ICMA’s objectives are to ensure that the international capital market works as efficiently as possible and to promote best market practice. Consistent with these objectives, ICMA develops market-standard documentation for use by and within the international capital market.

Market participants themselves ensure the efficient working of the international capital market by applying their practical experience to set good market standards and develop suitable documentation. Such ICMA self-regulation complements and may obviate the need for further statutory or mandatory regulation.


See the links below for ICMA documentation (last update 22 March 2012):


Sovereign bond markets:

Sovereign Buyback Guidance - 11 April 2011
Collective Action Clauses
Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets - 22 November 2004


Short-term markets:

Global Master Repurchase Agreement (GMRA)
ICMA GMRA legal opinions - Password protected: ICMA members and associate members only
Repo trading practice guidelines & documentation
Section 1000 Repo Dealers - Password protected: ICMA members and Secondary Market Rules and Recommendations on-line subscribers only

Code of Conduct on Disclosure in the ABCP Market - 28 June 2008


Primary markets:

ICMA Primary Market Handbook - Password protected: ICMA members and Handbook on-line subscribers only
ICMA guidance note on “retail cascades” - 2 October 2007        
ICMA explanatory note on use of senior and negative pledge covenant - 12 October 2006
IPMA/ISMA/BBA Joint Guidance Paper - 10 May 2004 
  

Secondary markets:

ICMA Secondary Market Rules and Recommendations - Password protected: ICMA members and Secondary Market Rules and Recommendations on-line subscribers only