ICMA publishes updated Electronic Trading Platform (ETP) mapping directory


22 November 2019 ICMA has updated its mapping directory of Electronic Trading Platforms (ETPs). The directory now lists a total of 41 electronic execution venues, Order Management Systems (OMS) and information networks. It is intended to help market participants understand what execution and non-execution venues are available for cash bonds. Included within the directory are brief descriptions of the system/platform, products in scope, price discovery mechanisms, trading protocols, geographical coverage, regulatory status and other additional services such as regulatory reporting under MiFID II/R.
The market has seen small movements with two additional platforms recently listed in the directory and four deletions. Two non-execution platforms are no longer supported and two MTF execution platforms were decommissioned in 2019. This may indicate a relative saturation of competition in an increasingly difficult market for new entrant platform providers. There is evidence of increased use of the transparency data produced by MiFID II requirements for analytics and new execution models. This follows the trend for platforms to increasingly leverage and enrich market data with the objective of providing the user with further insights to gain competitive advantages.
The mapping directory does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the mapping directory and wish to join are very welcome to do so. Please contact us for further details.

The revised ETP mapping directory is available here.
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