The Fixed Income Rates sub-committee of the FMSB Board is grateful for the suggestions submitted as feedback to the Reference Price Transactions (RPT) Transparency Draft Standard. In this document we lay out some observations on that feedback.
This Standard aims to describe the characteristics of a transaction common in the Fixed Income markets which this Standard terms Reference Price Transactions (“RPT”) and to set out certain expected behaviours of wholesale market participants that enter into them.
This Standard applies to wholesale Fixed Income markets. Although analogous transactions exist in the Currencies and Commodities markets, this Standard is limited in its application to the Fixed Income markets.