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European regulators are seeking to improve transparency and simplify trade reporting for non-equity markets, such as fixed income, derivatives and emissions markets.

The European Securities and Markets Authority (ESMA) released a consultation paper Tuesday that proposes rule changes after it found pre-trade transparency remains limited for non-equity instruments and derivatives trading obligations.

ESMA said its goal is to “simplify the current complex trade reporting regime… while trying to improve the overall trade transparency… for non-equity instruments.”

Among other things, ESMA is proposing to gradually increase bond market transparency and improve commodity derivatives markets.

The consultation closes April 19.

ESMA aims to finalize its reform proposals by July.