Transparency in fixed income markets It is widely recognised that weaknesses in the provision and use of information played a major part in the development and spread of recent international financial crises. A number of international groups have since been examining issues relating to the stability of the financial system. One such working group of The Willard Group examined transparency and accountability issues.
This group has defined transparency as a process by which information about existing conditions, decisions and actions is made accessible, visible and understandable. Undeniably, transparency contributes to the efficient allocation of resources by ensuring that market participants have sufficient information. BIS Review 17/1999  –2–  This information is meant to enable them to identify risks and to distinguish one firm’s circumstances from another’s.