Opening Cross: Who Are You Calling Transparent?

Max Bowie, Inside Market Data

For some, being called transparent is an insult, while for others, it’s an ambition—or even a legal requirement. It’s a friend to investors, and the enemy of monopolies and wide spreads. But however you look at it, chances are you’re looking at it a lot more right now.

Transparency is the primary driver behind efforts to move trading in over-the-counter securities-based swaps to regulated “swap execution facilities,” as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act—fo