While it is clear (or at least should be) that disclosing the details of a client’s order book to a counterparty is not acceptable, market participants have noted that there is much less clarity around what level of aggregation, say, is necessary in order to convey market colour appropriately.
The important point is that the Bank should contain the level of medium- to long-term interest rates at a level below that consistent with market participants’ outlook for economic activity and prices by proceeding with JGB purchases and lowering risk premiums.