ICMA publishes the fourth semi-annual report that provides detailed data on EU and UK bond market trading activity


ICMA SMPC report - European Secondary Bond Market Data H2 2023 - March 202419 March 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its fourth semi-annual report that provides detailed data on EU and UK bond market trading activity.

This report was produced in collaboration with Propellant.digital.

One of the core objectives of MiFID II/MiFIR was to provide greater public transparency of secondary trading activity in the EU and UK markets. As solutions have evolved to consolidate the disperse sources of public data, ICMA has sought to leverage the capabilities of such initiatives to provide a detailed and holistic view of bond market activity in the EU and UK.

It is estimated that the report captures more than 80% of all secondary bond market transactions reported in the EU and UK and is therefore relatively representative of the aggregated bond market data as reported under the MiFID II/MiFIR obligation.

This report, which follows the report published for H1 2023, provides an update after two years of bond market data, covering the period January 2022 through December 2023. Working with Propellant, ICMA believes that this latest data set provides a more accurate representation than the previous report.

ICMA commits to updating this report on a semi-annual basis in order to be able to track long-term trends in secondary bond market structure and activity. ICMA also expects that in time both the depth and quality of the underlying data will improve, particularly as reports such as this seek to present a definitive picture of the European bond markets.

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