The EU’s quoting arrangements went live in November 2023, marking another important milestone in the evolving market infrastructure for EU-Bonds.

To date, 25 of the 37 EU primary dealers have been posting quotes on the EU’s first two recognized platforms (MTS and BrokerTec).

Although still in its early stages, quoting on both platforms is already delivering improved price transparency and liquidity in EU-Bonds, with trading levels similar to sovereign issuers.

This was particularly the case in January, during the high season for bond issuances. Total turnover for the month exceeded €24 billion, with average daily turnover of €1.1 billion and a record-setting maximum daily peak of €2.2 billion. On days which coincided with EU auctions or syndicated transactions, daily turnover was approximately €1.4 billion on average. The majority of trades have been executed in short maturity bonds, with 70% of volumes in the 1 – 12 year buckets.