The Bond Market Association, a leading lobby group, has urged regulators including the European Commission to consult on whether price transparency rules for equities should be applied to bonds. The BMA's call comes ahead of an EC decision on the issue.

In a new study assessing the potential implications of greater transparency in European Union bond markets, the BMA said: "We believe that before policy is formulated, regulators and market participants should closely examine the transparency of existing trade execution mechanisms and the effect of transparency on liquidity."