Page 21 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

The report examines market events that impacted the banking industry in

March 2023 and the functioning of the single-name CDS market, following

concerns raised regarding that market turmoil. More broadly, drawing on a survey of

IOSCO members, a literature review, and engagement with industry stakeholders, the

report assesses current levels of post-trade transparency in member jurisdictions,

explores potential measures to encourage greater post-trade transparency, and

considers the advantages and disadvantages of these measures.

The publication of this report is timed to coincide with the release of the

European Systemic Risk Board’s (ESRB) own report. The two reports are

complementary: while the ESRB report focuses on the EU market and market

microstructure, this IOSCO report examines the legislative and regulatory framework

for post-trade transparency as well as the events of March 2023. Both reports

conclude that the single-name CDS market remains illiquid, characterized by a limited

number of intermediaries, and recommend greater post-trade transparency.

“This report reflects our commitment to enhancing transparency and resilience in

the single-name CDS market. IOSCO will continue to work with members and

stakeholders to support well-functioning and stable derivatives markets globally.”

- Carol McGee (Securities and Exchange Commission, United States of

America), Chair of IOSCO’s Committee 7 on Derivatives

“This report provides an in-depth analysis of single-name CDS markets in major

jurisdictions and identifies potential benefits with respect to increasing post-trade

transparency, including reduced information asymmetries and greater price efficiency.

It also aims to assist member jurisdictions in taking steps towards enhancing

post-trade transparency should they conclude that such efforts would not have

substantial negative effects on market risk exposure or market activity.”

- Jean-Paul Servais, IOSCO Board Chair

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