Data does not suggest that the introduction of mandatory post-trade transparency had a substantial effect on market risk exposure or market activity for CDS products.
IOSCO published the consultation report Post-Trade Transparency in the Credit Default Swaps Market, which seeks to analyze the potential impact of mandatory post-trade transparency in the credit default swaps (CDS) market.
The report’s analysis is based on a review of relevant works of international standard-setting bodies and academic literature and an examination of publicly available transaction-level post-trade data about CDS transactions before and after the introduction of mandatory post-trade transparency in certain CDS markets in the United States. IOSCO also conducted a survey of market participants and other market observers regarding their use of certain publicly available post-trade data and its perceived impact on the market.
IOSCO preliminarily believes that greater post-trade transparency in the CDS market would be valuable to market participants and other market observers, and encourages each of its members to take steps to enhance post-trade transparency in the CDS market in its jurisdiction.
IOSCO seeks public comment on the consultation report, in order to inform its final report on post-trade transparency in this market. IOSCO intends to continue studying trends in the CDS market. Comments should be submitted on or before 15th February 2015
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