The international bond market is growing quite rapidly every year. In fact, compared to size in 2000, the international bond market has actually doubled in size. The main reason for such an exponential growth of this sector is because of the bonds issued by many leading multinational companies. The main participants of the international bond market are the governments of various countries. They are huge in size with a large amount of liquidity. They are not viewed as credit risk and hence, are quite sensitive to the rate of interest. One cannot ignore mentioning about the Bond Market Association while explaining the international bond market. This is an association for both the international trade as well as the bond market segment. The headquarters of this unit were situated in 3 places - Washington DC, New York and London. Almost 20 percent of the members of this association were situated outside America. Nearly 70 percent the members of the United States belonged to various places outside the New York City. The Bond Market Association coordinated with the participants who issued and traded bonds. The code of conduct had to be strictly followed by the members. This association merged with another popular establishment called Securities Industry Association and became a new entity known as the Securities Industry and Financial Markets Association.
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