The Bond Market Association (TBMA, previously Public Securities Association or PSA until 1997) was the international

trade association A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association partic ...

for the

bond market The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market. This is usually in the form of bonds, bu ...

industry. It had headquarters in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

and offices in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

Twenty per cent of the membership was located outside the United States, while 70 per cent was located outside New York City. TBMA acted as a global voice for bond issuers and traders, and co-ordinated with governments, corporations, and investors. It also had a code of ethics, which required members to behave in a fashion of fairness. On November 1, 2006, The Bond Market Association merged with the

Securities Industry Association The Securities Industry Association (SIA) was an association of firms and people who handle securities (in the financial sense) (stocks, bonds and their derivatives). In 2006, it merged with the Bond Market Association to form the Securities ...

to form the

Securities Industry and Financial Markets Association The Securities Industry and Financial Markets Association (SIFMA) is a United States industry trade group representing securities firms, banks, and asset management companies. SIFMA was formed on November 1, 2006, from the merger of the Bond M ...

Subprime mortgage role

TBMA marketed informational publications on the subject of CMOs. Early versions of its booklet "An Investor's Guide to Collateralized Mortgage Obligations (CMOs)" failed to include credit default among the risks to CMO investors.An Investor's Guide to Collateralized Mortgage Obligations (CMOs). The Bond Market Association. 2001.

Notes

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External links

The Securities Industry and Financial Markets Association
Bond market Finance industry associations