While DLT is being adopted in different parts of capital markets, this roadmap focuses on adoption of DLT in markets for bonds issued by European sovereigns, supranational institutions and public-sector agencies.

For further details, please see the following parts of the roadmap document:

• Part 1 – Benefits and Challenges of using DLT in Bond Markets setting out how DLT can help issuers achieve their issuance and policy objectives.
• Part 2 – State of the DLT-based bond markets showing the growth in DLT-based bond markets.
• Part 3 – DLT vs Traditional Bond Trade Lifecycle comparing the bond lifecycle in a DLT architecture to that using traditional infrastructures.
• Part 4 – Prerequisites and Enablers for Scaling setting out the key enablers for scaling of DLT-based SSA and government bond markets and the degree to which these are in place.
• Part 5 – Issuer Roadmap setting out a strategy for issuers to enter the DLT-based bond market, following 3 phases:
  • Phase 1 - Experimentation with early-stage DLT-based issuances;
  • Phase 2 - Scaling of DLT-based SSA and government bonds;
  • and Phase 3 - Regular issuances in mature DLT-based markets.

The Issuer Roadmap is to be read jointly with AFME’s separate recommendations for policymakers and regulators (‘Policymaker Roadmap’) to complement and enable DLT-based capital market developments, which will be published in July 2024.'