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IOSCO Report on Liquidity Provision in the Secondary Markets for Equity Securities

On 11 August 2020, IOSCO published its final report in respect of market makers and liquidity provision in the secondary markets for equity securities. The information on which the report is based was collected pre-Covid and therefore it is expected that IOSCO will revisit the report once the pandemic is over.

The report is also relevant to players in the crypto/DLT space which are looking to set up or operate security token exchanges.

IOSCO highlights some common themes which regulators could consider as key elements in relation to market making programs:

1) Registration or the formal role given to market makers and the obligations imposed on them.

2) Balancing obligations and benefits.

3) Monitoring for compliance.

4) Public disclosure about market making programs.

Liquidity is one of the critical factors of a fair and efficient market. Different types of entities with differing economic incentives and trading strategies participating in a market facilitate the execution of trades for market participants, which in turn enhances market quality. Liquid and well-functioning secondary markets allow investors to buy and sell their assets quickly and efficiently, which can also encourage activity in primary markets.

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