The Electronic Trading Council operates under the oversight of the Secondary Market Practices Committee.
The purpose of the ETC is to reflect on the technical nature of the current evolving electronic trading landscape by bringing together representatives of the entire electronic trading ecosystem (focusing on the mechanics of the ecosystem). The primary purpose for the ETC is to provide a centralised platform for interactive dialogue for relevant fixed income trading participants and trading enablers to identify and document where appropriate, best practice and/or recommended standards.

‎The ETC's role, through discussion is; to inform, engage, create debate, allow opportunities for networking and overall to provide tracking, support and assistance for trading-based market practitioners, as fixed income electronic trading evolves. Through an open exchange of ideas, the goal is for ETC members to better understand the direction of travel for European cross-border fixed income electronic trading, and plan accordingly.‎

Members of the ETC are buy-side heads of trading desks, sell-side senior traders or heads of market structure and/or electronic trading and senior representatives from trading venues and technology providers. Membership is European with members locally based in the UK/Continent/Ireland but may be globally headquartered.

The deliverable focus for this technical electronic trading council is the mechanics related to data availability & usability and electronic trading, including: protocols, platform APAs, networks and technology providers.

The ETC has recently formed the Axe Standard Working Group (ASWG). The aim of this group is to create a “Guide to Best Practice” for axe distribution in bond markets. Please contact Liz Callaghan for more information.

The ETC also maintains ICMA’s mapping directory of European fixed income electronic trading platforms.


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