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 March 2024
ICMA response to the UK FCA Consultation on improving transparency for bond and derivatives markets

15 September 2023
ICMA response to the FCA Consultation Paper on The Framework for a Consolidated Tape

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

April 2020
EU Consolidated Tape for Bond Markets- Final report for the European Commission (ICMA MiFID II Consolidated Tape Taskforce)

January 2020
A consolidated tape for EU bond markets By Elizabeth Callaghan.

October 2019
A cash bond consolidated tape in Europe By Elizabeth Callaghan.

October 2017
Market electronification and FinTech by Gabriel Callsen.

January 2017
Bond trading market structure and the buy side by Elizabeth Callaghan.

April 2016
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


Andy Hill
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee.
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