IPMA MAKES A START ON GUIDELINES
The bond issuing houses now have some guidelines for their future
conduct, approved unanimously by the board of the International Primary
Markets Association (IPMA).
IPMA, along with the Association of International Bond Dealers and
the London Stock Exchange, will be answerable for the International
Securities Regulatory Organization, when it is licensed at the end of
this year by the Securities and Investment Board.
As a non-regulatory body, IPMA has drawn up guidelines in the
knowledge that, if it fails to keep its own house in order, others will
step in. Outsiders are inclined to regard the bond market as a seed bed
of corruption.
It hasn't been easy for IPMA. As John Sanders, managing
director of SG Warburg and chairman of the association pointed out:
"Getting 15 or 20 people in the same place at the same time is
quite an achievement."
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