The International Capital Market Association (ICMA) and the Singapore Investment Banking Association (SIBA) have announced that they have signed a joint memorandum of understanding (MoU) in order to develop cooperation between the two associations in addressing the issues that concern their members in the international financial markets.
Under the terms of the MoU the two associations, who have previously cooperated on training and standards for primary market practice, will establish an exchange of information on the markets that each represents, covering the following broad topics:
- Law and regulation, including self regulation.
- Planning, development and operation of efficient trading practices and mechanisms,
- Clearing and settlement procedures,
- Accreditation and training for market professionals
Commenting on the relationship between the two associations René Karsenti, Executive President of ICMA, said: "ICMA as an international industry body with a European focus has always sought to form strategic relationships with national and regional associations to allow knowledge transfer across borders and asset classes so assisting development of internationally recognised global standards for transacting business. This new partnership with SIBA will greatly enhance the flow of information between our membership and SIBA's members in Singapore bringing the potential for greater cooperation".
George Lee, Chairman of SIBA, also commented: "ICMA and SIBA have already developed a relationship of mutual trust and respect, as evidenced by their close collaboration in SIBA-ICMA Seminar held in 2007. I am very pleased with this important partnership with ICMA as it will enhance information flow between our two organizations and their members, creating the setting essential for closer co-operation and collaboration in international activities and other issues of mutual concern."