Traders and asset managers are concerned that attempts to improve transparency in Europe's corporate-bond market might do permanent damage. The Committee of European Securities Regulators is attempting to impose a new transparency regime on the bond market, raising concerns about liquidity. "If someone asks a dealer to take a short position and that information immediately goes out, everyone knows you are short. It would not be dealt with kindly by the Street. They would be hunting you down and making you feel pain," said Schroders fixed-income trader Mark Foggin.

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