Industry opposes extension of Mifid transparency to bonds and non-equities

Feedback statement on Mifid transparency shows industry doubts into further regulation.

The industry has spoken against the possible extension of the pre- and post-trade transparency regime of the Markets in Financial Instruments Directive (Mifid) to non-equity financial instruments such as bonds and derivatives.

Following its call for evidence in June of this year, the European Commission’s (EC) feedback statement shows most respondents’ opposition to the idea of further mandatory transparency obligations.

Reasons for this include that there is already an adequate level of transparency, and that regulatory intervention may have a negative impact and threaten the OTC derivatives markets.

The EC will now consult with the Committee of European Securities Regulators (CESR) and the European Securities Markets Expert Group (ESME) for specialist technical advice. The EC plans to publish a draft report in July 2007, after which it will be discussed at a public hearing, scheduled for September 11.

Click here to see a copy of the feedback statement in full on the EC’s website.

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