CESR report on corporate bond, structured finance and credit derivatives
10 July 2009
CESR recommends the adoption of a mandatory trade transparency regime for corporate bonds, structured finance products and credit derivatives markets.
In CESR’s view any post-trade transparency regime for structured finance products should be seen as complementary to existing initiatives designed at improving transparency earlier in the transaction chain. In order to avoid slowing progress of these initiatives, the work on post-trade transparency would need to be taken forward separately while continuing to monitor the progress of other initiatives.
CESR concludes that additional post-trade transparency might be helpful in restoring market confidence. CESR recognises that a greater level of post-trade transparency than is currently available may contribute to supporting liquidity in normal times, provided that additional post-trade transparency is structured in a way as not to have an adverse impact on liquidity.
CESR recommends to the Commission the adoption of a mandatory trade transparency regime for corporate bond, structured finance product and credit derivatives markets as soon as practicable.
© CESR - Committee of European Securities Regulators
