The U.S. bond markets finance our roads and schools, fuel job creation, and move capital into every community in the country. For two decades, the Bond Dealers of America has been the only trade group built around a single mission: advocating—directly and aggressively—for the firms that underwrite, trade, and distribute fixed income securities.
That mission is not changing. Our impact is.
Today, I am proud to announce that the Bond Dealers of America is becoming the Bond Market Association (BMA). Because that market continues to evolve—so must the organization that represents it.
The modern bond market is no longer defined by dealers and asset managers alone. It is an interconnected ecosystem: banks and bank trust departments, asset managers, trading platforms, pricing and data providers, and the technology firms reinventing how bonds are issued, traded, and settled. Together, these participants shape market structure, drive liquidity, and determine how capital flows through the economy.
Yet many of them have no clear, consistent platform for collaboration, market and political intel, or Federal advocacy.
The Bond Market Association closes that gap.
Let me be direct about what is not changing. BMA will remain the only organization delivering focused, relentless advocacy on behalf of sell-side fixed income dealers.
These firms sit at the center of capital formation, providing the liquidity and access that all market segments within fixed income depend on. This role is essential, and their voice must stay strong.
What changes is our power and ability to amplify it. A broader coalition does not dilute our advocacy—it sharpens it. By bringing more of the market to the table, we deepen our ability, strengthen our credibility, and expand our impact with the regulators and lawmakers examining markets and writing the rules. When policymakers hear from a unified market, they make better-informed decisions. Better decisions mean more balanced regulation and more resilient, efficient markets. Everyone in this ecosystem benefits.
This evolution is also a response to the technology rewriting our markets in real time.
Through the BMA's Institute on Technology & Innovation (ITI), we are building a platform unlike anything else in our industry—one focused squarely on where technology, market structure, and policy intersect. Artificial intelligence, tokenization, blockchain: these are no longer abstractions on a conference agenda. They are actively transforming how bonds are issued, priced, traded, and settled.
What sets ITI apart is that we do not just talk about these shifts—we connect them to real market structure and the regulatory frameworks that will govern them. It is a practitioner-led forum where dealers, banks, asset managers, technology firms, and legal work through what is coming and help shape it before it arrives.
In a crowded field of trade associations, that is the distinction that matters. BMA is not just another industry group. It is a dynamic platform where policy meets practice.
For our members, this evolution means stronger representation, broader connectivity, and more ways to engage with the firms shaping the future of fixed income. All to the benefit of investors, issuers, and the broader ecosystem. For banks, trust departments, and technology firms focused on fixed income, and which have never had real representation in Washington, this offers something new: a seat at the table, and a direct role in the decisions ahead.
The stakes have never been higher. From regulatory reform to technological upheaval, the bond markets face a moment that demands informed, coordinated, and effective advocacy—the kind no single firm can mount alone. The Bond Market Association is built for that moment: a trusted name, a broader mandate, and a renewed commitment to the strength and integrity of the U.S. bond markets.
The market needs this. Now is the time to get engaged—and help us shape what comes next.
Mike Nicholas is CEO of the Bond Market Association, formerly the Bond Dealers of America.
