If there's a word that is universally invoked in the world of finance, it’s “transparency.” The word comes to us from the 16th century with the connotation of “shining through,” The idea is simple. Transparency is about being able to see what is going on and to have key practices disclosed. Without that, it is believed, financial markets can’t function because of a lack of trust and clear rules that all the players adhere to. It is a market fundamental, a primary rule of principle.