European Commission to probe transparency risks in non-cash markets
12 June 2006 | 5165 views | 0
The European Commission is to investigate the imposition of MiFID-style transparency rules for fixed income and derivatives markets.
The Commission has issued a call for evidence to interested parties under proposals to investigate whether and to what extent new requirements on pre- and post-trade transparency should be introduced at EU level to the trading in financial instruments such as bonds and other non-equities.
Internal market and services Commissioner Charlie McCreevy says: "I have a completely open mind at this stage. These are massively important markets. I hope there will be a wide response from all parts of the EU."
The Commission intends to prioritise cash bond markets (government, investment grade and high-yield), as well as related derivatives markets and other important markets such as those for asset-backed securities.
Respondents have until September to present their views on the subject. A final report will be published in autumn next year.