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ICMA responds to IOSCO’s consultation paper on Regulatory Reporting and Public Transparency in the Secondary Corporate Bond Markets
16 October 2017 ICMA’s members have used IOSCO’s consultation on regulatory reporting and public transparency in the secondary corporate bond markets to voice concerns about the imminent implementation of the MIFID II/R pre- and post-trade transparency regime. In particular, members are keen to stress that while market transparency, in principle, should be viewed as a public good, it should not be an end in itself. Ultimately, efficient and liquid markets are the most important considerations for investors, and the public availability of market and trading information is only desirable to the extent that it improves market efficiency and enhances protection for investors and issuers. With this in mind, policies and calibrations for market transparency should also be consistent with and supportive of political objectives to develop or expand deep and effective corporate bond markets as a primary source of financing for the real economy, such as the European Union’s Capital Markets Union (CMU) project.

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