Europe's fund management trade body has pressed for further changes to be made to bond transparency rules under Mifid II, which is undergoing a last-minute revision by EU regulators.

The Investment Association, which represents 200 firms managing £5.5 trillion of assets, wrote to the European Securities and Markets Authority, and the European Commission, Council and Parliament urging them to make further changes to transparency rules as they apply to newly-issued bonds under the revised Markets in Financial Instruments Directive.