Bond market contact group (BMCG)
The BMCG serves as a forum for discussing issues related to the euro area bond market. This includes short-term market developments as well as structural and regulatory trends and the functioning of the euro area bond market in general.
Members and composition
The chair is the Director General Market Operations of the ECB.
The composition of the group is reviewed at the end of the calendar year. Institutions are welcome to express their interest in joining the BMCG by submitting an application form and relevant documentation by 21 November 2025. To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.
Members in 2025Observers
Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.
Other market contact groups
- 26 November
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- 25 September
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Agenda
Summary
List of participants
Item 1 - Update on Market Developments
Item 2 - Stablecoins and Sovereign Bond Markets
Item 3 - Debt Management Agencies in the current Market Environment - 18 June
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Item 1 - Market outlook
Item 2a - Attractiveness of European bond markets
Item 2b - Attractiveness of European bond markets
Item 3 - Digital assets and bond markets - 7 April
- 11 March
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Agenda
Summary
List of participants
Market outlook
Issuance review and outlook
Primary dealer intermediation capacity
Primary dealer intermediation capacity survey results
- 21 November
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Agenda
Summary
List of participantsItem 1 - Market outlook - Nomura
Item 2 - Euro Swap Spreads - T Rowe Price
Item 3A - Market Intermediation - ECB
Item 3B - Market Intermediation - JP Morgan - 19 September
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Agenda
Summary
List of participantsItem 1 - Market outlook - Generali asset Management
Item 2A - Artificial Intelligence - AXA
Item 2B - Artificial Intelligence - ECB
Item 3 - ETFs - Union Investment - 26 June
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Agenda
Summary
List of participantsItem 1 - Market outlook - EIB
Item 2 - Hedge Funds in EGB market - HSBC
Annex - Item 2 - BMCG Hedge Fund survey results - 12 March
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Agenda
Summary
List of participantsItem 1A - Market outlook - Citi
Item 1B - CRE market update - GIC
Item 2 - Primary market absorption - ESM
Item 3 - Private debt market - Muzinich
- 28 November
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Agenda
Summary
List of participantsItem 1 - Market Outlook - Nomura
Item 2 - Market Absorption - BNP
Item 3 - Trends in the SSA market - Blackrock - 19 September
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Agenda
Summary
List of participants
Item 1 - Market Outlook - AXAItem 2 - Monetary policy normalisation and quantitative tightening around the globe - T.Rowe Price
Item 3 - Deep dive into inflation linked products - HSBC - 1 June
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Agenda
Summary
List of participants
Item 1 - Market Outlook - PGIM
Item 2 - Market Vulnerabilities - Amundi
Item 3 Bank Funding - ICMA
- 18 April
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Market Update
- 14 February
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Agenda
Summary
List of participants
Item 1 - Market Outlook - ESM
Item 2 - Monetary Policy Normalisation - Commerzbank
Item 3 - Update on algo trading - Citigroup
- 10 November
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Agenda
Summary
List of participants
Item 1 - ECB Market Outlook - BNP
Item 2 - Monetary Policy Normalisation - J.P. Morgan
Item 3 - ESG Developments - ICMA
Item 4 - MiFIR Review - AFME
- 29 September
- 13 September
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Agenda
Summary
List of participants
Item 1 - Repo activities of the German Finance Agency
Item 2 - Market Review - Morgan Stanley - 23 June
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Agenda
Summary
List of participants
Item 1 - Market Review - Nomura
Item 2 (a) - Primary Markets - European Commission
Item 2 (b) - Market Review - Muzinich
Item 3 - Monetary Policy Normalisation - AXA - 17 March
