And on the deferrals the exact definition in the future will be the result of course of political negotiations between the courageous leaders and also some vested interests in the approach, at least on one side of these organisations, but I trust that the fragmentation of the current regime, which offers the national competent authorities today large discretion in establishing interim periods, will provide market participants which clear rules and therefore increased post-trade transparency.” She continued, “We are looking also into introducing the post trade consolidated tape for all bond instruments. So we looked into the harmonisation of the rules on the federal rules.” “I am hoping that this will favour liquidity provision and also the national access to the European Union that are not markets, and what can be done This essentially focussed on two main measures. “Currently the proposal seeks to improve the transparency regime, and also address data fragmentation,” said Danuta Hübner, MEP, ECON Committee, speaking at the event.
Danuta Hübner speaking to ICMA, Vienna on 10th June, from Poland. The first development in Europe was the announcement at the ICMA conference in Vienna that Europe’s tape would cover all bonds, not only corporates, which will mean that government bond markets are more transparent than in the US. The disclosure of post-trade information within the US TRACE post-trade tape has to date been far more advanced than anything in Europe. Share European including of government bonds within its consolidated tape, and a new joint venture amongst platform giants Bloomberg, MarketAxess and Tradeweb, could allow Europe to leapfrog the US in terms of market transparency.
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