The digital transformation of debt capital markets continues to accelerate. An ever-growing number of vendor solutions are coming to the market, targeting different areas of the bond issuance process. A key focus for market participants is the risk of fragmentation resulting from the rapid growth of technology solutions and the emergence of platforms based on distributed ledger technology (DLT). While some providers compete in particular areas such as bookbuilding or investors’ order submissions, none of the solutions covers the entire front-to-end process. At the same time, the number of digital (ie DLT-based) bond issuances continues to increase. Connecting with different solutions and across market infrastructures (both traditional and DLT-based) as seamlessly as possible is therefore critical.
The BDT as a ‘common language’ seeks to:
- Promote straight-through-processing (STP) and interoperability, from issuance, trading, settlement to distribution
- Be vendor agnostic, facilitating the exchange of data between multiple solutions and systems
- Lay a common foundation for leveraging new technologies, such as distributed ledger, and developing new services.
Download the ICMA Bond Data Taxonomy pack (1.2)
(last update: 2 February 2024)
The BDT comprises the following files:
- BDT reference sheet
- XML Schema Definition (XSD) files
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- Defining overall structure and key fields
- Key field enumerations, where relevant
- Key field ISO data types, where relevant
- XML example files
- User guide
The BDT is available to both members and non-members to foster interoperability and adoption.
ICMA will review the Bond Data Taxonomy periodically and expand its scope in line with market developments and member demand. All market constituents are welcome to engage in its development going forward.
Working Group: The objective of the Bond Data Taxonomy (BDT) Working Group, formerly referred to as the Common Data Dictionary (CDD) Working Group, is to promote straight-through-processing (STP) and interoperability in primary bond markets. The group is open to all ICMA members and represents a broad constituency from banks, investors, issuers, market infrastructures, law firms and vendor firms. The group may also invite guests and observers to attend meetings.
Please contact us if you would like to join.
List of participants: Agora DCM, Allen & Overy, Arteria AI, AXA IM, Baker & McKenzie, Banco Santander, BNY Mellon, Banque Internationale à Luxembourg, Barclays, BlackRock, Bloomberg, BNP Paribas, Bond Auction, Citi, Clifford Chance, Covalent Capital, D2 Legal Technology, DBS Bank, Dealogic, Deutsche Bank, Deutsche Börse / ClearStream, DirectBooks, DTCC, Euroclear, European Investment Bank (EIB), European Stability Mechanism (ESM), First Abu Dhabi Bank (PJSC), Goldman Sachs, Hong Kong Exchange, HSBC, ING Bank, IHS Markit (S&P Global), Inveztor, KfW, King & Wood Mallesons, Linklaters, LSEG Flow, Luxembourg Stock Exchange, MTS Markets, Nasdaq, NatWest Markets, Norton Rose Fulbright, NowCM, Origin Markets, Oversea-Chinese Banking Corporation, RBC, Refinitiv, Singapore Exchange (SGX), Simmons & Simmons LLP, SIX Digital Exchange, SIX Swiss Exchange, Société Générale, SG Forge, Standard Chartered Bank, UBS, Union Investment, World Bank.
ICMA's Bond Data Taxonomy tutorial
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Contacts:
Georgina Jarratt
Managing Director, Head of FinTech and Digitalisation; Member of the ICMA Executive Committee
Direct line: +44 20 7213 0348
Gabriel Callsen
Senior Director, FinTech and Digitalisation; Secretary to the ICMA FinTech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334
