Only 1% of bonds caught in first wave of Mifid transparency

Trax estimates 5% of corporate bonds will be subject to full transparency after four-year phase-in

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Drop in the ocean: only a tiny proportion of corporate bonds will be classed as liquid in January 2018

Only 0.9% of bonds will be subject to real-time trade-reporting requirements when new financial market rules take effect on January 3, 2018, the European Securities and Markets Authority (Esma) has disclosed.

The second Markets in Financial Instruments Directive (Mifid II) and its accompanying regulation (Mifir) include new post-trade reporting requirements, requiring the publication of the price and quantity of a trade 15 minutes after execution.

The publication of post-trade reports can be

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