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Agenda
Summary
List of participants
Item 1 (a) - Market Review - Bank of America
Item 1 (b) - Market Review - Commerzbank
Item 2 - EU Bonds - Citi - 24 February
- 2 December
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Agenda
Summary
List of participants
Item 1 - Market Outlook - ESM
Item 2 - Bond Market Liquidity - Morgan Stanley
Item 3 - Assessing Market-Based Inflation Expectations - AXA Investment Managers
Item 4 - ECB Presentation on SMA - 15 September
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Agenda
Summary
List of participants
Welcome remarks Isabel Schnabel Item 1 - Market Outlook - Commerzbank
Item 2 - Developments in the ESG and Sustainablility-Linked Bond Market - Union Investment
Item 3 - Bond ETF growth - Tradeweb - 27 May
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Agenda
Summary
List of participants
Item 1 - Bond Market Outlook - Mediobanca
Item 2 - Repo market and securities lending - Goldman Sachs
Item 3 - Role of non bank market makers - Blackrock - 3 March
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Agenda
Summary
List of participants
Item 1 - Market review - Amundi
Item 2 - Central bank tools to address market dysfunction in light of the 2020 "dash for cash" - Union Investment
Item 3 - Outlook of fiscal policies and their impact on the euro area bond markets, changes in issuance patterns and strategy of DMOs - Citi
- 14 December
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Agenda
Summary
List of participants
Item 1: Bond Market Outlook - BNP
Item 2: First experience on the impact of EU issuance on euro area bond markets – Commerzbank
Item 3: Outlook for 2021 – Nomura - 23 September
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Agenda
Summary
List of participants
Item 1: Bond Market Outlook - Mediobanca
Item 2a: "New Normal" after Covid-19 – lessons learnt from the impact of the pandemic on the financial markets – Morgan Stanley
Item 2b: New Normal" after Covid-19 – lessons learnt from the impact of the pandemic on the financial markets – Allianz
Item 3a: Primary euro area bond markets and the impact of the upcoming EU issuance on national issuance and the development of a safe asset for the euro area – Blackrock
Item 3b: Primary euro area bond markets and the impact of the upcoming EU issuance on national issuance and the development of a safe asset for the euro area – ESM - 25 June
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Agenda
Summary
List of participants
Item 1: The ECB’s policy response to the COVID-19 crisis – ECB
Item 2: Bond Market Outlook – Citigroup
Item 3a: Real money investor strategies in a low-yield environment – NBIM
Item 3b: Real money investor strategies in a low-yield environment – DWS
Item 4: CSDR mandatory buy-in in non-cleared bond and repo markets – ICMA & Goldman Sachs - 6 May
- 21 April
- 30 March
- 18 March
- 9 March
- 6 March
- 4 March
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Agenda
Summary
List of participants
Item 1: Bond Market Outlook – MTS
Item 2a: A review of central banks’ strategies – Nomura
Item 2b: A review of central banks’ strategies – Commerzbank
Item 3: Update on the Corporate Bond Market – Union Investment
- 20 November
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Agenda Summary List of participants Item 1: Bond Market Outlook – Union Investment Item 2a: Market and survey-based inflation expectations – EFAMA Item 2b: Market and survey-based inflation expectations – ECB Item 3a: Algorithmic trading in bond markets – Citi Item 3b: Algorithmic trading in bond markets – Morgan Stanley
- 12 June
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Agenda Summary List of participants Item 1: Bond Market Outlook – Mediobanca Item 2a: Update on Sustainable and Responsible Investing – Muzinich Item 2b: Update on Sustainable and Responsible Investing – Allianz Item 3a: €STR next steps – ECB Item 3b: Bond market implications of IBOR reform – Blackrock & Commerzbank Item 4: Closing remarks - ECB
- 12 February
