Bond Market Axe Distribution in Europe – December 2025

FIX Trading Community and ICMA White Paper

Following an exploratory FIX workshop on the topic in May 2025, ICMA and FIX agreed to work together to explore the current state of electronic bond market axe distribution, to identify any deficiencies and their causes, and to work with the market to propose possible enhancements. This white paper is the first step of this process, based on the discussions from the initial FIX workshop and subsequent joint ICMA2 -FIX Working Group calls, as well as bilateral outreach to both the sell and buy-side trading community. While the paper does not set out recommendations to improve axe data quality and practices, it is hoped that a better understanding and articulation of the current challenges and experiences of market
participants at least paves the way for deeper discussion about possible solutions.