Eminence submitted comments in response to the Financial Conduct Authority’s (FCA) consultation paper on improving transparency for bond and derivatives markets. The letter emphasises Eminence’s support of the FCA’s efforts to improve transparency for bond and derivatives markets in the UK.
Eminence’s response highlights:
• Support for requiring mandatory reporting of certain standardized, liquid products (e.g., cleared derivatives), which would improve the timeliness and quality of price information and compliments the FCA’s efforts to develop a consolidated tape.
• Support for limiting the ability of the trading venues to determine whether a product is subject to proposed transparency requirements.
• Not supportive of expanding the transparency requirements for securities and derivatives to non-standard, illiquid, uncleared products, which would not improve price information in a meaningful way.
