The valuation of equity securities depends in large part on what purchasers are willing to pay for them. Although the value of bonds is more easily determined (function of present value of future payment stream of principal and interest and credit quality of issuer) whether this simple valuation formula produces an accurate valuation depends on the type of bond and the market’s perception of its liquidity. In addition, most bonds trade otc. There is therefore more fragmentation of information on bond prices than on exchange-traded equity prices. Thus, there is great interest in the availability of bond price data. In the U.S., systems exist that provide real-time dissemination of Treasury, municipal and corporate bond trade prices (Annex E). In Europe, the Market in Financial Instruments Directive (MiFID) is requiring pre- and post-trade transparency for shares. The European Commission will be evaluating the extension of such requirements to instruments other than shares (Annex D). The Bond Market Association (TBMA) and the European Primary Dealers Association (a division of TBMA) believe that, before policy is formulated with respect to pre- and post-trade price transparency in the European bond markets, regulators and market participants should examine the transparency of existing trade execution mechanisms and bond price data dissemination networks as well as the effect of transparency on liquidity. TBMA has undertaken this study in order to shed light on existing sources of price transparency. It focuses on Government and corporate bond pricing sources and services and attempts to (i) compile existing sources of pre- and post-trade bond pricing information and services available through electronic trading platforms and data vendor operations in Europe, and (ii) determine which investors have access to such information, how quickly and, if possible, at what cost. The methodology used for this research is set out in Annex A.