Over the last few months, AFME has undertaken a detailed analysis of fixed income trading activity to help inform policy makers in the context of the MiFID legislative process. This AFME Report outlines the key findings and supporting data, including an Executive Summary.

The major findings of the Report are that individual fixed income instruments have material differences in trading activity and that the market maker model is essential for the functioning of the secondary markets across fixed income sectors – a major provider of capital to governments, companies and consumers for economic growth. This means that any transparency requirements will need to be carefully calibrated and dynamic to take into account secondary market liquidity, issuance size and trade size.