ICMA supports the creation of a EU post-trade consolidated tape for bond markets, on the basis that a centralised, accessible, and affordable source of aggregated post-trade data will provide the bond market with the centralised transparency needed to assist decision making and provide comprehensive market insight, benefitting end investors – large or small.
In January 2021 the European Commission announced plans to include an consolidated tape for bonds as part of its review of the Markets in Financial Instruments Directive (MiFID).
ICMA papers, reports and responses
6 August 2020
ICMA Secondary Markets newsletter outlining the ICMA CT Taskforce request for further information from the European Commission regarding specifically, plans and timeframes for a consolidated tape for EU bond markets.
30 June 2020
ICMA response to the European Commission call for feedback on the Report from the High Level Forum (HLF) on Capital Markets Union.
Consolidated tape for EU bond markets – p. 10 – 11
12 June 2020
ICMA response to ESMA's consultation paper on MiFID II/ MiFIR review report on the transparency regime for non-equity and the trading obligations for derivatives
15 May 2020
ICMA response to European Commission MiFID II/R review consultation paper
Secondary bond markets and fintech can be found on the following pages:
MiFID II Review – general questions in relation to bond markets – p. 8 – 12
Consolidated tape for EU bond markets – p. 14 – 27
Post-trade transparency in bond markets – p. 35
Best execution in bond markets – p. 57 – 61
Research unbundling for bond markets – p. 61 – 69
Multilateral systems in bond markets – p. 80 – 81
Non-discriminatory access in relation to bond markets – p. 84 – 86
Digitalisation and new technologies in relation to bond markets – p. 87 - 90
EU Consolidated Tape for Bond Markets- Final report for the European Commission (ICMA MiFID II Consolidated Tape Taskforce)
A consolidated tape for EU bond markets By Elizabeth Callaghan.
A cash bond consolidated tape in Europe By Elizabeth Callaghan.
Market electronification and FinTech by Gabriel Callsen.
Bond trading market structure and the buy side by Elizabeth Callaghan.
Evolutionary change: The future of electronic trading of cash bonds in Europe by Elizabeth Callaghan.
Other papers and reports:
BIS, September, 2018, Monitoring of fast-paced electronic markets
BIS, January 2016, Electronic trading in fixed income markets
Banque de France, 2016, Financial Stability Review: Financial stability in the digital age
Director, Market Practice and Regulatory Policy, focused on secondary markets
Direct line: +44 20 7213 0313