ICMA has published the latest edition of its primary markets technology directory which compares the key features and capabilities of technology solutions available to automate all or part of the process of issuing debt securities. The directory includes over 35 technology solutions, up from 28 in its 2019 review and 22 in its first edition from 2018. Building on ICMA’s work in primary bond markets, the directory’s purpose is to keep ICMA members informed about what platforms and technology solutions are available in a rapidly expanding competitive marketplace.

This unique mapping exercise includes new technology solutions, as well as new features of previously included solutions. It explains at what stage of the issuance process they can be used and whether they are aimed at underwriters, investors, issuers or others and also provides information on the scope of debt instruments covered and to what issuance methods the technology solutions apply. The directory also includes emerging platforms using distributed ledger technology which have conducted live pilots.

This initiative complements ICMA’s mappings of Electronic Trading Platforms, Repo Trading technologies, and FinTech solutions for repo and cash bond operations.

Whilst the mapping directory currently covers over 35 technology solutions, it does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the mapping directory and wish to join are very welcome to do so.

Download the ICMA Primary Markets Technology directory
(last update: 30 July 2021)

This unique resource is one of several ICMA technology directories available to members, contributing non-member providers and regulators through the ICMA webpage. To download the directories, please contact our membership department if you do not know your firm’s login credentials. 

If your firm is not a member of ICMA, please contact Sanaa Clausse - Ben Abdelhadi for more information about membership.


  • This directory focuses on available and emerging solutions in primary bond markets.
  • The mapping directory compares the capabilities of the different providers, but it does not provide any information on volume or market share.
  • All providers responded in their own words. ICMA did not modify any wording provided by the providers participating in this directory.
  • ICMA does not endorse any particular solution or provider. The mapping directory is for reference only and will be updated as and when necessary.
  • The providers will be responsible for sending updates to ICMA. The table will be updated as close to real time as possible.

Legal Disclaimer:

The information and content provided herein have been prepared and provided by third-parties. This information is provided by ICMA to its members for information purposes only and should not be relied upon as legal, financial or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.

Don't miss ICMA Education's livestreamed Primary Market Financial Technology course, running next from 16 March 2021, designed to provide an accessible review of the role of technology in the primary markets.


Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334

Rowan Varrall
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0317

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