Bond liquidity completeness indicators
The Bonds liquidity completeness indicators file includes for all trading venues which reported bond liquidity data two completeness indicators: (i) the completeness ratio and (ii) the completeness shortfall. These indicators are calculated on the basis of the data reported for the relevant quarter used for the quarterly liquidity assessment publication. The file is updated every quarter with the new results.
The liquidity assessment of a bond is based on the trading activity executed on that bond on trading venues, systematic internalisers (SIs) and OTC. Please note that, the analysis of the completeness of data can only be performed with regard to trading venues where the period from which data is expected to be received for that bond-trading venue combination, can be determined. This period is defined by the “date of admission to trading or date of first trade” and “termination date” of the instrument on the trading venue, as submitted to the reference data system (FIRDS).
Both completeness indicators should be considered in order to assess the contribution of a trading venue. The completeness ratio indicates the percentage of reports provided divided by the number of reports expected irrespectively from the number of instruments available for trading on that trading venue. In other words, missing one or a few periods on a large number of instruments, or missing the same number of periods in one instrument only does not change the value of this indicator. This indicator is independent from the number of instruments available for trading on the venue. On the other hand, the completeness shortfall takes into account the number of incomplete ISINs for the trading venue. In other words, missing one or a few periods on a large number of instruments, increases the value of this indicator.
As indicated in ESMA’s public statement of 27 March 2024, the quarterly liquidity assessment of bonds is published by ESMA until the application date of the new RTS 2. Considering the start of application of the new transparency rules for bonds – as of 2 March 2026 – the last assessment was performed on 31 October 2025.
| File | Observation period start date | Observation period end date | Last update published |
|---|---|---|---|
| [LINK] | 1 July 2025 | 30 September 2025 | 31 October 2025 |
Disclaimer
ESMA publishes the information with utmost care and to the best of its ability on the basis of the data provided by trading venues and National Competent Authorities regarding equity, equity-like and bond instruments. Therefore, ESMA has to rely on the trading venues and National Competent Authorities in respect of the completeness and accuracy of the submitted data. In addition, delays in the provision of the relevant data may affect the completeness and accuracy of the published information.
The publication of the information on this website does not prejudice the results of verifications on the completeness and correctness of the transposition of EU law into national law.
These lists also contain data related to European Economic Area (EEA) / European Free Trade Association (EFTA) States based on the notifications received by ESMA, the publication of which does not affect the status of incorporation of relevant EU law into the EEA Agreement and any related legal consequences.