NEW YORK and LONDON, April 20 /PRNewswire/ -- The Bond Market Association
(BMA), the International Securities Market Association (ISMA) and the
International Primary Market Association (IPMA) (see Notes below) today
announced that they intend to integrate their European based activities into
the International Capital Market Association (ICMA) and establish a global
partnership between the BMA and ICMA.
ICMA will be a European based organisation with offices in London and
Zurich, formed through the recently announced merger of ISMA and IPMA. ICMA
will also include the European activities of the BMA, which has sponsored the
establishment of the European Securitisation Forum (ESF) and the European
Primary Dealers Association (EPDA) and provided advocacy on various issues in
the global capital markets.
Significantly, the BMA and ICMA intend to establish a global partnership
to ensure consistent and coordinated global representation of the capital
markets and to fully leverage the respective associations' resources and
expertise in support of their members. Through the creation of the Global
Capital Markets Board, with equal representation from ICMA and BMA board
members and the two chief executives from the respective associations, the two
associations will work jointly on strategic global policy and market practice
issues.
It is envisaged that Hans-Joerg Rudloff, Chairman of Barclays Capital,
London, will become Chairman of ICMA after he is elected to the board of ISMA
at its General Meeting to be held on June 2, 2005. Manfred Schepers, currently
Senior Managing Director and Head of BMA, International, will transfer from
the BMA and be nominated to become Chief Executive of ICMA, with effect July
1, 2005,and succeed John L. Langton, Chief Executive of ISMA.
"By bringing together all European capital markets issues under the newly
created ICMA, we will be able to provide the European capital markets with a
focused and unified industry body that will be able to effectively represent
its broad membership across the various markets" said Alec de Lezardiere,
Chairman of ISMA.
"By forming this partnership we will significantly advance the
capabilities and credibility of policy development and advocacy on behalf the
global capital markets" said Bart McDade, Chairman of The Bond Market
Association.
The creation of this global partnership and integration of the
associations in Europe are subject to approval by the members of each of the
associations and forum, due diligence, and all necessary regulatory approvals,
which are expected to be completed by early June 2005.
Notes to Editors:
IPMA is the trade association that represents the interests of the
international banks and securities firms that underwrite and distribute
international debt and equity securities in the primary market. It has 53
members representing the leading underwriters in all of the world's major
financial centres. All IPMA members are also members of ISMA.
ISMA is the self-regulatory organisation and trade association for the
international securities market. The international nature of the market means
that it is not subject to the same controls which govern domestic primary and
secondary markets. Since its origins, ISMA has performed a central and crucial
role by providing a global framework of industry-driven rules and
recommendations which regulate and guide trading and settlement in this
market. The Association also provides its member firms with a range of other
services, products and support. It has 430 members in 49 different countries,
representing all of the major securities firms active in the secondary
international debt market.
The BMA, with offices in New York, Washington, D.C. and London, represents
over 200 securities firms, banks and other market participants that
underwrite, trade and sell debt securities and other financial products
globally. The Association advocates on behalf of these markets before
regulators and legislators and also, through industry committees, establishes
market practices and standardisation of procedures and documentation to
promote market efficiency and integrity.
The ESF promotes the efficient growth and development of European
securitisation. The ESF seeks to increase awareness, consensus and to pursue
advocacy projects relating to legal, regulatory and accounting issues that
impact the securitisation and structured credit markets. The Forum recommends
market standards, best practices and related documentation, to promote
liquidity, transparency and efficiency in the primary and secondary European
securitisation markets. The ESF was formed in 1998 and has 145 member firms
from across Europe and from every type of market participant, including banks,
investors and issuers. The ESF is affiliated with the BMA.
The EPDA was formed in 2004 to address specific primary and secondary
market issues arising across Euro government securities markets and recommend
best practice in those markets. The 20 members of the EPDA comprise government
securities dealers officially recognised in numerous primary, and active in
the secondary, markets. The EPDA is a division of The Bond Market Association.
SOURCE The Bond Market Association
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Related links:
http://www.bondmarkets.com
CONTACT:
John Teall Vice President Media Relations,
BMA, +1-646-637- 9279, jteall@bondmarkets.com; or Margaret
Wilkinson, Head of Corp. Communications, +44-207-538 5656,
margaret.wilkinson@isma.co.uk, or Trish De Souza, Corp.
Communications Exec., +44-207-538 5656, trish.desouza@isma.co.uk,
both of ISMA Ltd.; or Byron Ousey, Managing Director, Gavin
Anderson & Company, +44-207-554 1446, bousey@gavinanderson.co.uk
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