The International Organization of Securities Commissions (IOSCO) has published a final report on the single-name credit default swaps (CDS) market, assessing its structure and the legislative and regulatory framework for post-trade transparency across member jurisdictions. Prepared at the invitation of the Financial Stability Board, the report reviews the market’s functioning around the March 2023 banking-sector turmoil and explores measures that could encourage greater post-trade transparency. Based on a survey of IOSCO members, a literature review and engagement with industry stakeholders, the report finds the single-name CDS market remains illiquid and concentrated among a limited number of intermediaries. It evaluates the potential benefits and trade-offs of increasing post-trade transparency, including reduced information asymmetries and improved price efficiency, while noting that jurisdictions may weigh such steps against possible adverse effects on market risk exposure or market activity. IOSCO will continue monitoring developments in the single-name CDS market and consider appropriate next steps.
IOSCO 2025-11-04
International Organization of Securities Commissions publishes final report recommending greater post-trade transparency in the single-name CDS market
The International Organization of Securities Commissions (IOSCO) released a report on the single-name credit default swaps (CDS) market, highlighting its illiquidity and concentration among few intermediaries. Prepared for the Financial Stability Board, the report evaluates the benefits and trade-offs of enhancing post-trade transparency, such as reduced information asymmetries and improved price efficiency. IOSCO will continue to monitor the market and consider further actions.