The European corporate debt market has taken a step forward after lobby groups representing the industry this month outlined the conclusions of a two-year push for transparency and efficiency.

The Association of British Insurers, which represents leading UK institutional investors, announced measures to improve standards after joining the debate over best practice in 2004. The investigation, spearheaded by director of investment affairs Peter Montagnon, has recommended improved timeliness of information and avoidance of ambiguous language in documentation, which was endorsed by other trade bodies, including the Euro Debt Market Association.