ICMA has developed a voluntary European Financial Services Industry Standard of Good Practice on Bond Market Transparency for Retail Investors to provide easier access to price transparency for retail investors by improving the quantity and accessibility of price and liquidity information available to retail investors about liquid and highly rated bonds.
There is a consensus in the European financial services industry that competition ensures that the appropriate level of pre- and post-trade price transparency is already available to wholesale participants in the bond markets, but that retail investors might benefit from easier access to price transparency.
This paper describes the objectives of the Standard and its technical specifications. The Annex sets out ICMA’s proposals for enabling those market participants who report to ICMA to comply with the Standard.
The Standard does not affect market participants in those EU jurisdictions (e.g. Denmark and Italy) where reporting requirements already exist which meet local needs.
The provisions of the Standard should be subject to review by Reporting Arrangements after 12 months in operation.
Press release
© ICMA
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