The Report sheds light on the structure, transparency, and resilience of the single-name credit default swaps (CDS) market, a key segment of global finance
IOSCO/MR/17/2025 – Madrid, 4 November 2025
The International Organization of Securities Commissions (IOSCO) today published its Final Report on the Single-Name Credit Default Swaps Market, which was prepared at the invitation of the Financial Stability Board (FSB)1.
The report examines market events that impacted the banking industry in March 2023 and the functioning of the single-name CDS market, following concerns raised regarding that market turmoil. More broadly, drawing on a survey of IOSCO members, a literature review, and engagement with industry stakeholders, the report assesses current levels of post-trade transparency in member jurisdictions, explores potential measures to encourage greater post-trade transparency, and considers the advantages and disadvantages of these measures.
The publication of this report is timed to coincide with the release of the European Systemic Risk Board’s (ESRB) own report. The two reports are complementary: while the ESRB report focuses on the EU market and market microstructure, this IOSCO report examines the legislative and regulatory framework for post-trade transparency as well as the events of March 2023. Both reports conclude that the single-name CDS market remains illiquid, characterized by a limited number of intermediaries, and recommend greater post-trade transparency.
“This report reflects our commitment to enhancing transparency and resilience in the single-name CDS market. IOSCO will continue to work with members and stakeholders to support well-functioning and stable derivatives markets globally.”
– Carol McGee (Securities and Exchange Commission, United States of America), Chair of IOSCO’s Committee 7 on Derivatives
“This report provides an in-depth analysis of single-name CDS markets in major jurisdictions and identifies potential benefits with respect to increasing post-trade transparency, including reduced information asymmetries and greater price efficiency. It also aims to assist member jurisdictions in taking steps towards enhancing post-trade transparency should they conclude that such efforts would not have substantial negative effects on market risk exposure or market activity.”
– Jean-Paul Servais, IOSCO Board Chair
IOSCO will continue to monitor developments in the single-name CDS market and will consider appropriate next steps.
The Final Report on the Single-Name Credit Default Swaps Market is available here.
