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Bond market transparency: To regulate or not to regulate

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  • Casey, Jean Pierre

Abstract

This ECMI Policy Brief attempts to contribute to the ongoing policy debate on MiFID art. 65.1, which tasks the Commission with conducting a study to report on whether the trade transparency requirements that currently apply to share trading ought to be extended to non-equity markets. It presents the pros and cons of introducing greater transparency into the marketplace, including a model on the possible impact of increasing transparency. The paper also highlights the insufficient level of data available to market participants and regulators on volumes and aggregate bond market activity, as well as the lack of appropriate information made available to retail investors, suggesting that dealers may have little time to come up with a solution, and that an industry code of conduct may be an appropriate avenue � and one preferable to legislative initiatives � for introducing more transparency uniformly (within each fixed income asset class) across the EU.

Suggested Citation

  • Casey, Jean Pierre, 2006. "Bond market transparency: To regulate or not to regulate," ECMI Papers 1254, Centre for European Policy Studies.
    • Handle: RePEc:eps:ecmiwp:1254
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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. Peter G. Dunne, 2007. "Transparency proposals for European sovereign bond markets," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(2), pages 186-198, May.
    3. Lannoo, Karel, 2007. "Financial Market Data and MiFID," ECMI Papers 1317, Centre for European Policy Studies.

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