IOSCO Seeks Greater Post-Trade Transparency for Credit Default Swaps

The International Organization of Securities Commissions (IOSCO) today published its final report on mandatory post-trade transparency for the credit default swaps (CDS) market.

Post-trade transparency refers to a regulatory system that mandates public disclosure of price and volume information of each relevant transaction.

The report studied relevant works of international bodies and academic literature and an examination of publicly available transaction-level post-trade data about CDS transactions. IOSCO also surveyed market participants and observers on their use of publicly available post-trade data and its perceived impact on the market and considered comments received on a consultation version of the report.

The report concludes that greater post-trade transparency in the CDS market would be valuable to market participants and other market observers. IOSCO encourages each member jurisdiction to take steps toward enhancing post-trade transparency in their CDS market.

IOSCO believes that improving transparency in the CDS market will increase the efficacy of the G20 commitments to reform the over-the-counter (OTC) derivatives markets.

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