International Capital Market Association

Abstract

The International Capital Market Association (ICMA) is the trade association which represents stakeholders engaged in the international capital market on both the primary and the secondary markets. ICMA is mainly financed by its business activities. Th is has recently become a bone of contention and has resulted in a review of the organization structure and the ownership status, and the cross-subsidizing of the trade association activities by the business entity. Th e ICMA favours market-led solutions to market failure problems rather than an increase in regulatory solutions. Moreover, the focus is on pan-European regulatory aff airs, although it is recognized that London is a major player for ICMA members. ICMA has a legitimate place within the transnational economic governance system and fully engages in transnational regulatory affairs. Keywords: capitalism; International Capital Market Association (ICMA)'s membership; organizational structure; trade association; transnational economic governance

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