“Probably a good idea” was how a leading market participant described the news that the International Capital Market Association (Icma), the International Swaps and Derivatives Association (Isda) and The Bond Market Association (TBMA) have formed a Global Capital Markets Board (GCMB).
The three associations are teaming up to form a global talking shop to represent the various interests of the capital markets industry. Specifically it will aim to find common ground on the various issues facing the capital markets.
GCMB is a compromise outcome. There has been a long-running attempt to force a merger between TBMA and Icma but attempts to combine foundered on the fears of smaller members of ICMA that they might be overwhelmed by the larger trade association.
Another merger
The appointment of René Karsenti as CEO of Icma (a merger of the International Primary Markets Association and the International Securities Market Association) in January signalled the fact that there would not be another merger.
Over the past five years, TBMA has moved from being a purely US-oriented association to become the dominant voice in the European capital markets. It has positioned itself as the champion of the bond markets against a rising tide of regulation from the EU and other regulatory bodies such as the International Organization of Securities Organizations.
The GCMB will meet three times a year, with the members then going back with recommendations for their respective associations.
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