Scaling DLT-Based SSA and Government Bond Markets - A Roadmap Strategy for European Issuers

While DLT is being adopted in different parts of capital markets, this roadmap focuses on adoption of DLT in markets for bonds issued by European sovereigns, supranational institutions and public-sector agencies.

For further details, please see the following parts of the roadmap document:

1. Part 1 – Benefits and Challenges of using DLT in Bond Markets setting out how DLT can help issuers achieve their issuance and policy objectives.
2. Part 2 – State of the DLT-based bond markets showing the growth in DLT-based bond markets.
3. Part 3 – DLT vs Traditional Bond Trade Lifecycle comparing the bond lifecycle in a DLT architecture to that using traditional infrastructures.
4. Part 4 – Prerequisites and Enablers for Scaling setting out the key enablers for scaling of DLT-based SSA and government bond markets and the degree to which these are in place.
5. Part 5 – Issuer Roadmap setting out a strategy for issuers to enter the DLT-based bond market, following 3 phases:
   1. Phase 1 - Experimentation with early-stage DLT-based issuances;
   2. Phase 2 - Scaling of DLT-based SSA and government bonds;
   3. and Phase 3 - Regular issuances in mature DLT-based markets.

The Issuer Roadmap is to be read jointly with AFME’s separate recommendations for policymakers and regulators (‘Policymaker Roadmap’) to complement and enable DLT-based capital market developments, which will be published in August 2024.'