Bond market trading is increasingly becoming more electronic. This is due to the natural evolution of trading in bonds and, more recently, also a by-product of regulation. Market participants have a regulatory obligation to evidence best execution and meet transparency obligations, but more importantly need to source and optimise liquidity. The fixed income landscape is currently very fragmented. The reduction in balance sheet due to Basel III combined with investors’ reluctance to trade has led to a diffusion of liquidity across platforms. This is particularly the case in corporate bonds where it is often heard that liquidity is “a mile wide and an inch deep”. Sourcing and aggregating liquidity is paramount for sell-side and buy-side traders. Technology is the only way to enable these participants to uncover the liquidity available. Understanding the contrasts and capabilities of new and more traditional ETPs is the first step to choosing the best execution venue or information network available in the market.

Therefore, ICMA undertook in 2015 a capabilities mapping initiative, initially for participants in European fixed income markets to better understand the unique selling points of various electronic trading platforms (ETPs) and information networks. By offering a centralised one-stop shop to research the e-trading skills available in the market, ICMA members will be able to compare and contrast the various ETP providers in order to determine which platforms best suit their investment and/or trading strategies.

In light of the evolving market structure resulting from MiFID II/R, ICMA has relaunched the mapping initiative in 2018 and again in 2019 and has subsequently published a revised ETP mapping directory. The revised version includes, for instance, Organised Trading Facilities (OTFs), a new regulatory classification of trading venues introduced under MiFID II that applies typically to inter-dealer brokers, as well as further trading venues and order/execution management systems in Europe and globally.

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.

Download the ICMA ETP mapping directory
(last update: 17 August 2020)



  • This directory is limited to the following providers: Cash bond electronic trading platforms, information networks and order management/execution management systems including European and non-European venues/providers
  • The mapping directory compares the capabilities of the different providers, but it does not provide any information on volume, number of trades or market share.
  • All platforms responded in their own words. ICMA did not modify any wording provided by the platforms participating in this directory.
  • ICMA does not endorse any particular solution or provider. The mapping directory is for reference only and will be updated as and when necessary.
  • The platform providers will be responsible for sending updates to ICMA. The table will be updated as close to real time as possible.

Legal Disclaimer:

The information and content provided herein have been prepared and provided by third-parties. This information is provided by ICMA for information purposes only and should not be relied upon as legal, financial or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.


Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets
Direct line: +44 20 7213 0313

Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334

Rowan Varrall
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0317
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