1 European Bond Market (EBM) Overview

MTS facilitates a dedicated market for the electronic trading of Euro denominated government and sovereign bonds called the European Bond Market (EBM), which works as an order-driven market to allow execution of natural order flows and is part of the Cash Interdealer Markets. 

Trusted by DMOs, regulators and central banks across Europe and beyond for over 30 years, we have built on our technology and experience in the European bond markets to facilitate an electronic market for government, supranational and sovereign bonds.

2 Instruments

The EBM market supports an expanding choice of product classes and tradable securities, including fixed coupons, floating coupons, zero coupons and index linked coupons. These Benchmark bonds are “parallel listed” so the option is available to parallel quote on the domestic market.

Maturities ranging from 0.5 to 30+ years are traded in the EBM.

Please refer to the Regulatory Specification under the Market Rules for further details on the maturities.

For a full list of available instruments, click here.

2.1 Minimum lots – done 

The minimums sizes of the associated instrument classes are available via the Regulatory Specification under the Market Rules 

3 Participants

For a list of participants, click here.

4 Market Hours

EBM Market Hours (CET)

Pre-Market: 7:30am – 8:00am

Trading Hours: 8:00am – 5:30pm

Market Closed: 5:30pm

5 Settlement

Trades on EBM section are cleared via the following Central Counterparties below.

-       LCH SA

-       CC&G 

MTS sends settlement instructions on behalf of both participants to the relevant CSD/ICSD/CCP.

MTS Participants must hold a securities account at the relevant CSD/ICSD either directly or indirectly through a custodian.

MTS Participant who uses a CCP, can either be direct member of the CCP or make use of a General Clearing Member.

The settlement calendar on EBM follows the TARGET calendar skipping value date only on TARGET non-business days.

Further details on the Settlements are available via the Regulatory Specification under the Market Rules

6 Market Data

6.1 Password protected

Click to view:

Participant statistics