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IOSCO Publishes results of the third annual Risk Outlook Survey

  • Securities - IOSCO Image

Dec 16, 2015

On December 16, 2015, the International Organization of Securities Commissions (IOSCO) released the results of its survey conducted in March/April 2015. The main purpose of the survey is to gather views on risks to and within securities markets and to help identify or highlight pockets of risk that may not be captured by normal statistical analysis or desk research.

The main areas of concern highlighted by the report are:

  • In the areas of financial stability, cyber-security threats to financial markets are now considered a prominent risk by respondents, while micro-prudential risks are clustered around the areas of corporate governance, financial risk disclosure, shadow-banking activities, harmful conduct especially, regulatory policy;
  • Most respondents saw financial stability risks to the system either being transmitted or amplified by securities markets. Regarding the economy, respondents thought that banking vulnerabilities, housing markets and capital flow volatility would have considerable impact on the real economy if these risks materialized;
  • In the area of investor protection, survey participants identified harmful conduct as the top risk; harmful behaviour by capital market participants damages the proper function of the capital market, harms the investing public and undermines public confidence and trust in capital markets;
  • Market liquidity, especially that of secondary trading in bond markets, was considered by respondents to be the biggest challenge to fair and efficient markets-- an interesting finding given that much of the recent global commentary has been about the systemic implications (not market efficient implications) of such a risk.

Download the survey results from the IOSCO's Web site.

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