- Heidi Learner, CFA
Transparency in European bond markets is examined in light of changes to the transparency framework for non-equity markets under MiFID, including a review of the experience with the U.S. TRACE system and Italian bond market transparency requirements. Although pre-trade transparency measures are difficult to apply, greater post-trade transparency would benefit investors.
Note: The author is an independent researcher not affiliated with CFA® Institute staff.
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CFA Institute 60 pages ISSN/ISBN: 978-0-938367-48-2