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Agenda Summary List of participants Item 1: Bond Market Outlook – EFAMA Item 2a: Euro area DMO issuance dynamics Item 2b: Update on the Primary Dealership Model - BNPP Item 3a: Liquidity in the euro area bond markets and the market impact of the end of net purchases of the APP - DWS Item 3b: Liquidity in the euro area bond markets and the market impact of the end of net purchases of the APP – Tradeweb
- 9 October
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Agenda Summary List of participants Item 1: Bond Market Outlook – BNP Paribas Item 2a: Electronic trading in bond markets & MiFiD2 – Goldman Sachs Item 2b: Electronic trading in bond markets & MiFiD2 – Tradeweb Item 3a: Update on the impact of Brexit – ICMA Item 3b: Update on the impact of Brexit – Nomura
- 26 June
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Agenda Summary List of participants Item 1: Welcome Remarks – ECB Item 2: Bond Market Outlook – HSBC Item 3: The global QE unwind – Blackrock & Commerzbank Item 4a: Hidden risks to bond markets – Allianz Item 4b: Hidden risks to bond markets – Citi
- 6 February
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Agenda Summary List of participants Item 1: Bond Market Outlook for the year ahead - Wellington Item 2a: Stock-taking on the first weeks under MiFID 2 and MiFIR - Morgan Stanley Item 2b: Stock-taking on the first weeks under MiFID 2 and MiFIR - Tradeweb Item 2c: Stock-taking on the first weeks under MiFID 2 and MiFIR - Union Investment Item 3: Update on the green and social bond market – ICMA Item 4a: Benchmark Reform – Barclays Item 4b: Benchmark Reform – AFME
- 10 October
- Agenda Summary List of participants Item 1 - Bond Market Outlook - EFAMA Item 2a - MiFID 2 and MiFiR - Barclays Item 2b - MifidII MiFiR - DAM Item 2c - MiFiD2 Research rules and implementation - Commerzbank Item 3a - Sovereign risk concentration - Nomura Item 3b - Primary Dealers - HSBC
- 16 May
- Agenda Summary Presentation item 2 – Secondary market and impact of repo liquidity Presentation item 3 a – An overview of FinTech Presentation item 3 b – Update on Trends on E-Trading Venues Presentation item 4 – Bond market outlook
- 7 February
- Agenda Summary Presentation item 1 – GDP linked bonds and sovereign bond-backed securities Presentation item 2 – Impact of the ECB asset purchase programme Presentation item 3.1 – Yield curve targeting-part I Presentation item 3.2. – Yield curve targeting-part II Presentation item 4. – Bond market outlook
- 12 October
- Agenda Summary Presentation item 1.1 Presentation item 1.2 Presentation item 1.3 Presentation item 2.1 Presentation item 2.2 Presentation item 3.1 Presentation item 3.2 Presentation item 4
- 27 June
- Summary
- 21 June
- Agenda Summary Presentation item 1 – Bond market outlook Presentation item 2.1 – Risk markets into the UK referendum on EU membership Presentation item 2.2 – Further aspects from the UK referendum Presentation item 3.1 – How does Solvency II work Presentation item 3.2. – Solvency II impact on European bond markets Presentation item 4.1. – Impact of the recent regulation on repo for insurance companies Presentation item 4.2 – Update on capital and liquidity requirements Presentation item 4.3 – Towards an FX single code
- 7 April
- Agenda Summary Presentation item 1 – Bond market outlook and other topics of relevance Presentation item 2.1 - Impact of low or negative interest rate environment – dealer perspective Presentation item 2.2 – Impact of low or negative interest rate environment – insurance company perspective Presentation item 3 - Bank business models and the role of Principal Trading Firms (PTFs) in liquidity provision and intermediation Presentation item 4 – Money market benchmarks and on the on-going reform process
- 19 January
- Agenda Summary Presentation item 1.a – Automated trading strategies – dealer perspective Presentation item 1.b - Automated trading strategies – buy-side perspective Presentation item 1.c – ICMA ETP mapping study Presentation item 2 - Bond market outlook, issuance and other topics Presentation item 3.a – Transmission of the ECB’s expanded asset purchase programme Presentation item 3.b – Recent developments in market-based indicators of inflation expectations
- 13 October
