ICMA proposes post-trade transparency standard for bond markets

20 February 2007

ICMA has issued proposals for consultation on delivering enhanced post-trade transparency in the international bond markets. ICMA is the self regulatory body for the international securities market. Its rule book currently requires market makers to report end of day prices and to report their trades to ICMA within 30 minutes. This trade information is not currently published.

ICMA proposes to launch two new pilot services. First, all trades reported to ICMA in large, liquid bonds would be published at the end of the business day. Second, a retail investor, web-based service would include educational material about investing in the bond market and give users access to a near real time tape of retail sized trades.

ICMA is currently consulting on these proposals with its members and the wider market. ICMA propose to launch the two pilot services later in the year and to subject them to independent review in 2008. The proposals are being sent to the Committee of European Securities Regulators (CESR) and to the European Commission in relation to their review of transparency in non equity markets under Article 65 of MiFID.

Press release
ICMA Discussion Paper

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