CESR is consulting on advice to the Commission on non-equity markets transparency. It is advising in the context of the MiFID Review. CESR previously advised the Commission in 2007 and 2009. Originally, it saw no need for pre- or post-trade transparency in the corporate bond markets, but after the crisis it recommended some additional post-trade information requirements. It is now exploring the ways it might implement these recommendations and is also including in its review interest rate, equity, foreign exchange and commodity derivatives. The Commission has asked it also to consider pre-trade transparency for these derivatives markets, and also for corporate bonds, ABS, CDOs and CDSs. The consultation asks specific questions on how firms access and use pre- and post-trade transparency, and seeks views on categorisation of products and differences between markets in terms of the usefulness of transparency. The paper sets out matters CESR is considering, but contains few concrete recommendations. CESR asks for comment by 4 June.