BRUSSELS – The European Commission has released a report on transparency on the non-equities market that says there is no need for further EU-level regulatory intervention. The paper says national arrangements are working satisfactorily in the wake of the Markets in Financial Instruments Directive (Mifid) to provide adequate pre- and post-trade transparency in classes of financial instruments other than shares.
The report, focusing on the requirements of Article 65(1) of Mifid, says although more transparency is needed in retail access to market prices of bonds, market participants are well placed to regulate themselves through industry initiatives to give retail customers better access to prices. In this respect the EC has stressed the need for careful consideration to ensure retail access is broadened and deepened, but not at the expense of liquidity.
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