(11)According to the definition of liquid market set out in Article 2, point (17)(a)(i), of Regulation (EU) No 600/2014, a liquid market should be assessed according to the issuance size of a bond. To cater for potential changes to the issuance size of a bond over time, including due to bond taps or buybacks, it is necessary to assess a liquid market on the basis of the bond issuance outstanding amount (that is, the total value of bonds that have been issued and are held by investors at a given point in time), rather than the bond initial issuance size (that is, the total value of bonds that is offered to investors in the primary market at the time of issuance).