The financial crisis is pressuring industry trade associations, leading the International Capital Market Association (ICMA) to come together with the Euro Debt Market Association (AMTE).

The AMTE will now operate as a semi-autonomous council under the auspices of ICMA, the associations announced Monday.

The proposal, which was ratified by the membership of AMTE at its annual meeting in December, will allow the AMTE to continue its work on the integration and efficient functioning of the euro debt markets with added technical and administrative support from ICMA.

The AMTE will continue to be a forum where issuers, investors, and intermediaries in the euro fixed income markets can share concerns and develop ideas. Its services will benefit from the support of an effectively staffed international organisation, it said. The Paris office of ICMA will act as the focal point for support of AMTE and ICMA members in France.

“Recent developments in financial markets have led all trade associations to seek efficiencies through closer co-operation,” said Bertrand de Mazières, chairman of AMTE. “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”.

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”.

IE