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European Commission publishes final report of the Expert Group on Corporate Bond Markets 'Improving European Corporate Bond Markets'
20 November 2017 Today the European Commission published the final report of the Expert Group on Corporate Bond Markets, Improving European Corporate Bond Markets.
 
The Expert Group on Corporate Bond Markets (originally the Expert Group on Corporate Bond Market Liquidity) was created in late 2016, following concerns raised in the CMU Call for Evidence related to European corporate bond market efficiency and liquidity. The 17 Group members represent a cross section of industry stakeholders in the European corporate bond markets, covering the entire value chain (issuers, market-makers, investors, infrastructure providers, and trades associations). ICMA was pleased to represent its constituents as a member of the Group.
 
Following twelve months of analysis, the Group’s report provides 22 recommendations, both policy and market focused, intended to improve the functioning of the European corporate bond markets from the perspective of issuers, investors, and intermediaries. These recommendations support six key objectives:

  1. making issuance easier for companies;
  2. increasing access and options for investors;
  3. ensuring the efficiency of intermediation and trading activities;
  4. fostering the development of new forms of trading and improving the post-trade environment;
  5. ensuring an appropriate level of information and transparency; and
  6. improving the supervisory and policy framework.
The Expert Group has also published a second, more detailed analytical report, Analysis of European Corporate Bond Markets, which provides further background and support for the 22 recommendations.
 
The reports will officially be launched and discussed at a European Commission public hearing in Brussels on 24 November 2017.

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