A self-regulatory organization and trade association originally located in Zürich, Switzerland, that encourages systematic and compliant trading in the international securities market. It also promotes the development of the Euromarkets and is acknowledged as a designated investment exchange by the Financial Services Authority, which regulates the financial services industry in the U.K.

|||ISMA helped to establish standardized trading procedures in the international bond market. It had 430 members in 49 different countries, representing all of the major securities firms active in the secondary international debt market.

In July 2005, the ISMA and International Primary Market Association merged to become the International Capital Market Association.