The Bond Market Association, the International Securities Market Association and the International Primary Market Association jointly said today that they plan to integrate their European based activities into the International Capital Market Association and establish a global partnership between the BMA and new venture.

Barclays Capital Chairman Hans-Joerg Rudloff is expected to become The International Capital Market Association chairman and Manfred Schepers, currently senior managing director and head of the BMA, will transfer from the BMA and be nominated to become chief executive of the International Capital Market Association. The creation of this global partnership and integration of the associations in Europe are subject to approval by the members of each of the associations and forum, due diligence, and all necessary regulatory approvals, which are expected to be completed by early June 2005.

The International Capital Market Association will have offices in London and Zurich and will take on the European activities of the BMA, which include the sponsorship of the European Securitization Forum and the European Primary Dealers Association. Through the creation of the Global Capital Markets Board, with equal representation from The International Capital Market Association and BMA board members and the two chief executives from the respective associations, the two associations will work jointly on strategic global policy and market practice issues.

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