The International Capital Market Association (ICMA) and the Euro Debt Market Association (AMTE) have announced that, as from January 2009, AMTE will be operating as a semi-autonomous council under the auspices of ICMA.
The proposal, which was ratified by the membership of AMTE at its AGM in December, will allow the AMTE name and its work on the integration and efficient functioning of the euro debt markets to continue, with strengthened technical and administrative support from ICMA.
Commenting on the move, Bertrand de Mazières, Chairman of AMTE, said: "Recent developments in financial markets have led all trade associations to seek efficiencies through closer co-operation". He continued, "AMTE and ICMA have demonstrated their leadership in this area and will immediately deliver enhanced value to both sets of members in these difficult times".
AMTE will continue to be a unique forum where all parties, issuers, investors, and intermediaries in the euro fixed income markets can freely share concerns and develop ideas. AMTE's services, including the monitoring of the secondary market activity of the French primary dealers community, (the SVTs - Spécialistes en Valeurs du Trésor) on behalf of the Agence France Trésor (French Treasury), will benefit from the support of an effectively staffed international organisation. The Paris office of ICMA will act as the focal point for support of AMTE and ICMA members in France.
René Karsenti, Executive President of ICMA, said: "ICMA and AMTE, as truly pan-European industry bodies, share many common aspirations; their joining forces will greatly enhance the representation of the international financial industry in Europe at this critical time in its history".