ICMA publishes its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity
3 April 2025 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity.
Previous versions of this report included both corporate and sovereign analysis. Following readers’ input and feedback, the report is now published in two different editions:
- A corporate edition (this report)
- A sovereign edition (released 21 March)
One of the core objectives of MiFID II/MiFIR was to provide greater public transparency of secondary trading activity
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 2024, provides 36 months of bond market data, covering the period January 2022 through to December 2024. 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.
