The adequacy of transparency in the bond markets has been considered by the FSA and also at a European level (European Commission, the Committee of European Securities Regulators (CESR) and The European Securities Markets Expert Group (ESME).

FSA assessment:
European assessment:

Article 65(1) of the Markets in Financial Instruments Directive (MiFID) required the European Commission, on the basis of public consultation and in the light of discussions with competent authorities, to report on the possible extension of the MiFID provisions concerning pre- and post-trade transparency to transactions in financial instruments other than shares.

Work carried out in conjunction with the MiFID Article 65(1) review:

 

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