More trading in bond market transparency is unnecessary, says the FSA

“We do not see any evidence of substantial market failures related to transparency in wholesale bond markets,” said the regulators, who advised that extreme caution should be exercised when mandating greater transparency in the UK and Europe. “We agree with many respondents…that mandating pre-trade transparency is likely to impact on the existing complex market structures in potentially significant but unknown ways,” they added.

The FSA said effective implementation of the Markets in Financial Instruments Directive (Mifid) will address many transparency concerns. “We will continue this discussion in the next few months ahead of our consultation paper in October on the implementation of Mifid’s conduct of business provisions,” the FSA concluded.

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