The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its Primary Markets FinTech Directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments. However, the review also highlighted that certain previously listed solutions are no longer available or in development.

The directory seeks to provide greater transparency in a rapidly expanding competitive marketplace by comparing the key features and capabilities of technology solutions available to automate all or part of the process of issuing debt securities. The scope includes bonds, but also other types of debt instruments such as commercial paper, loans and Schuldscheine. It highlights whether the various solutions are aimed at underwriters, investors, issuers or others, at what stage of the issuance process they can be utilised, supported issuance methods as well as connectivity options.

Key observations from latest review:

  • Distributed ledger technology: As more participants look toward the potential gains of using DLT, several platforms have emerged to provide tokenisation-related services for debt securities. Bonds in a tokenised form may for instance allow for allocations and interest payments to be automated with the use of smart contracts, while other vendors leverage DLT to provide users with a ‘source of truth’ for transaction details.
  • Connectivity: Several vendors announced enhanced connectivity between their solutions and other market platforms, such as linking buy-side OEMS’ with syndicate banks as part of the bookbuilding process.
  • Prior solutions: Since the initial tracking of issuance technologies, 14 solutions have been removed from the directory. Reasons range from consolidation and re-branding following acquisitions or partnerships, to platform unwinding due to unfavourable conditions or uptake. Prior solutions are listed within a separate tab.

The directory does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the directory and wish to join are very welcome to do so. Please contact us for further details.

Access the ICMA Primary Markets FinTech Directory
(last update: 5 September 2023)

This unique resource is one of several ICMA FinTech Directories available to members and regulators through the ICMA website. Please contact our membership department if you do not know your firm’s login credentials.

ICMA’s technology directories are also available to non-members on a subscription basis. Please refer to ICMA’s product information page for further information.


  • This directory focuses on available and emerging solutions in primary bond markets.
  • The 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 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.


Georgina Jarratt
Managing Director, Head of FinTech and Digitalisation; Member of the ICMA Executive Committee
Direct line: +44 20 7213 0348

Gabriel Callsen
Senior Director, FinTech and Digitalisation; Secretary to the ICMA FinTech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334

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