ICMA updates industry taxonomy for bond price distribution
16 July 2026 As electronic trading in bond markets continues to evolve, a common understanding of how different types of bond prices and trading interest are communicated has become increasingly important. Consistent terminology helps improve transparency, support more efficient interaction between market participants, and provide a stronger foundation for assessing dealer behaviour and the quality of market information.
ICMA is pleased to publish the Bond Price Distribution Definitions, updating the industry taxonomy first introduced in 2021 to reflect changes in market structure, increased electronification and automation, and extensive industry consultation through ICMA's Electronic Trading Working Group (ETWG), the FIX Trading Community, and other market participants.
The revised taxonomy delivers a clearer and more consistent framework for understanding the principal bond price distribution protocols used across today's increasingly electronically-traded fixed income markets.
The updated framework introduces refined definitions for the principal bond price distribution protocols:
- Market-runs – indicative market colour distributed to the market.
- Indicative and firm streaming – distinguishing between non-executable and executable streamed prices.
- Axes – providing greater clarity around directionality, firmness, size expectations and the limited circumstances in which two-way axes may be appropriate.
The intention is to provide a clearer and more consistent framework for bond price and interest distribution, both on and off venue, reflecting the continued evolution of market structure and electronic trading. By establishing a common industry language for bond price distribution, the updated definitions aim to improve communication, reduce ambiguity and support more effective dealer-to-client engagement across fixed income markets.
