Bond investors push back on EU transparency rules

摘要

Major bond investors say new rules on trading transparency due to start in 2017 are a bad fit for fixed income - and risk making the market's liquidity problems even worse. The european securities and markets authority's proposed implementation of MiFID Ⅱ requires transparency both before and after all trades except in certain limited circumstances. But a group of investors are pushing back, especially concerned that ESMA's methodology will mis-classify illiquid bonds as liquid and thus inhibit dealers from quoting prices on them.