Transparency and financial stability

R. Buenaventura and V. Ross

Financial Stability Review, 2013, issue 17, 111-119

Abstract: Insufficient transparency was one of the shortcomings that financial markets showed in the midst of the financial crisis. It affected not only derivatives, but also fixed income and structured products markets. A certain debate has arisen around regulatory initiatives to increase transparency on non-equities markets and especially on derivatives. The relation with liquidity is at the center of that debate and it is also linked to elements such as the level of central clearing of derivatives and the structure of the derivatives industry. In Europe, several initiatives are set to change the way derivatives are cleared and traded and financial stability is at the center of the logic behind them. We analyse in this article the main elements to consider when addressing the increased pre- and post-trade transparency on derivatives markets, its relation with liquidity and efficiency and its implications on market structure, financial stability and investor protection.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:fisrev:2011:17:11

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