While there are some gaps in the survey responses, the feedback may help in contributing to paint a picture of the different corporate bond market structures across key regional and national jurisdictions, as well as the market participant behaviours and drivers in times of market stress..
The AMCC report of the survey on corporate bond market microstructures and participant behaviour is
an initiative of the IOSCO Affiliate Members Consultative Committee
(AMCC) Bond Market Liquidity Working Party (BMLWP). While there are some
gaps in the survey responses, the feedback may help in contributing to
paint a picture of the different corporate bond market structures across
key regional and national jurisdictions, as well as the market
participant behaviours and drivers in times of market stress, drawing on
the experience of the March-April 2020 turmoil. It concludes that that
any interventions to help build market resilience should be focused on
dealer capacity and incentives, rather than attempting to anticipate and
influence the decisions and behaviours of an extremely diverse and
complex universe of investors. ICMA, as Chair of the AMCC BMLWP, was
actively involved in coordinating the survey and drafting the report.
The report has been submitted to the IOSCO-FSEG Corporate Bond Market
Liquidity Workstream, and is intended to complement and inform the
second phase of its work.
ICMA
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