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A report published today by the Board of the International Organization of Securities Commissions (IOSCO) has found no substantial evidence showing that liquidity in the secondary corporate bond markets between 2004 and 2015 has deteriorated markedly from historic norms for non-crisis periods.
The report, titled Examination of Liquidity of the Secondary Corporate Bond Markets, presents a datadriven analysis of secondary corporate bond markets during 2004 and 2015, with a specific focus on liquidity. It provides a global view of corporate bond market development within the broader economic and financial context.
IOSCO´s report reveals that there have been meaningful changes to the characteristics and structure of corporate bond markets, caused by new technology, the growth of electronic trading venues, and changes in execution models and dealer inventory levels. The report’s findings confirm that corporate bond markets remain fragmented among national and regional OTC markets, and differ substantially across jurisdictions.
The conclusions in the report are based on a detailed analysis of various liquidity metrics, survey results from industry and regulators, industry roundtables, and a review of academic, government and other
research articles. IOSCO also considered the responses to its consultation report, published in August 2016.