- Agenda Summary Presentation item 1 - Bond market outlook and other topics of relevance Presentation Item 2.1.a - Impact of MiFID II from a dealer perspective Presentation Item 2.1.b - Impact of MiFID II from an investor perspective Presentation Item 2.2 - Impact of new regulations related to derivative products Presentation Item 2.3 - Implications of the new capital regulations (including the TLAC and MREL rules) Presentation Item 3 - Self-regulated best practices
- 30 June
- Agenda Summary Presentation Item 1 - Bond market outlook Presentation Item 2 - Implications of the end of tapering by the Federal Reserve Presentation Item 3.1 – Long term implications of the APP – dealer perspective Presentation Item 3.2 – Long term implications of PSPP – investor perspective Presentation Item 3.3 – Long term implications of ABSPP and CBPP3 – investor perspective
- 29 June (teleconference)
- Summary
- 21 April
- Agenda Summary Presentation Item 1 Presentation Item 2 Presentation Item 3.1 – liquidity in bond and credit markets – dealer perspective Presentation Item 3.2 – liquidity in bond and credit markets – investor perspective Presentation item 4 – Presentation of the EFC Sub-Committee on EU Sovereign Debt Markets (ESDM
- 16 March (teleconference)
- 27 January
- Item 1 - Bond market outlook Item 2.1 - Analysis of October 2014 risk-off episode from a HF perspective Item 2.2 - Events of October 2014 from a dealer perspective Item 3.1 - Impact of ABSPP and CBPP3 and potential LSAPs Item 3.2 - Impact of ABSPP and CBPP3 January 2015 from an investor perspective Item 4 - Best practice framework for euro area government bond markets
- 21 October
- Agenda Summary Item 1 - Bond market outlook Item 2.1 - Collateral issues of relevance for the functioning of bond markets - bank perspective Item 2.2 - Collateral issues of relevance for the functioning of the bond markets - investor perspective Item 2.3 - Recent Developments to the Collateral Framework Item 3 - Systemic risk Item 4.1 - Best practice framework – US fixed income markets Item 4.2 - Best Practice framework - EGB Market
- 1 July
- Agenda Summary Item 1 - Bond Market Outlook Item 2 part I- Some considerations on market making and trading Item 2 part II - Addressing the Liquidity Challenge Item 3 - Demand for sovereign bonds: The importance of diversity Item 4 - SSM Comprehensive Assessment - Key issues from a market perspective
- 8 April
- Agenda Summary Item 1 - bond market outlook and other topics of relevance Item 2 - Central banks' asset purchase programmes Item 3 part I - Role of trading and liquidity in bond markets Item 3 part II - Role of trading and liquidity in bond markets Item 4 part I - SME funding initiatives - New European Comission initiatives for SME funding in Europe.pdf Item 4 part II - SME funding initiatives - the market association perspective Item 4 part III - SME funding initiatives - the issuer perspective.pdf
- 21 January
- Agenda Summary Item 1 - Bond market outlook and main developments Item 2a - Sovereign funding challenges for 2014 and private sector issuance Item 2b - Bond demand outlook from investor side Item 3 - Review of latest developments of electronic trading in bond markets Item 4 - Risk metrics
- 8 October
- Agenda Summary Presentation item 1 Presentation item 2 Presentation item 3 Presentation item 4
- 9 July
- Agenda Summary Item 1 - Review of recent bond market developments Item 2 - Bond market liquidity Item 3 - Euro area financial integration Item 4a - The main elements of BRRD Item 4b - Too big to fail Item 5 - Impact on regulatory developments from an insurance company point of view
- 9 April
- Agenda Summary Item 1 - Review of recent bond market developments Item 2 - Market Access for Sovereigns Item 3 - Market Functioning Issues Item 4 - Putting scarcity scares into perspective Item 5a - The Impact on Bond Markets – Buy Side Perspectives Item 5b - The impact of legislation on the bond markets; MIFID II and the Basel Securitisation Framework Item 6 - Financial transaction tax
- 22 January
- Agenda Summary Item 2 - Review of bond market developments Item 3 (i) - Global outlook for public sector and private sector bond issuance Item 3 (ii) - Global outlook for public sector and private sector bond issuance from investor perspective Item 3 (iii) - Developments in eligible and used collateral Item 4 - Regulatory changes and other structural issues