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Glossary

MiFIR Sub Class Code

is a four-letter code designated in COMMISSION DELEGATED REGULATION (EU) 2017/583 of 14 July 2016. In order to comply with European MiFIR (Markets in Financial Instruments) trading venues have certain transparency requirements for trading venues. According to it trading venues should use MiFIR Sub Class Code.

Sub Class Code indicated subclass of a security. Bonds are distinguished in five subclasses:

‘EUSB’ — Sovereign Bond, ‘OEPB’ — Other Public Bond, ‘CVTB’ — Convertible Bond ‘CVDB’ — Covered Bond, ‘CRPB’ — Corporate Bond, ‘OTHR’ — Other.

Sovereign Bond means a bond issued by a sovereign issuer which is either: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) a sovereign entity which is not listed under points (a) and (b).

Other Public Bond means a bond issued by any of the following public issuers: (a) in the case of a federal Member State, a member of that federation; (b) a special purpose vehicle for several Member States; (c) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (d) the European Investment Bank; (e) a public entity which is not an issuer of a sovereign bond as specified in the previous row.

Convertible Bond means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity.

Covered Bond means bonds as referred to in Article 52(4) of Directive 2009/65/EC.

Corporate Bond means a bond that is issued by a Societas Europaea or a type of company listed in Article 1 of Directive 2009/101/EC of the European Parliament and of the Council or equivalent in third countries.

Other Bond is a bond that does not belong to any of the above bond types is considered not to have a liquid market.

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