AFME has welcomed the benefits for price discovery that MiFID 2 fixed income transparency will bring, but also pointed to elements of the European Commission’s proposal and the compromise texts discussed by the European Council that could lead to increased costs. It says that it should be ESMA, through Level 2 measures, that should establish dynamic parameters for assessing the liquidity threshold for deferred publications and pre-trade waivers. Regarding data on the volume of a transaction, AFME backs the original Commission proposal that it should be possible to omit reporting it permanently under certain circumstances. AFME also asks for a phasing-in of the entry into force of new transparency requirements. (Source: MiFID 2 and Fixed Income Transparency)