On 2 May 2018, the European Securities and Markets Authority (ESMA) published its first liquidity assessment for bonds subject to the pre-and post-trade requirements of MiFID II and MiFIR. ESMA’s assessment of the European bond market for Q1 2018 found 220 bonds (out of 71,000 for which the assessment was executed) to be sufficiently liquid to be subject to MiFID II’s real-time transparency requirements. The full list of liquid bonds is available through ESMA’s Financial Instruments Transparency System. ESMA will update its bond market liquidity assessments quarterly.