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 new joint board according to their own individual statutes.

“Ensuring co-ordination and collaboration between these three organisations serves the interests of the respective memberships, particularly given the interaction of the cash and derivatives markets across asset classes and across regions,” said Jonathan Moulds, international head of global markets at Bank of America and chairman of Isda.