The International Capital Market Association (ICMA) is the self-regulatory organisation and trade association representing the financial institutions active in the international capital markets worldwide. ICMA's members are located in some 50 countries across the globe, including all the world's main financial centres, and currently number over 400 firms in total.
ICMA members are not only geographically widespread, they also vary considerably in size and type of activities. They range from the largest global investment banks with a presence in numerous countries, to small regional banks primarily servicing retail bond investors.
There is no central location where trading in the international capital market takes place. Despite the substantial development of electronic trading systems in recent years, the majority of transactions are still executed ‘over the counter’ (i.e. on the telephone) by market participants who are likely to be located in different countries.