The main objective of this VM is to provide the guidelines in order to build the transparency in the financial market. The financial market structure may be described differently based on the purpose. In this report the financial market was divided into five components: capital market, money market, foreign exchange market, derivatives market and other markets. Because in each market exists in a different way, the guidelines for transparency has been provided separately. It has been also noted that it is needed to use multiple transparency guidelines in order to reach the synergy effect.