IOSCO has published its Securities Market Risk Outlook 2016, which aims to identify and assess potential risks to the financial system stemming from activities in securities markets. The scope of the Outlook has been widened to reflect risks relating to investor protection and market efficiency. IOSCO has also identified the following risks: (i) corporate bond market liquidity; (ii) risks associated with the use of collateral in financial transactions; (iii) harmful conduct relating to retail financial products and services; and (iv) cyber threats. IOSCO also considers systemic risks associated with the activities of the asset management industry.