The Big Interview: Paul Mingay

The head of credit at Morley Fund Management wants to see better transparency in the bond markets - but not at any price. Interview by Nikki Marmery

MiFID - the Markets in Financial Instruments Directive - comes into effect on November 1, 2007. The directive includes new pre- and post-trade transparency requirements for equity markets, which many expect will eventually be extended to the bond markets.

The sell side is quick to argue that increased transparency is not necessarily a good thing - but then they would: transparency means reduced margin for them.

So what does the buy side think? Is increased transparency desirable, or even necessary