Market value represents what your bond position is worth today. The standard formula is clean price (as a decimal) times notional amount. For example, a $1 million face value bond quoted at 98 has a market value of $980,000. The choice of clean vs. dirty price depends on context: portfolio accounting and risk metrics typically use clean price × notional for consistency, while settlement and cash management use dirty price to capture the full invoice amount. Some systems also add accrued interest separately to the clean MV when calculating total portfolio value. Always confirm which convention your risk system uses to avoid double-counting or missing accrued interest.