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Transparency Proposals for European Sovereign Bond Markets

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  • Dunne, Peter

Abstract

This paper by Peter Dunne explores the reasons why European sovereign bond markets have developed such a high degree of segmentation and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers. The author, Peter Dunne, a lecturer in Finance at the School of Management and Economics, Queen's University in Belfast, suggests that the structure of the market could be improved greatly if the largest and most active investors were permitted access to the inter-dealer electronic trading platforms. He argues that this move would solve a number of market imperfections and increase the proportion of market activity that is conducted in a transparent way.

Suggested Citation

  • Dunne, Peter, 2007. "Transparency Proposals for European Sovereign Bond Markets," ECMI Papers 1320, Centre for European Policy Studies.
    • Handle: RePEc:eps:ecmiwp:1320
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    References listed on IDEAS

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    1. Casey, Jean Pierre, 2006. "Bond market transparency: To regulate or not to regulate," ECMI Papers 1254, Centre for European Policy Studies.
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    Cited by:

    1. François Haas, 2007. "The Markets in Financial Instruments Directive: Banking on Market and Supervisory Efficiency," IMF Working Papers 2007/250, International Monetary Fund.
    2. Silano, Filippo, 2023. "Agency costs in primary dealer systems," ILE Working Paper Series 69, University of Hamburg, Institute of Law and Economics.
    3. Paiardini, Paola, 2015. "Informed trading in parallel bond markets," Journal of Financial Markets, Elsevier, vol. 26(C), pages 103-121.
    4. Preunkert, Jenny, 2020. "Primary dealer systems in the European Union," MaxPo Discussion Paper Series 20/1, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).

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    1. François Haas, 2007. "The Markets in Financial Instruments Directive: Banking on Market and Supervisory Efficiency," IMF Working Papers 2007/250, International Monetary Fund.
    2. Lannoo, Karel, 2007. "Financial Market Data and MiFID," ECMI Papers 1317, Centre for European Policy Studies.

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