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Fixed income pre- and post-trade transparency
This paper examines the requirements under the Markets in Financial
Instruments Directive/Regulation II (MiFID/R II) as they apply to cash bonds,
with particular reference to the calibration of liquidity. The liquidity
calibration will determine which cash bonds will have both pre- and
post-trade transparency applied to them. The paper also provides data to
illustrate the shortcomings of the proposed requirements and highlights
potential changes that could be adopted to make the requirements reflect
The full article is available to institutions that have subscribed to the journal.
Arjun Singh-Muchelle is the Senior Advisor, Capital Markets at The Investment Association, where he works on all capital market and dealing-related issues. Prior to this role, Arjun was the Head of EU Affairs at the British Bankers’ Association. Arjun has previously worked at the European Commission and started his career at Canada’s financial services regulator, the Office of the Superintendent of Financial Institutions. He completed his PhD and master’s degree at the London School of Economics and his bachelor’s degree in Canada and Germany. The Investment Association is the trade body that represents UK investment managers who manage about e7.5trn on behalf of clients.