MTS Launches New Electronic Trading Platform for EU Debt Instruments

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris and London – 9 November 2023 

MTS, one of the leading European electronic fixed income trading platforms, part of Euronext, the leading pan-European market infrastructure, today announced the launch of MTS EU, a central limit order book for the European Union (EU) Primary Dealer Network.

MTS EU was launched on 1 November 2023, following the appointment of MTS as a recognised interdealer platform by the European Union for the implementation of electronic market making on debt instruments issued by European Union.

MTS EU is a segment of MTS Domestic Markets MTF, a trading venue operated by MTS S.p.A. It provides a trading infrastructure for a highly liquid, transparent, and efficient interdealer bond marketplace. MTS EU enables a reliable, independent pricing reference based on fully firm and executable prices streamed by the members of the EU Primary Dealer Network. 

Already, most banks in the 38-member-strong EU Primary Dealer Network have joined MTS EU in a market-maker capacity, creating a deep liquidity pool. Using the platform, primary dealers in the EU can access a quote-driven market, leveraging a central limit order book trading protocol, with trades automatically submitted to the relevant CCP or CSDs on behalf of participants. Additionally, MTS can report quoting performances to the European Commission on behalf of primary dealers if requested. Trading volumes have averaged around EUR 800 million (single counted) daily.

Nathalie Fillet, Primary Dealership Manager at BNP Paribas, says: “The first few days of trading on MTS EU within the new framework of electronic market making exceeded our expectations. The MTS EU market has experienced a healthy start, and this is encouraging for the prospect of more liquidity going into EU debt instruments.” 

Angelo Proni, CEO at MTS, says: “MTS’s interdealer trading technology and services support 22 markets, and in each case, it has facilitated the liquidity and stakeholder engagement that the market needs. The selection of MTS EU by the European Commission for the EU Primary Dealer Network is a vote of confidence in our offering from an increasingly relevant borrower and we will continue to support its ambition to fund itself optimally. It also reflects the success of MTS integration into Euronext, leveraging our pan-European network and investing in cross-selling efforts. With this new market now live, we look forward to working with the Commission and users of MTS EU to ensure sustainable liquidity and price discovery in this market.”

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About Euronext

Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With more than 1,900 listed issuers and around €6.2 trillion in market capitalisation as of end September 2023, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs. For the latest news, go to euronext.com or follow us on Twitter (twitter.com/euronext) and LinkedIn (linkedin.com/euronext). 

About MTS  

MTS is the market operator of major fixed income trading platforms for European rates, money markets, and swaps participants, facilitating daily transaction volumes of more than €160 billion. For over 35 years, MTS has supported the European fixed income market by bringing traders together to unlock liquidity, maximise trading opportunities, and optimise post-trade processes. As a one-stop shop, our cutting-edge trading solutions and market data meet the ever-changing requirements of buy- and sell-side organisations across a wide range of instruments, order types, and access methods. MTS is part of the Euronext Group, the leading pan-European market infrastructure.