SIA, TBMA Vote to Merge

The boards of the Securities Industry Association and The Bond Market Association have voted to merge the two organizations, pending a vote by their member firms scheduled to be completed by the end of July.If the merger is approved, the combined organization is slated to be known as the Securities Industry and Financial Markets Association. "The merger is a tangible recognition of rapid market convergence, which has blurred traditional distinctions separating investors, asset classes, and different regions of the world," the associations said. The new organization will be structured to reflect this, with three business groups (capital markets, private client, and asset management) and three regional boards (U.S., European, and Asian), the associations reported.