ICMA proposes a post-trade transparency framework for sovereign bonds traded in the EU. ICMA believes that improved transparency for the EU sovereign bond market is not only core to the ambitions of the Capital Market Union, but it will also address the current information asymmetry faced by existing and potential investors in EU sovereign debt, whilst also acknowledging that there is an existing level of real-time transparency currently available. The key principles that ICMA feels are required in any post trade transparency framework for sovereign bonds are: 1) Harmonization across national competent authorities for their respective sovereign bonds; 2) Removal of the optionality for volume omission and indefinite aggregation.[…]