MiFIR implementation: BVI optimises concept for improved post-trade transparency in the bond market

The BVI has developed a framework to calibrate the timing delay for the disclosure of bond trades in line with MiFIR requirements. This “BVI Bond Deferrals Framework” is based on joint considerations from both buy- and sell-side associations.

Our “BVI Bond Deferrals Framework” is more compatible with ESMA's draft than the proposals from various sell-side associations. Unlike these concepts, our approach significantly enhances visible liquidity in mid-sized transactions. Additionally, our framework supports the introduction of a high-quality consolidated tape for bonds.

We support ESMA to incorporate BVI’s considerations into the proposed regulatory standard
RTS 2.