Just 3% of bonds deemed liquid in EC's Mifid II phase-in plan

Staggered implementation of transparency regime could allow further easing of regulation

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European Commission: two key conditions in RTS governing transparency on derivatives and bonds

Less than 3% of certain bonds will be subject to Europe's most controversial rules on trading and transparency for non-equity products from 2018, after the European Commission stipulated a phased-in approach to the requirements.

The EC confirmed, in a March 14 letter to the European Securities and Markets Authority (Esma), its intention to endorse three regulatory technical standards (RTS) in the second Markets in Financial Instruments Directive (Mifid II), subject to several amendments.

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