In 2023, in response to a request from members, ICMA created a Bond Market Liquidity Taskforce (BMLT) to take a deep dive into bond market microstructures and liquidity conditions with a view to identifying potential vulnerabilities and providing recommendations to increase resilience. The analysis is based on both quantitative and qualitative data. This first phase of the BMLT’s work focuses on core European sovereign bond markets: Germany, France, Italy, Spain, and the UK. […]