Resumen de Transparency in Securities Markets

Fernando Restoy Lozano, Víctor Rodríguez Quejido

• The current crisis is primarily the consequence of some serious deficiencies in the functioning of the international financial system. Many of those deficiencies can be explained by the lack of sufficiently comprehensive and accurate information. In the European Union (EU), market transparency obligations are only confined to share markets. Moreover, the regulation is plenty of waivers and exeptions and does not apply in full to all trading mechanisms. We argue that there is a clear case for strengthening EU regulation in this are. In particular, it should be considered the extension of post-trade transparency requirements to (at least) some non-equity markets, the revision of pre-trade transparency waivers and the introduction of crossing networks within the regulatory perimeter.