The European and Securities Markets Authority (ESMA) has published its report on the highest volume traded for individual bonds, tracked by International Securities Identification Number (ISIN) for Q4 2023, with Bloomberg the clear leader.
Crucially the report does not record actual volume traded, so it does not compare actual volumes, only the number of ISINs for which each venue had the highest volume. As such it gives an idea of the breadth of liquidity available on a given venue, more than the depth.
Tracking venues by their market Identifier code, Bloomberg Trading Facility ranked highest with the greatest volume traded for 21,946 ISINs out of 37,513 traded. Next highest was MarketAxess with top volume for 7,413 ISINs, then Tradeweb’s EU MTF the highest for 2,723 ISINs, collectively accounting for 85% of ISINs traded with 32,082 between them.
Derek Kleinbauer, global head of fixed income & equity e-trading at Bloomberg, said in a statement, “In Q4 2023, Bloomberg’s European MTF deepened its liquidity still further, as more bonds than ever saw their highest trading volumes on the venue.”
Other notable venues are Boerse Frankfurt (part of Deutsche Boerse), which had the highest volume for 968 ISINs, EuroTLX topping the charts for 367 ISINs and Aurel BGC for 250 ISINs.
©Markets Media Europe 2024
