The primary purpose of the association is to foster the highest standards in the practice and management of international capital market services, thereby facilitating the efficient functioning of the market.
Our membership includes universal banks, registrars, stock exchanges, law firms, International Central Securities Depositories (ICSDs) and other service providers specialised in specific product segments such as the processing of tax reclaims. The primary purpose of the association is to foster the highest standards in the practice and management of international capital market services, thereby facilitating the efficient functioning of the market.
In its day-to-day activities, the ICMSA focuses on the operation of the International Securities Market (i.e. securities primarily issued and deposited with the ICSDs, Clearstream Banking S.A. and Euroclear Bank S.A./N.V.), with outstanding value exceeding €9.5 trillion in 2017.
The ICMSA was founded in 1994 as the International Paying Agents Association (IPAA). As the work of the IPAA expanded, covering an increasing number of roles in the administration of International Capital Market Issues, the association sought to recognise the expansion of the association.
On February 26 2004, the IPAA (with nine members) made a decision to expand the remit of the association and admit associate members. The IPAA changed its name to the International Capital Market Services Association (ICMSA), creating a Trade Association to reflect the evolving International Capital Markets and providing a formal platform for service organisations.
In 2009, with 27 members (14 full and 13 associate) all contributing to the work of the association the need to distinguish between two levels of ICMSA membership was deemed no longer necessary and all members were granted equal status in the association.
ICMSA incorporated as a Company Limited by Guarantee on 19th December 2014 – Company number 09362312.
ICMSA Management Committee – Rules & Procedures
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ICMSA Memorandum of Association
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Competition Law Statement
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Click here to download a list of current members