International Capital Market Association. A trade association for investment banks and securities firms in the international capital markets. ICMA facilitates the interaction between issuers, lead managers, dealers, and investors in debt securities, by producing guidance notes, conventions, and standards for participants in the international bond markets. It represents a broad range of capital market interests, including global investment banks, smaller regional banks, asset managers, stock exchanges, central banks, law firms, and other professional advisers. ICMA was formerly known as the International Primary Market Association (IPMA) and the International Securities Market Association (ISMA), before the two associations merged in July 2005.

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