Staff Working Papers (SWP)
[Please note: internal papers are accessible to IOSCO members through the "members only" tab]
SWP7: A Survey of Securities Market Risk Trends 2015: Methodology and detailed results
Author: Shane Worner (email@example.com)
SWP6: Corporate Bond Markets (Vol 2) – An Emerging Markets Perspective
Description: The report is the second in a series on Corporate Bond Markets. It presents findings from an in-depth study on the development and functioning of corporate bond markets in emerging markets specifically. The report presents data and analysis in three streams:
- Identifying determinants of corporate bond market development in emerging markets;
- Tracking trends in primary and secondary market activity, including issuer make-up; and
- Risks and vulnerabilities.
SWP5: A Survey of Securities Markets Risk Trends 2014: Methodology and Detailed Results
Description: This 2014 edition of the survey was conducted in March and is based on some 200 responses. The main purpose of the survey is to gather views on emerging trends within securities markets and to help identify or highlight pockets of risk that may not be captured by normal statistical analysis or desk research. Main trends and themes from the survey include: Issues considered "macro-prudential" in nature are high among the concerns; Regulators see risk emanating from disclosure and conduct issues while market participants are focused on markets changes; Respondents saw very few "risks" sourced within securities markets; Over time some risk areas have attracted more attention while others have lost prominence. The survey is an annual exercise formulated to collect the views of financial market regulators and experts globally on emerging trends that are or could be of concern.
Author: Shane Worner (firstname.lastname@example.org)
SWP4: Corporate Bond Markets (Vol 1) - A global perspective
Description: This report provides a data-based overview of corporate bond markets over the last decade or so. The report presents evidence that corporate bond markets are (1) growing in terms of size and importance to the real economy; (2) beginning to fill a gap left by banks and long-term/infrastructure financing; (3) showing potential for servicing small medium enterprises; (4) seeing increase in issuance of high yielding bonds such as PIKs and Contingent Capital; and (4) set to transform as secondary markets evolve to accommodate a new economic and regulatory environment.
Authors: Rohini Tendulkar (email@example.com) and Gigi Hancock
SWP3: Crowd-funding: An Infant Industry Growing Fast, February 2014
Description: Peer-to-peer lending and equity crowd-funding have grown rapidly since the crisis and have attracted the attention of governments who wish to facilitate alternative forms of capital allocation. This report investigates the nature of Financial Return crowd-funding, including outlining the main benefits and risks of the industry and the global regulatory environment the industry currently operates in.
Authors: Eleanor Kirby and Shane Worner (firstname.lastname@example.org)
SWP2: Cyber-Crime, Securities Markets and Systemic Risk, Joint Staff Working Paper of the IOSCO Research Department and World Federation of Exchanges, July 2013
Description: Joint report with the World Federation of Exchanges. This report explores the nature and extent of cyber-crime in securities markets so far; the potential systemic risk aspects of this threat; and presents the results of a survey to the world's exchanges on their experiences with cyber-crime, cyber-security practices and perceptions of the risk. (latest version)
Author: Rohini Tendulkar (email@example.com)
SWP1: Systemic Risk Identification in Securities Markets, July 2012
Description: The financial crisis highlights the need to identify and monitor systemic risk in securities markets. This Staff Working Paper outlines one potential systematic approach that could be used by researchers and securities market regulators, in the identifying and monitoring of systemic risks and risk build-up in entities, market infrastructures, products and activities. The "system" presented in this report relies on a list of practical and concrete indicators and offers a flexible and coherent process within which to use them.
Authors: Werner Bijkerk (firstname.lastname@example.org); Rohini Tendulkar (email@example.com); Samad Uddin; Shane Worner (firstname.lastname@example.org)