IOSCO has responded to G20’s request for a report on transparency and competition among credit rating agencies (CRAs). IOSCO says it is currently revising the 2004 CRA Code, which develops, among other IOSCO CRA Principles, that of “transparency and timeliness of ratings disclosure”. Transparency allows investors to compare the practices of CRAs, and can therefore play an important role in market competition. IOSCO also notes that the main CRAs’ market share of structured finance ratings had dropped from 96% in 2008 to 91% in 2011. (Source: Re: Transparency and Competition Among CRAs)