On November 17, 2014, the International Organization of Securities Commissions (“IOSCO”) issued a consultation report on post-trade transparency in the credit default swaps (“CDS”) market, analyzing the possible effects resulting from mandatory post-trade transparency in the CDS market. The report states that the introduction of mandatory post-trade transparency does not have a substantial effect on market risk exposure or market activity, and that greater post-trade transparency, including making the price and volume of individual transactions publicly available, is highly valuable to market participants. IOSCO identifies the benefits and costs of mandatory post-trade transparency, recommends that its members take measures to increase post-trade transparency in their jurisdiction  and provides a list of factors that may help minimize related potential costs. The consultation closes on February 15, 2015.

The consultation is available at: