Danish bonds may be traded on five different markets having different trading functionality:

The Cash Bond Trading (ordinary) market

This ordinary market offers auto match of orders as well as trade reporting for publication of OTC trades ans SI trades (APA trades).

The Auction markets

There are four different auction markets. Main reason for this is the need to differentiate the different auction purposes. The different markets are identified by a suffix - BB, ILS, ISS and TAP.

• BB: Used for Buy Back Auctions, i.e. used by issuers to buy back bonds issued earlier - trades have standard settlement period
• ILS: Used for period issuing auctions where trades usually have relatively long settlement periods
• ISS: Userd for period issuing auctions where trades have standard settlement period
• TAP: Used for daily TAP-issues, i.e. used by issuers for the daily new issuance of bonds - trades have standard settlement period

Trades executed in the BB, ISS and TAP markets are included in the price statistics calculatied for Danish bonds, whereas trades executed in the ILS market are excluded due to non-standard settlement periods.