FIMMDA stands for The Fixed Income Money Market and Derivatives Association of India (FIMMDA).
It is an Association of Commercial Banks, Financial Institutions and Primary Dealers.
FIMMDA is a voluntary market body for the bond, Money And Derivatives Markets.
Objectives of FIMMDA
1)To function as the principal interface with the regulators on various issues that impact the functioning of these markets.
2)To undertake developmental activities, such as, introduction of benchmark rates and new derivatives instruments, etc.
3)To provide training and development support to dealers and support personnel at member institutions.
4)To adopt/develop international standard practices and a code of conduct in the above fields of activity.
5)To devise standardized best market practices.
6)To function as an arbitrator for disputes, if any, between member institutions.
7)To develop standardized sets of documentation.
8)To assume any other relevant role facilitating smooth and orderly functioning of the said markets.
Members of FIMMDA
FIMMDA has members representing all major institutional segments of the market. The membership includes Nationalized Banks such as State Bank of India, its associate banks, Bank of India, Bank of Baroda; Private sector Banks such as ICICI Bank, HDFC Bank, IDBI Bank; Foreign Banks such as Bank of America, ABN Amro, Citibank, Financial institutions such as ICICI, IDBI, UTI, EXIM Bank; and Primary Dealers.
Why should organization be a member of FIMMDA
FIMMDA addresses issues that affect the entire industry. Some of the work done in past pertains to issues like legal and accounting norms, documentation requirements and valuation methodologies. Planned initiatives include providing training and certification to members, setting up a dispute resolution mechanism as well as creating new products and addressing the attendant details. As a member, you have the opportunity to participate in all of FIMMDA's activities and contribute to the development of the Indian debt markets.
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