13 November 2006

Feedback statement on bond markets transparency

The Commission published a feedback statement in response to its call for evidence on transparency in the bond markets and other non-equity markets. Most industry feedback was to the effect that the MiFID transparency provisions that apply to equities should not be extended to apply to other instrument types such as bonds and derivatives. On the other hand, there was industry support for exploring the possibility of self-regulatory measures to improve transparency, particularly for retail investors.

There was some support expressed by regulators, exchanges and consumer representatives for mandatory transparency to be extended to non-equities. Lastly, there were a number of suggestions for enhancing non-trade transparency in a number of markets.

The feedback statement relates to a report the Council and the European Parliament have asked the Commission to make by end 2007. It will investigate whether and to what extent new requirements on pre- and post-trade transparency should be introduced at EU level to the trading in non-equity financial instruments such as bonds and derivatives.

A Commission draft report is expected in July 2007. A public hearing will be held on 11 September 2007.

Press release
Feedback statement

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