In the first half of 2008, AMTE Board undertook a full review of the association’s priorities in the context of the market crisis, and came to the conclusion that AMTE’s value resides in its capacity to provide ideas on themes that are important to debt market participants, more than in the formal participation in market regulatory exercise and working parties that other associations with broader scale and staff were able to support efficiently. The development of partnership with such associations would be an adequate response to the challenges of the times.  A review of potential partners was undertaken during the summer and resulted in a proposal towards the International Capital Market Association (ICMA cf. Hereunder short description of the association and its activities).
 Convinced that the recent developments of financial markets require rapid actions, and after a full analysis of the technical and legal feasibility of this project,  AMTE Board decided to propose its implementation in 2009 .  The General Assembly of AMTE members  approved, in an extraordinary meeting on December 9th, the transfer of AMTE’s assets and activities to ICMA by the end of Q1 2009.
 Such transfer will translate,  operationally , into the same result as a merger .  ICMA  will continue all the activities of AMTE. Although technically its legal existence continues. AMTE will stop all operations and be made dormant. This type of arrangement is the most effective way to regroup associations under their current legal regime and is commonly practised.    
 
 This operation will allow to meet  the following objectives:
-      AMTE’s substance and mission will continue; Board members are convinced that the unique value of being the sole forum where all parties involved in euro fixed income markets can freely share concerns and develop ideas remains valid and are committed to continue this objective; they expect and trust that new members will join the dedicated forum of council that will be continued under ICMA’s auspices;
-     Involvement of ICMA staff as of January 2009 will be key to support the development of a work programme in a professional way; it will also strengthen functions already developed by AMTE for some members, such as the monitoring of secondary markets for primary dealers on the French sovereign debt;
-     Current market conditions are providing obvious areas of interest where such a work programme could develop in the “non-partisan” spirit of AMTE: the organisation of primary markets in the Eurozone and their adaptation to new circumstances is one of these topics that should be addressed without waiting.
  The advantages for AMTE members are clear and numerous: The brand and spirit of AMTE will be kept, in a Paris office of ICMA.  Members will benefit from stronger and better services thanks to a well and sufficiently staffed international organisation. The new entity will be able be the driving key on important issues, such as the ones faced now on the primary market, with the technical and administrative support from ICMA staff. ICMA Paris will also be able to continue the very important tasks undertaken as secretariat of the SVT (French Primary Dealers) Market Committee. Together with ICMA, AMTE will thus demonstrate leadership and initiative in response to a general call for associations to make use of synergies and regroup forces at difficult times.