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IPMA and ISMA merge to create International Capital Market Association (ICMA)

(London, UK) July 1, 2005. The International Capital Market Association (ICMA) came into existence today, following the merger of the International Primary Market Association (IPMA) and the International Securities Market Association (ISMA), which was first announced back in February, 2005. This enhanced Association has the mandate to represent the capital markets, with the object of maintaining and developing an efficient and cost effective international market for international capital. It is also intended to further develop its current advocacy efforts in the months to come.

The merged Association will have its headquarters in Zurich. It will have an operating entity in London at ICMA Limited, from which it will operate and support the Association’s products and services including TRAX, its trade matching and reporting system.

The Board of Directors of ICMA comprises directors from the two constituent Associations and is representative both of the geographical spread of the membership and their different areas of interest. The Chairman of ICMA is Hans-Jörg Rudloff, Chairman of Barclays Capital in London. John L. Langton will serve as the CEO and Secretary General of ICMA and Clifford R. Dammers has been appointed as ICMA’s Head of Regulatory Policy.

The new Association will continue discussions with the Bond Market Association about arrangements for close co-operation and potential partnership on global matters affecting the industry, and looks to a strong global body to represent the market in the build up of a global financial architecture.