Rafah Hanna Head of MTS Data EuroMTS Tuesday second December 2008

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A Definition of Transparency. The Oxford English Dictionary characterizes straightforwardness as:Being transparentTransparent:(of mask, appearance, and so forth) effortlessly seen through endeavored camouflage; apparent, self-evident (straightforward truthfulness); effectively saw; free from insincerity or mask, frank.Interestingly, a web hunt down the terms pre-and post-exchange straightforwardness create the accompanying quantities of results:p

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Rafah Hanna Head of MTS Data EuroMTS Tuesday 2 nd December 2008

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A Definition of Transparency The Oxford English Dictionary characterizes straightforwardness as: Being straightforward Transparent : (of camouflage, appearance, and so on) effectively observed through endeavored mask; apparent, self-evident (straightforward truthfulness); effortlessly saw; free from artificiality or mask, forthright. Curiously, a web scan for the terms pre-and post-exchange straightforwardness create the accompanying quantities of results: pre-exchange transparency: 309,000 comes about post-exchange straightforwardness: 475,000 outcomes

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Demands for Transparency? Today's straightforwardness levels have been driven by the market – interest for particular information items have been met by many trades and information merchants. Requests for effective value dispersal – quality and exactness – positive effect straightforwardness may have on value revelation, value proficiency and joining of money related markets. Is there an interest for more prominent straightforwardness? Do those hoping to exchange government bonds experience difficulty sourcing value data or an exchanging setting? Ought to market members be permitted to keep on driving the advancement of what information is accessible, to whom, how rapidly and at what taken a toll? Levels of straightforwardness need to likewise be founded on decency and proficiency grounds, not on simply aggressive grounds.

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Transparency Today The development of electronic exchanging has given an approach to more prominent straightforwardness to be given to the market. Electronic stages have enhanced value arrangement for the bonds exchanged and to diminish exchange costs. Data can vary in quality – demonstrative versus firm costs. Some portion of the accomplishment of MTS depends on the cross straightforwardness we give and the executable costs we circulate. We can give opportune pre-exchange straightforwardness to value detailing – both for market creators and the market all in all.

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From a Data Perspective What are the difficulties of giving this information in an auspicious way? How would we get the data to showcase as fast as could reasonably be expected? We as a whole work to defeat the ordinary trade & merchant innovation challenges: bringing down dormancy versus taken a toll? What number of messages can your framework bolster each second? Are the end-clients seeing value data in the meantime as their rivals? Interest for speedier evaluating data has driven the trades and sellers to cut dormancy in each conceivable way. How much quicker would we be able to get before new bleeding edge innovation is required for further upgrades? Will the cost legitimize the enhancements we might have the capacity to make?

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From a Data Perspective … At MTS our merchants are connected into the stage to an indistinguishable route from members (with eyewitness status) –> significantly brought down idleness. How do the end-clients answer the test of examining data from the quantity of accessible sources? Effective and opportune pre-exchange information is requested and uninhibitedly accessible. The expansive number of merchants that contribute costs to most stages adds to the straightforwardness and nature of the value revelation prepare. Most concur pre-exchange straightforwardness on a fundamental level backings liquidity and decreases spreads.

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From a Data Perspective … In less fluid markets, will inordinate value straightforwardness debilitate advertise making and keep the further advancement of liquidity? Is there an exchange off amongst straightforwardness and liquidity? No agreement has been come to on the effect of post-exchange straightforwardness on liquidity. A regularly set forward contention is that unnecessary straightforwardness could keep the arrangement of liquidity by merchants on less much of the time exchanged bonds if the exchange promptly gets to be distinctly known to contenders. For some sovereign issues, exchanging is dynamic for a timeframe after bond is initially issued. At that point, exchanging drops strongly and the extensive greater part of remarkable bonds exchange every so often. Despite everything we request pre and post exchange straightforwardness in these cases because of high number of Government bonds issued in Europe.

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Merci

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