AMCC publishes Report of the survey on corporate bond market microstructures and participant behaviours

17 January 2022

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.

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