The International Capital Market Association and FIX signed a statement of understanding in February 2005, agreeing to work with FIX to contribute ICMA Match protocols (API) to an extension of FIX and to create a single global technology standard for fixed income new issues.
Switzerland-based ICMA is a trade association representing the investment banks and securities firms issuing and trading in the international capital market worldwide.
A joint team carried out an initial Gap Analysis, which it presented to the eSyndicate Working Group under the auspices of the Bond Market Association (BMA) and was published in August this year. Educational “Lunch & Learn” meetings were then arranged in both New York and London to update members and potential users of the protocol, and to publicize its benefits.
“We’re pleased by the work of the ICMA FIX Gap Analysis Working Group and the support of the Bond Market Association in developing a new messaging standard for the global primary markets,” said Chris O’Malley of ICMA. “ICMA’s traditional role has been the setting of industry standards and good market practice and we are pleased to extend this role into the technology space”.