On 4 November 2025, The Board of the International Organisation of Securities Commissions (IOSCO) published its final report on the Single-Name Credit Default Swaps Market (the report).

Summary

The report considers 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.

In particular, the report considers the following points in more detail:

  • A description of the different post-trade transparency requirements for single-name CDS transactions as implemented in the EU, UK and U.S and confirmation that other surveyed jurisdictions do not have post-trade transparency requirements for single-name CDS contracts (excluding publication of aggregated data).
  • The impact of the U.S. transparency requirements and conclusion that there is no indication that they have had a negative impact on liquidity.
  • Potential benefits and also possible negative impacts of increasing post-trade transparency in the single-name CDS market.
  • A review of market events impacting the banking industry in March 2023, which concludes that the response to these events was an increase in activity in the CDS market, but that there was no evidence of causation between sharp movements in the prices of single-name CDS and the subsequent sudden drop in the shares of certain banks at the time.

Next steps

IOSCO concludes the report by encouraging each member jurisdiction to take steps toward enhancing post-trade transparency in the single-name CDS market in its jurisdiction should they conclude that such efforts would not have a substantial negative effect on market risk exposure or market activity. IOSCO also reminds jurisdictions of their ability to continue to address potential suspicious activity in the single-name CDS markets through securities law enforcement regimes.

IOSCO published this report in co-ordination with the European Systemic Risk Board, which has also published a report on the single-name CDS market.