ICMA publishes updated Electronic Trading Platform (ETP) directory

 

16 December 2020 ICMA has updated its mapping of Electronic Trading Platforms (ETPs) available for cash bonds. The directory now includes 49 technology solutions, up from 41 in the November 2019 publication.

Key observations
  • The latest review shows increased coverage of order and execution management systems (OMS/EMS), with 11 solutions which assist with the aggregation of records, quotes, and trade orders.
  • Clarity on the regulatory status of trading/execution venues is particularly important in the context of the potential impact of Brexit. The mapping includes the regulatory status of each provider where relevant, highlighting for example MTF or OTF status in the EEA or UK, or RMO status in Singapore.
  • The directory now features coverage of MIC and LEI codes of providers where relevant.
Background

Bond market structure and liquidity are at the heart of ICMA’s work, and that is why in 2015 it took the initiative to map the landscape of bond market electronic trading platforms (ETPs), originally focused on the European bond markets, outlining their capabilities, target markets, and value proposition. This centralised database of venues, solutions, and protocols is provided as a unique and freely available resource to market participants and stakeholders.

As this landscape continues to evolve, ICMA has undertaken to update this mapping directory on a regular basis, expanding its scope both in terms of regions and solutions, for example including Organised Trading Facilities (OTFs, and, more recently the expansion of Order and Execution Management Systems (OMS & EMS) have been listed. The revised ETP mapping directory is available here.

The directory does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the directory and wish to join are very welcome to do so. Please contact us for further details.
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