Getting better bond transparency ahead of Europe’s consolidated tape

Regulatory initiatives to enhance transparency in the bond markets have merit, but also have limits, says Jason Waight, head of Regulatory Affairs for Europe at MarketAxess. While these utility models increase the information available, Europe’s existing initiatives have added very little to the price formation process, making it vital that traders understand how else they can get access to data.

Transparency is available today through commercially available tools and those investment firms engaging with these solutions today can support themselves in choppy markets by being price makers as well as price takers, putting them on the front foot.

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