Speaking at the association of Compliance Officers in Ireland Conference in Dublin, Commissioner McCreevy said that no further action with regard to pre and post trade transparency in the bond markets.
“Both CESR and ESME concluded that there is little evidence of market failure in the wholesale business”, McCreevy said. “As far as I am concerned, the matter has been dealt with – no market failure, no regulation.”
“To the extent that there is some evidence of sub-optimality or potential market failure for retail investors in terms of access to price information about bonds, CESR and the ESME concluded that self-regulatory solutions could remedy the situation without imposing costs on industry and damaging liquidity”, he added.
“Such solutions have now been developed by ICMA along with the Securities Industry and Financial Markets Association. “
Full speech
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