We are concerned about the new equities-like transparency rules for non-equity products that are being introduced under Mifid2. These rules means that for some instruments, prices will need to be made public as well as the details of the executed deal. Other securities that previously traded over-the-counter will be forced to onto organised venues. We are concerned that too much transparency will harm our ability to trade effectively in illiquid items, potentially bringing a further element of strain on liquidity in these markets. We understand that finding that right balance in transparency obligations capable of supporting the price formation process and at the same time encouraging the provision of liquidity is a difficult equation to achieve. However, we feel that the unintended consequence of setting wrong transparency obligations might be significant, especially in an market crisis event.