Isda, ICMA and TBMA form joint capital markets body

Three capital markets associations are to form a joint body that aims to streamline industry-wide co-operation between the derivatives, securities and bond markets. The Global Capital Markets Board (GCMB) will develop a common policy on market, regulatory and legal issues.

The move brings together the International Capital Market Association (ICMA), representing investment banks and securities firms operating in the international capital markets, the International Swaps and Derivatives Association (Isda), which represents the over-the-counter derivatives market, and the Bond Market Association.

Each of the three organisations will appoint four members to the GCMB, which will meet three times a year. The three bodies will continue to operate independently of the