionals.
Finally, membership is widely recognised as a mark of credibility in the international capital markets. It signals to counterparties and clients that an institution is committed to market standards and best practices.
Could you elaborate on the documentation and standards that ICMA provides to members?
Our documentation forms the backbone of the international debt capital market, covering all sections of the market. The ICMA Primary Market Handbook provides comprehensive recommendations, guidance, and standard language for syndicated international bond issuance. It is essentially the industry playbook for how primary market transactions should be conducted.
In the secondary market, our rules and recommendations cover critical areas like the buy-in process and settlement efficiency, helping to ensure that when issues arise, there are clear, agreed procedures for resolution.
Last but certainly not least, for the repo market, our GMRA is the international standard. What is especially valuable are the annually updated legal opinions covering the enforceability of the GMRA’s netting provisions in over 70 jurisdictions. These opinions provide crucial legal certainty for cross-border repo transactions.
Speaking of the repo markets, what is the extent of ICMA’s work and resources?
Repo and collateral are very much at the heart of ICMA’s work. Since the early 1990s, ICMA has helped to shape the international repo market and supported its smooth operation over the years. Our European Repo and Collateral Council (ERCC) remains central to this work, having been created back in 1999 as the main representative body for the cross-border repo market in Europe.
The ERCC brings together a community of over 120 firms, including all of the relevant players in the market, from sell sides to buy sides, market infrastructures and other service providers. More recently, we also added the Global Repo and Collateral Forum (GRCF), which complements the ERCC and is open to all ICMA members around the world, reflecting the global nature and significance of our repo and collateral work.
In no small part this success is of course also thanks to the status of the GMRA that I mentioned earlier. Full ICMA members not only have access to the document itself but also, and probably more importantly, to the underlying legal opinions which are constantly evolving and expanding.
For example, we have recently added Ghana and Malaysia to the list, with Saudi Arabia reportedly next in line. As mentioned above, these opinions are critical for members in terms of legal certainty and given the market price of the opinions, those savings alone can justify the annual ICMA membership fees.
Also, we make available to our members a plethora of resources related to repo, from our Repo FAQs to our Guides of Best Practice on repo markets, to ICMA’s biannual European Repo Market Survey, which we have been producing since 2001.
We also provide a crucial bridge between the market and regulators. Through ICMA’s ERCC and more recently the GRCF, we have been advocating on behalf of our members on numerous regulatory initiatives impacting the repo markets, from Securities Financing Transactions Regulation (SFTR) reporting to liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR), and more recently the Central Securities Depository Regulation (CSDR) and the shortening of the settlement cycle to T+1, which continues to keep us very busy.
Last but not least, ICMA believes that capacity building is paramount to the well-functioning of the markets. In the repo space specifically, we provide a number of training courses on repo and collateral markets, for delegates of all levels of seniority, from front to back office as well as legal.
And we are also actively engaged in many emerging markets to help local participants and regulators to establish and maintain a safe and efficient repo market, which is a crucial backbone for an efficient financial market.
How does ICMA engage with regulators and policymakers to influence the regulatory landscape?
This is one of our core activities. We maintain constructive dialogue with regulators and policymakers at the national, regional, and global level. Our committees and working groups — which include more than 5,000 fixed income professionals — develop industry consensus positions that we then advocate for in our interactions with regulators.
What is particularly valuable is that we bring market expertise and technical knowledge to these discussions. Regulators appreciate our input because it comes from practitioners who understand the practical implications of regulatory changes. We are not just representing individual interests but working toward optimal solutions for the whole market.
When new regulations are introduced, we also provide practical guidance to our members on implementation, for example, around regulatory reporting requirements. Our Legal & Regulatory Helpdesk is a valuable resource for members navigating these complexities.
As markets face increasing digitalisation, how is ICMA helping members navigate technological change?
Digital transformation is indeed reshaping capital markets fundamentally. ICMA is taking a leading role in helping members understand and adapt to these changes.
We have established dedicated working groups focused on specific aspects of market digitalisation, including blockchain applications, tokenisation of securities, digital assets, and the evolution of market infrastructure. These groups bring together experts to analyse developments, identify opportunities and challenges, as well as develop best practices.
We regularly publish research and guidance on digital topics. For example, we have produced comprehensive reports on distributed ledger technology (DLT) in bond markets and the implications of central bank digital currencies for debt markets.
We also organise specialised events and webinars that help members stay informed about technological innovations and their practical applications. These provide valuable forums for knowledge sharing and discussion.
Looking ahead, what do you see as the key challenges and opportunities for debt capital markets, and how will ICMA continue to support its members?
The challenges are certainly significant. We are operating in an environment of sustained geopolitical tensions, economic uncertainties, and technological disruption. Regulatory fragmentation remains a concern, with differing approaches across jurisdictions creating complexity for market participants.
Climate change and the broader sustainability agenda present both challenges and opportunities. The transition to a low-carbon economy requires massive capital reallocation, and debt markets will play a crucial role in financing this shift.
In terms of opportunities, digital innovation is opening new possibilities for market efficiency and inclusion. We are seeing the emergence of new asset classes and market structures that could transform how capital is raised and allocated.
ICMA will continue supporting members through these changes by:
1. Providing leadership on market standards and best practices, particularly as new instruments and technologies emerge.
2. Offering insights and education to help members navigate complexity.
3. Advocating for regulatory approaches that balance innovation, stability, and market integrity.
4. Facilitating dialogue between all market participants to find collective solutions.
Ultimately, our goal remains consistent, to promote well-functioning cross-border capital markets, which are essential to fund sustainable economic growth.
Finally, for institutions considering ICMA membership, what would be your message to them?
I would emphasise that joining ICMA means becoming part of the solution. In today’s capital markets, the challenges are too complex for any single institution to address alone. By joining our community, institutions gain both collective influence and collective intelligence.
The networking opportunities alone are invaluable — connecting with peers, potential clients, and industry leaders. But beyond networking, members actively shape the future of the markets through our committees and working groups.
For institutions concerned about regulatory compliance and operational efficiency, our documentation, legal opinions, and educational resources provide tangible, immediate value.
I would encourage interested organisations to reach out to me directly at sanaa.clausse@icmagroup.org.
We tailor our approach to each institution’s specific needs and interests, ensuring they can maximise the benefits of membership from day one.
In an environment of constant change, ICMA provides both a compass and a community — helping members navigate complexity while contributing to markets that are efficient, resilient, and sustainable.
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