The Publications Office of the EU is in the process of updating some of the content on this website in the light of the withdrawal of the United Kingdom from the European Union. If the site contains content that does not yet reflect the withdrawal of the United Kingdom, it is unintentional and will be addressed.
Belgium-Brussels: Drivers of corporate bond market liquidity
Section I: Contracting authority
Main address: http://ec.europa.eu/dgs/finance/index_en.htm
Section II: Object
Drivers of corporate bond market liquidity.
The purpose of the contract is to gather new information on the drivers of market liquidity in European corporate bond markets. The contractor must provide new qualitative and quantitative empirical analysis on the significance of certain characteristics (e.g. the extent of electronic trading and standardisation, relative importance of pre-trade transparency obligations, investor types) as drivers of market liquidity in EU corporate bond markets.
The tasks are to be performed at the premises designated by the contractor. A maximum of 4 coordination meetings with the contracting authority will be held in Brussels.
The following tasks will be carried out:
— literature review,
— data collection,
— creation of sample sets,
— empirical analysis on the drivers of market liquidity in EU corporate bond markets,
— empirical analysis to identify the different levels of market liquidity between corporate bonds which are traded electronically and those only traded over the counter,
— sensitivity analysis of the credit spreads of EU corporate bonds to changes in dealer inventories.
The tender shall be rejected as irregular if it does not comply with the applicable environmental, social and labour law obligations established by Union law, national legislation, collective agreements or the applicable international social and environmental conventions listed in Annex X to Directive 2014/24/EU of the European Parliament and of the Council. The analysis must be conducted on at least corporate bond markets in the European Union and must be able to provide new data and evidence that cannot be found elsewhere.
The overall analysis should cover all 28 Member States. Where resource or data constraints require it, deeper analysis can be restricted to specific market segments, or Member States, if it is not possible to conduct analysis for all 28 Member States in every case. The analysis could also look at countries outside the EU if they provide useful case studies (e.g. looking at the importance of transparency rules in third countries). A clear distinction should be made between financial and non-financial corporate bonds.
Section III: Legal, economic, financial and technical information
See tender specifications.
See tender specifications and draft service contract.
Section IV: Procedure
Meeting room 01/A030, rue de Spa 2, 1000 Brussels, BELGIUM.
A maximum of 2 representatives per tender can attend the opening of tenders. For organisational and security reasons, the tenderer must provide the full name and ID or passport number of the representatives at least 3 working days in advance to: EC-FISMA-CONTRACTS@ec.europa.eu
Failing that, the contracting authority reserves the right to refuse access to its premises.
Section VI: Complementary information
Internet address: http://curia.europa.eu/