LONDON and NEW YORK, Feb. 13 /PRNewswire/ -- Today the International
Capital Market Association (ICMA), the International Swaps and Derivatives
Association (ISDA) and The Bond Market Association (TBMA), three organizations
representing broad sectors of the global financial markets, announced the
formation of the Global Capital Markets Board (GCMB). The Associations are
creating this global board to provide a strategic vehicle for coordination,
collaboration and transparency between the key organizations representing the
capital markets regionally and world-wide.
The GCMB will be a forum for the exchange of ideas between the three
participating Associations, significantly enhancing their ability to formally
identify areas of common concern and interest in issues relating to the global
capital markets. It will also facilitate the development of common industry
positions on market, regulatory and legal issues, providing a unified voice on
behalf of market participants.
Each organization will remain an independent Association governed by its
own constitution. Each Association will appoint four members to the GCMB,
which will meet three times per year and make recommendations to the
respective Boards of the Associations for joint positions or actions.
"The creation of the Global Capital Markets Board will provide a
strategically important vehicle for increased coordination between these three
organizations given the growth and convergence of the markets regionally and
globally and do so in a manner consistent with the independence of the three
associations," said Hans-Joerg Rudloff, Chairman of Barclays Capital and
Chairman of ICMA.
"Ensuring coordination and collaboration between these three organizations
serves the interests of the respective memberships, particularly given the
interaction of the cash and derivatives markets across asset classes and
across regions," said Jonathan Moulds, International Head of Global Capital
Markets at Bank of America and Chairman of ISDA.
"The creation of the GCMB will give market participants an effective way
to address the multitude of regulatory and market practice issues that will
arise as capital markets continue to develop and expand globally," said Edward
C. Forst, Chief Administrative Officer of Goldman Sachs and Chairman of TBMA.
The International Capital Market Association is the self-regulatory
organization and trade association representing the investment banks and
securities firms issuing and trading in the international capital market
worldwide. ICMA's members are located in 48 countries across the globe,
including the world's main financial centres, and currently number over 400
firms in total. ICMA performs a crucial central role in the market by
providing and enforcing a self-regulatory code of industry-driven rules and
recommendations which regulate issuance, trading and settlement in
international fixed income securities and related instruments. ICMA liaises
closely with regulatory and governmental authorities, both at the national and
supranational level, to ensure that financial regulation promotes the
efficiency and cost effectiveness of the capital market.
The International Swaps and Derivatives Association is the global trade
association representing leading participants in the privately negotiated
derivatives industry. ISDA was chartered in 1985, and today has nearly 700
member institutions from 50 countries on six continents. These members include
most of the world's major institutions that deal in privately negotiated
derivatives, as well as many of the businesses, governmental entities and
other end users that rely on over-the-counter derivatives to manage
efficiently the financial market risks inherent in their core economic
activities.
The Bond Market Association, with offices in New York, Washington D.C. and
London, represents nearly 500 member firms, comprised of securities firms,
banks and asset managers that underwrite, trade sell and invest in debt
securities and other financial products globally.
SOURCE The Bond Market Association
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Related links:
http://www.icma-group.org
http://www.isda.org http://www.bondmarkets.com
CONTACT:
Margaret Wilkinson, +44-207-538-5656 (ICMA);
Louise Marshall, +1-212-901-6000 (ISDA); Jon Teall,
+1-646-637-9279 (TBMA)
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