AFM decision regarding deferred publication of the volume of certain transactions in Dutch sovereign bonds

Transparency and protection of liquidity providers

The Market in Financial Instruments Regulation (MiFIR) requires market operators and investment firms operating a trading venue to make details, such as volume, price and time, of transactions in financial instruments, including bonds, public as soon as possible after concluding them This transparency contributes to well-functioning and fair financial markets. In order to protect liquidity providers against potential adverse effects resulting from the early or untimely publication of details of large transactions, MiFIR provides for the deferral of publication of such details.

In relation to sovereign bonds, Article 11(3) MiFIR provides that national supervisory authorities may additionally allow the publication of the volume of a transaction in sovereign bonds to be deferred for an extended time period relative to the standard periods laid down in European regulations.

Harmonised applicability of national competence

Harmonised use of the aforementioned competence has been agreed with the other national supervisory authorities in the EU. The decision adopted by the AFM provides for the implementation of the above in respect of Dutch sovereign bonds. In relation to individual transactions with an amount between €15 million and €50 million in Dutch sovereign bonds with an outstanding issue amount of €5 billion or higher, deferred publication of the volume is allowed until no later than the close of the trading day. The deferred publication is applicable throughout the European Union in respect of these transactions.

Publication in Government Gazette

The decision was published in the Government Gazette on Friday, 1 May 2026.

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