Outright transactions

Outright purchases and sales of securities on the market

General information

According to the general rules for Eurosystem monetary policy instruments and procedures, the outright purchase and sale of securities on the market (outright transactions) are part of the standard open market operations within the Eurosystem’s monetary policy framework.

Terminated/announced programmes

The securities markets programme (SMP), which was announced by the ECB Governing Council on 10 May 2010 and then terminated through its decision of 6 September 2012, as well as the two covered bond purchase programmes of 2009 and 2011 (CBPP and CBPP2) have been terminated. On 6 September 2012, the ECB Governing Council also announced a series of technical features for outright monetary transactions (OMTs) in secondary sovereign bond markets. Purchases are not currently being made.


The effectiveness of monetary policy greatly depends on the operations agreed for this purpose being conducted in a timely and confidential manner. For all operations performed with non-capital instruments, Article 1 (6) MiFIR therefore requires members of the European System of Central Banks (ESCB) to obtain an explicit exemption from the obligation to publish trade data when implementing monetary policy in line with their statutory powers. 

For further information, please refer to Bundesbank Circular No 53/2017.