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Iosco regulatory recommendation heeds sell-side worries

The International Organisation of Securities Commissions has published a cautiously positive recommendation for regulators to introduce mandatory post-trade reporting for structured finance products.

  • 25 Sep 2009
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Iosco’s consultation paper says that jurisdictions "may wish to consider" trade by trade reporting and periodic aggregate information reporting, with "reasonable delays" and while preserving the anonymity of participants and withholding the volume of a trade.

Iosco also said that any such regime should be flexible, taking into account the liquidity or trading volume of a given product, whether or not it was publicly offered, the degree of standardisation, and the cost of implementing the reporting system. For instance, not all tranches of a given securitisation might be subject to the regime — only the most liquid.

The report is based on a survey of market participants and regulators and a roundtable held in May. Unsurprisingly, feedback from the buyside was largely positive, while sell-side respondents were mostly negative.

Supporters argued that implementing a system like the US’s Trace system for corporate bonds would aid price discovery in structured finance and shift the balance of power between dealers and end investors, which would in turn increase liquidity by encouraging more buyside participants.

Detractors argued that it would discourage dealers from making markets by reducing their information advantage and potentially revealing their strategy. The eclectic and illiquid nature of the structured finance market also made post-trade reporting less useful for price discovery and valuation than in more homogeneous markets, they argued.

Iosco is accepting comments on the report until November 13.

  • 25 Sep 2009

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Natixis 9,907.30 37 7.74%
2 UniCredit 9,066.47 60 7.08%
3 BNP Paribas 8,377.17 32 6.54%
4 UBS 7,489.08 42 5.85%
5 Barclays 6,139.46 23 4.79%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 63,850.48 242 7.39%
2 Bank of America Merrill Lynch 63,554.64 226 7.35%
3 Goldman Sachs 61,392.97 252 7.10%
4 Deutsche Bank 55,339.92 192 6.40%
5 Morgan Stanley 50,534.68 263 5.85%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Citi 483.40 2 22.09%
2 Westpac 254.80 1 11.64%
2 JPMorgan 254.80 1 11.64%
2 HSBC 254.80 1 11.64%
2 Bank of America Merrill Lynch 254.80 1 11.64%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Deutsche Bank 21,118.76 59 8.22%
2 Goldman Sachs 17,448.45 52 6.80%
3 BNP Paribas 16,487.28 44 6.42%
4 Barclays 16,221.71 58 6.32%
5 Bank of America Merrill Lynch 14,216.02 38 5.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 BNP Paribas 6,943.48 22 9.06%
2 Natixis 6,420.33 21 8.37%
3 UniCredit 4,995.61 18 6.52%
4 Barclays 4,897.53 15 6.39%
5 Commerzbank Group 4,070.18 14 5.31%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 843.74 894 8.76%
2 Bank of America Merrill Lynch 641.69 828 6.66%
3 Goldman Sachs 639.01 674 6.64%
4 Citi 581.96 817 6.04%
5 Deutsche Bank 577.46 808 6.00%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Deutsche Bank 6,545.83 18 9.76%
2 HSBC 5,264.71 15 7.85%
3 UBS 5,026.99 15 7.50%
4 Bank of America Merrill Lynch 4,294.11 15 6.40%
5 BNP Paribas 3,745.87 13 5.59%
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