The International Capital Market Association or ICMA is a not-for-profit global trade association, for participants in the cross-border debt capital markets,[1] with offices in Zurich, London, Paris, Brussels and Hong Kong.

ICMA works with regulatory and governmental authorities, helping to ensure that financial regulation supports stable and efficient capital markets.

In the 1980s AIBD began to provide data services to the market and in 1989 launched the transaction matching, confirmation and regulatory reporting system, known as TRAX.

In 1992 AIBD changed its name to International Securities Market Association (ISMA).

In April 2009, ICMA sold its market services business, including TRAX, to Euroclear.