Quoting arrangements to go live in November 2023

In December 2022 the Commission committed to put in place mechanisms to facilitate the presence of regular quotes for EU-Bonds on electronic interdealer trading platforms. This forms an integral part of the measures to help investors access EU-Bonds in the secondary market, to improve price transparency and to create an eco-system for EU-Bonds which is similar to that of European Sovereign issuers.

Since then we have been working closely with our Primary Dealers to make this happen. Starting from November this year, regular quoting of EU securities through interdealer platforms will strengthen the market infrastructure of EU securities and will help boost their liquidity and price transparency.  

Rules on the quoting arrangements are framed in Commission Decision (2023)/1602  on the primary dealer network (PDN) and the related PDN General Terms and Conditions. While quoting is not compulsory to remain primary dealer for the EU, appropriate incentives have been introduced to ensure active engagement from a broad range of primary dealers in such quoting activities.

The Commission will publish shortly on its website the list of recognised platforms that can be used by EU Primary Dealers for such quoting activities.