1 Country overview
MTS facilitates a dedicated market for the electronic trading of Irish government bonds.
Euro denominated securities issued by the Irish government with maturity ranging from 1.25 to 16 years are traded on MTS.
The securities are divided into 4 different maturity buckets:
D (over 13.5y)
For a full list of available instruments, click here.
2.1 Minimum lots
Proposals must be formulated for a minimum quantity equal to EUR 10, EUR 5 or EUR 2.5 million depending on the instrument (bucket of maturity, liquid/benchmark security).
Orders may be submitted for the following quantities:
EUR 2.5 million and multiples with auto-matching.
Odd lots of EUR 0.5 and multiples up to EUR 2.5, with manual matching subject to market makers’ acceptance.
For a list of participants, click here.
3.1 Participant requirements
17 primary dealers of Ireland participate in MTS as market makers. Additional participants are allowed subject to Committee approval.
The Committee sets the rules for admission of new participants. Participants can join MTS either as a market maker or dealer (market taker).
MTS currently has 18 participants in Ireland.
The eight official primary dealers of Ireland all participate as market makers. This list is further extended by the inclusion of the Bank of America, Bayerische Hypo-undVereinsbank and UBS Ltd whom have chosen to provide liquidity in this way.
4 Market Hours
Cash Market Hours (CET)
Pre-Market: 7:30am – 8:00am
Trading Hours: 8:00am – 5:30pm
Market Closed: 5:30pm
Trades on Irish Government bonds settle at Euroclear Bank and Clearstream Banking Luxemburg. MTS sends Swift settlement instructions on behalf of both participants to the relevant ICSD. MTS participants must hold a securities account at one of the two ICSDs either directly or indirectly through a custodian.
LCH SA is available as a Central Counterparty: for CCP transactions MTS sends Swift trade message on behalf of both participants to LCH SA.
The settlement cycle is T+2. The settlement calendar follows the TARGET calendar skipping value date only on TARGET non-business days.
6 Market Data
6.1 Password protected
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