International Capital Market Association
Building safe and secure environments
03 March 2026
Emma Thomas, associate director at the International Capital Market Association, sits down with Carmella Haswell to discuss how she became exposed to the world of repo and secondary markets, the adoption of technology, and the importance of values
Image: Emma Thomas
Can you tell me about your journey into the securities finance industry?
My journey into capital markets started with a phone interview while in my second year studying history at the University of Exeter. I had been applying for internships and was determined to ensure I secured work experience in the finance industry for the coming summer. Following a formal selection process, I found my way into an Issuer Solutions internship in London, however the journey was not straightforward. The global Covid pandemic made for an unusual introduction to the world of work and my internship went fully online.
I count myself incredibly fortunate to have been given the experience at that time, and it is where I first truly appreciated the importance of resilience and adaptability in the corporate world — two values I aim to take forward into my day to day now. It is with this start that I was able to move into my first full-time role supporting primary bond market bookbuilding.
In 2024, I joined the International Capital Market Association (ICMA) in the FinTech and Digitalisation team. Although I had become well-versed in the primary market process, at ICMA our fintech work features across all aspects of the bond market, and I am now exposed to the world of repo and secondary markets, regulatory policy, sustainable finance, and more.
As a young professional, what aspects of your role or the industry do you find most exciting?
Since my career in the bond market began, my role has always been intrinsically linked to the technology underpinning its functioning. It genuinely excites me how, even in my short experience in the industry so far, I have already seen the bond market embrace new technologies and forward-thinking innovation.
For example, in the fourth quarter of 2025 and at the request of ICMA members, the FinTech and Digitalisation team began a new initiative on stablecoins. When I first started my career, my understanding of financial technology centred on fintech platforms and data communication, and while this remains a pressing topic in the industry today, I could never have imagined the new concepts I would be working on now.
At ICMA, I feel incredibly proud to work alongside our network of industry experts who are building safe and secure environments to support the adoption of technology like AI and distributed ledger technology (DLT). It is highly motivating to be a part of this journey with them, and I look forward to seeing where we are in the next five years.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
At ICMA, I have been encouraged to step outside my comfort zone on many occasions. Since joining, I have participated in panels and spoken to audiences of over 200 industry peers at events, engaged in industry forums run by national central banks and regulators, and built a global network from across all sectors of the market.
I have also learnt from the best through participation in ICMA’s Education courses on repo and collateral, sustainable finance, and more. At ICMA, employees are encouraged to enrol on at least one education course each year, also available to the industry, which are recognised by top financial institutions and can contribute to accredited qualifications.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
In the initial stages of my career, I was often asked why a history student would pursue a career in finance, two topics which were seemingly at odds with each other. Although I recognised there were some core differences, I found that, in reality, those in the capital market industry understood the value in hiring various types of skillsets. As I moved into my first full-time role in capital markets, it became clear to me that, in fact, the values you hold as an individual are far more important in your success than the subject of your degree.
What advice do you have for other young professionals aspiring to pursue a career in your industry?
I would encourage young professionals to read industry news and stay up to date on the pressing topics in the capital market, even if it is outside the scope of your role or specific interest, you never know when it may come in useful. I would also encourage people to stay true to themselves, stay open to opportunities, and talk to as many people as possible.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
ICMA’s FinTech and Digitalisation team has a busy future. With the new technologies that have broken onto the scene in recent years (AI and DLT to name a few), as well as the more recent emergence of stablecoins and quantum, it is more important than ever to be consolidated as an industry and aligned on our approach to these topics. I hope to still be a part of this wave, helping to grow and support the industry as it navigates these changes. There is still much learning to do, and so I hope to continue expanding both the breadth and depth of my knowledge, with the help and support of my team.
Emma Thomas Bio
Emma Thomas is an associate director at the International Capital Market Association (ICMA). She is secretariat to the AI in Capital Markets working group and the Bond Data Taxonomy (BDT) working group.
As part of the FinTech and Digitalisation team, she plays a key role in supporting industry standards such as the BDT, advocating for the best market practices within innovation, and engaging with the regulators on the topics of AI, DLT, and data.
