The Associations are creating this global board to provide a strategic vehicle for coordination, collaboration and transparency between the key organizations representing the capital markets regionally and world-wide.

The GCMB will be a forum for the exchange of ideas between the three participating Associations, significantly enhancing their ability to formally identify areas of common concern and interest in issues relating to the global capital markets. It will also facilitate the development of common industry positions on market, regulatory and legal issues, providing a unified voice on behalf of market participants.

Each organization will remain an independent Association governed by its own constitution. Each Association will appoint four members to the GCMB, which will meet three times per year and make recommendations to the respective Boards of the Associations for joint positions or actions.

"The creation of the Global Capital Markets Board will provide a strategically important vehicle for increased coordination between these three organizations given the growth and convergence of the markets regionally and globally and do so in a manner consistent with the independence of the three associations," said Hans-Joerg Rudloff, Chairman of Barclays Capital and Chairman of ICMA.

"Ensuring coordination and collaboration between these three organizations serves the interests of the respective memberships, particularly given the interaction of the cash and derivatives markets across asset classes and across regions," said Jonathan Moulds, International Head of Global Capital Markets at Bank of America and Chairman of ISDA.

"The creation of the GCMB will give market participants an effective way to address the multitude of regulatory and market practice issues that will arise as capital markets continue to develop and expand globally," said Edward C. Forst, Chief Administrative Officer of Goldman Sachs and Chairman of TBMA.