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ICMA’s Secondary Market Practices Committee (SMPC) has published its second 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.
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 2022, provides the first full year of bond market data, covering the period of January through December 2022. Working with Propellant, ICMA believes that this latest data set is also a more accurate reflection than the previous report.
ICMA intends to update the 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.