ICMA fully supports the establishment of a single consolidated tape for EU bond markets. ICMA views this as being the necessary vehicle for providing comprehensive, meaningful market transparency.
In April 2020,
ICMA published a report
with recommendations for the establishment of an optimal post-trade
consolidated tape for EU bond markets. This report addressed a number of
fundamental questions relating to the context, relevance,
comparability, scope, design, and governance of a potential consolidate
In summer of 2021 as an important follow up to this work,
ICMA, through its Transparency Taskforce (Taskforce), began extensive
discussions and analysis to determine what should be the appropriate
‘transparency regime’ to support the consolidated tape. That is, what
information should be made available on the tape, and when? While in
many, if not most cases, full and immediate disclosure of transactions
can be considered desirable, there is also a broad recognition that
there are instances where it would be beneficial to the overall
integrity and efficiency of the market to delay the dissemination of
certain details, and possibly of the transaction itself.
summarises the Taskforce’s findings and sets out ICMA’s bond market
transparency regime proposal and position for EU corporate bond markets.
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