More transparency may harm bond markets

As a rule, transparency in government activities, in regulation and in financial markets is encouraged and regarded as a positive thing. But when it comes to the way governments sell bonds, the authors of a recent study suggest that increasing transparency might have unwelcome effects.

The motivation for the study was the European Unions's (EU) directive for markets in financial instruments (MiFID), under which the European Commission is currently conducting a review into extending the

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