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19 December 2014

AFME(欧州金融市場協会)、ESMA(欧州証券市場機構)のMiFID II(第二次金融商品市場指令)下部規定案へのコメントを公表、透明性要件が債券市場に及ぼし得る影響に警鐘


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The introduction of transparency requirements needs to be carefully tailored to the specifics of those markets to avoid disruption and broader impacts on investors and issuers.


Christian Krohn, Managing Director at the Association for Financial Markets in Europe (AFME), said: 

“ESMA's proposals in this consultation raise numerous issues - one being the likely impact on fixed income markets. We are concerned the proposals could impact these markets’ liquidity, increase investor costs and make issuance of debt more expensive, and we hope to continue to engage with policymakers to ensure MiFID II will not be an obstacle to the growth agenda of the European Commission."

"For example, ESMA proposes to define a large number of instruments as liquid, although the majority of fixed income instruments trade highly infrequently, and it is a key component of ESMA’s mandate to assess liquidity.”

Full press release



© AFME


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