Consultation on CESR's advice in the context of the MiFID Review: Non-equity markets transparency

Consultation on CESR's advice in the context of the MiFID Review: Non-equity markets transparency

from 07 May 2010 to 04 June 2010

Details

The Markets in Financial Instruments Directive (MiFID) came into force on 1 November 2007. It introduced significant changes to the European regulatory framework for equity secondary markets, leaving open to Member States the possibility to extend transparency requirements to financial instruments other than shares according to Recital 46.

CESR has analysed the eventual extension of MiFID transparency requirements to non-equity financial instruments in CESR's response to the Commission on non-equities transparency (Ref. CESR/07-284b) in August 2007 and CESR's report on transparency of corporate bond, structured finance products and credit derivatives markets (Ref. CESR/09-348) as of July 2009.

CESR concluded in CESR/07-284b that at the time there was no evident market failure in respect of market transparency on corporate bond markets and that there was no need of a mandatory pre or post-trade transparency regime. When CESR re-examined the need for additional transparency in the wake of the financial crisis in CESR/09-348, it focused solely on post-trade transparency. In this report CESR concluded that additional post-trade information would be beneficial to the market.

This consultation paper presents possible ways of developing the recommendations in the July 2009 report in the context of the upcoming MiFID Review to be launched by the European Commission in the course of 2010. Since derivatives were not analysed in the past, CESR is also exploring the possibility of a post-trade transparency regime for the most significant subset of these financial instruments: interest rate derivatives, equity derivatives, foreign exchange derivatives and commodity derivatives.

At the request of the European Commission, CESR is also reconsidering whether there is a need for pre-trade transparency for corporate bonds, ABS, CDOs, CDS and the derivatives mentioned above.

1 RELATED DOCUMENTS
Document available for this Consultation
DateReferenceTitleDocument
07/05/201010-510Consultation paper - CESR Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity markets transparency

Responses

Operations
Activity Institution Download
Banking swedish securities dealers association
5-SSDA.pdf (136.52 KB)
Banking BVR National Association of German Cooperative Banks
Banking Goldman Sachs
2-Goldman_Sachs.pdf (118.77 KB)
Banking ICAP plc
Banking European Banking Federation
Banking FBF
37-FBF.pdf (141.67 KB)
Banking ESBG
Banking ZKA
50-ZKA.pdf (1.49 MB)
Banking EACB
16-EACB.pdf (89.46 KB)
Banking Interactive Data
Banking International Capital Market Association
Banking AFME/BBA/ISDA
AFME_BBA_ISDA.pdf (555.3 KB)
Banking ACI The Financial Markets Association
ACI.pdf (584.76 KB)
Investment Services Bloomberg
3-1_Bloomberg.pdf (85.87 KB)
Investor Relations CFA Institute
Investor Relations Af2i
4-Af2i.pdf (92.88 KB)
Investor Relations EuroInvestors
Issuers FOA
10-FOA.pdf (78.16 KB)
Issuers Danish Mortgage Banks Federation
Press Thomson Reuters
Others BDEW
2-BDEW.pdf (41.52 KB)
Insurance, pension & asset management Investment Management Association
39-IMA.pdf (76.88 KB)
Insurance, pension & asset management BVI Bundesverband Investment und Asset Management e.V.
Insurance, pension & asset management APCIMS
12-APCIMS.pdf (102.87 KB)
Insurance, pension & asset management AXA Investment Managers
AXA_IM.pdf (76.38 KB)
Insurance, pension & asset management Aviva Investors
Insurance, pension & asset management Association of British Insurers
Insurance, pension & asset management Legal & General Investment Management
Insurance, pension & asset management EFAMA
32-EFAMA.pdf (170.84 KB)
Insurance, pension & asset management Schroder Investment management
Regulated markets, exchanges & trading systems Tradeweb Europe Limited
Regulated markets, exchanges & trading systems Markit
2-Markit.pdf (4.76 MB)
Regulated markets, exchanges & trading systems Deutsche B
1-DBG.pdf (111.44 KB)
Regulated markets, exchanges & trading systems Euroclear
5-Euroclear.pdf (124.12 KB)
Regulated markets, exchanges & trading systems BME
14-BME.pdf (437.17 KB)
Regulated markets, exchanges & trading systems Norges Bank Investment Management
NBIM.pdf (100.24 KB)
Regulated markets, exchanges & trading systems CNMV advisory board
Regulated markets, exchanges & trading systems London Stock Exchange Group
Regulated markets, exchanges & trading systems FESE
FESE_.pdf (242.65 KB)
Regulated markets, exchanges & trading systems NYSE Euronext
Regulated markets, exchanges & trading systems WMBA/LEBA
WMBA___LEBA.pdf (147.84 KB)
Regulated markets, exchanges & trading systems Nasdaq OMX
1-NASDAQOMX.pdf (388.64 KB)