As indicated in the public statement of 27 March 2024, the quarterly liquidity assessment of bonds will continue to be published by ESMA. Further details are provided on the relevant webpages of the calculations.
Bonds quarterly liquidity assessment
ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,346 liquid bonds subject to MiFID II transparency requirements.
ESMA’s liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in ESMA’s Financial Instruments Transparency System (FITRS), which shall be applicable the day following publication.
The full list of assessed bonds is now available through FITRS in the XML files with publication date from 1 August 2025 (see here) and through the Register web interface (see here).
ESMA also publishes two completeness indicators related to bond liquidity data.
The transparency requirements for bonds deemed liquid today will apply from 18 August to 16 November 2025. The application dates reflect the provisions of the RTS 2 (see the news item for more details).
