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ARTICLE · 20 FEBRUARY 2026

Bonds – When and why are they reportable under MiFIR and EMIR?

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Bonds are often used by governments to fund infrastructure projects or war spending.

United KingdomFinance and Banking
Quinn Perrott
Quinn Perrott
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Bonds are a common debt instrument traded by financial firms. Are they EMIR reportable as a derivative, or are they traded on a trading venue and MiFIR reportable, or even both?

Background

Bonds are essentially an IOU and have been around since around 2400 BC in Mesopotamia, originally as grain debt guarantees. Bonds are often used by governments to fund infrastructure projects or war spending. Bonds are also used by large "blue chip" corporations to raise money without diluting their stock.

When a person wants to borrow money, they go to a bank and get issued a loan. When a government or corporation wants to borrow money, it issues bonds and anyone can then be the lender by buying those bonds.

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