The International Capital Market Association (ICMA) has published version 2.0 of its Bond Data Taxonomy (BDT), the most comprehensive update yet to its machine readable standard for bond terms. The release expands support for complex issuance structures such as bonds with multiple series, classes and tranches, and extends the DLT capabilities originally introduced in 2024.
Adoption is broadening across the fixed income ecosystem. The taxonomy is being integrated into the Swift digital assets standards initiative, used by the HKMA, and applied in Singapore’s Project Guardian Global Fixed Income Framework. ICSDs Euroclear and Clearstream are also adopting it as part of their digitization of the Eurobond market. Meanwhile discussions within the Eurosystem’s AMI-SeCo have underlined the importance of harmonized data standards for post-trade integration.
On the DLT side, the 2024 iteration added support for DLT platforms, including their types (such as permissioned or permissionless), the platform name and operator, and token details such as the smart contract address. Version 2.0 expands the smart contract fields from one for the address to six elements. It also adds a token identifier and other token related information.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
