marketwatch HOTLINE (TT Nov03 p11-15)

Investor initiative on market standards
A group of major investors has taken a major initiative on bond-market practices, on which the ACT has been asked to comment. The investors note the lack of European-wide regulation or legislation and immaturity of the European credit markets has led to “poor market practices, such as the unavailability of proper documentation for investment decision-making, and a lack of adequate protection in bond indentures”.