The European Securities and Markets Authority has published its latest quarterly liquidity assessment for bonds available for trading on EU trading venues, identifying 1,346 bonds as liquid and therefore subject to MiFID II transparency requirements. In line with its 27 March 2024 public statement, ESMA will continue to publish these quarterly bond liquidity assessments. The transparency requirements for bonds deemed liquid in this assessment will apply from 18 August to 16 November 2025. The liquidity determination is based on a quarterly assessment of quantitative criteria, including daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. The full list of assessed bonds is available through ESMA’s Financial Instruments Transparency System (FITRS) in XML files with publication date 1 August 2025 and via the FITRS Register web interface, alongside two completeness indicators related to bond liquidity data. While the assessment is updated quarterly, additional data and corrections submitted to ESMA may result in further updates within the quarter published in FITRS, which become applicable the day following publication.
European Securities and Markets Authority 2025-08-01
European Securities and Markets Authority publishes quarterly bond liquidity assessment listing 1,346 liquid bonds under MiFID II transparency rules
The European Securities and Markets Authority (ESMA) has released its quarterly liquidity assessment, identifying 1,346 bonds as liquid and subject to MiFID II transparency requirements from 18 August to 16 November 2025. The assessment is based on quantitative criteria like daily average trading activity and percentage of days traded. Updates and corrections to the data may occur within the quarter and are published in the Financial Instruments Transparency System (FITRS).