Founded in 1969, the International Capital Market Association (ICMA) is both a self-regulatory organisation and a trade association. It represents members in Europe and elsewhere, with over 600 members located in 60 countries worldwide, who are active in the international capital market on a global or cross-border basis. It has made a significant contribution to the development of the international capital market, by facilitating the interaction between private and public sector issuers, banks and securities houses, asset managers and other investors, capital market infrastructure providers, central banks, law firms and others to promote an efficient and well-functioning market.

ICMA brings together members from all segments of the wholesale and retail debt securities markets, through regional and sectoral member committees, and focuses on a comprehensive range of market practice and regulatory issues which impact all aspects of international market functioning. ICMA prioritises four core areas: primary markets; secondary markets; repo and collateral markets; and the green and social bond markets.

The objectives of the association are:

• To promote good relations among its members and to provide a basis for joint examination and discussion of questions relating to the international capital and securities markets and to issue rules and make recommendations governing their operations; and
• To provide services and assistance to participants in the international capital and securities markets.

ICMA, in pursuit of these objectives, has also played a large role in promoting and pushing markets to finance progress towards environmental and social sustainability. This can be seen most prominently in the debt market where it has come up with its Principles campaigns. These include the creation of the Green Bond Principles, the Social Bond Principles and the Sustainability-Linked Bond Principles. The Principles aim to promote transparency and disclosure, outlining best practices that ensure integrity when issuing bonds that serve social or environmental purposes.

ICMA is committed to equality, diversity and inclusion and to promoting the highest standards of professional integrity.

To promote resilient well-functioning international and globally coherent cross-border debt securities markets, which are essential to fund sustainable economic growth and development.

ICMA is a membership association, committed to serving the needs of its wide range of members. These include public and private sector issuers, financial intermediaries, asset managers and other investors, capital market infrastructure providers, central banks, law firms and others worldwide.

Therefore its funding comes from membership and subscription fees. Furthermore, being a non-for profit they also receive funding through donations.

More information on their funding sources can be found in their second quarter 2020 quarterly report.