Based on the positive feedback related to the “MiFIR 2021 Corporate Bond Trade Data Analysis and Risk Offset Impact Quantification” report (April 2022) , AFME and Finbourne subsequently decided to extend the analysis to sovereign bonds. Finbourne compiled actual post-trade data from major APAs, MTFs and OTFs from 1 March 2021-31 December 2021 on sovereigns and public bonds traded on EU platforms per MiFIR reporting requirements. This represents over €8.4tn of (gross) volume, almost 1.8m transaction records and over 8,200 distinct bonds/ISINs.[…]