CESR response on non-equities markets transparency

17 November 2006

CESR published its initial assistance on non-equities markets transparency. The Commission indicated in its letter from August 2006 that its initial request to CESR was a limited fact-finding exercise in relation to cash bond markets. CESR would be invited for its views on a broader range of questions and markets as part of a second tranche of assistance.

CESR however pointed out that currently most CESR members have only limited statistical information available to them about the bond markets in their countries. Although competent authorities can call on a number of outside sources of data, there is no fully comprehensive and harmonised data available throughout the EU.

CESR furthermore stated that the situation should improve following implementation of Article 25 of the MiFID, although depending on the proportion of issuance and trading that falls within the scope of those transaction reporting requirements.

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