CESR is consulting on the role of trade transparency in the corporate bond, structured finance and credit derivatives markets. CESR previously saw no evidence of a market failure that would have justified compulsory transparency in corporate bond trades. But it wants to review this in light of the market turmoil. For the other products, the paper looks at market characteristics and asks for views on the extent to which transparency plays a role and potential appropriate requirements. It wants comments by 19 February.