IPMA and ISMA Announce Merger

The International Securities Market Association (ISMA) and the International Primary Market Association (IPMA) have announced that their Boards of Directors have reached agreement on the terms of a proposed merger between the two trade associations. The merger will create a single entity, while continuing the work of both associations in promoting good practice in the international capital markets. The merged association will change its name to the International Capital Market Association (ICMA) and will have its headquarters in Zurich. It will have an operating entity in London and will continue to own and operate TRAX, ISMA’s trade matching and reporting system. The merger, which is subject to approval by the member firms of each association, due diligence, and all necessary regulatory approvals, is expected to be completed by early July 2005.

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