SEC Staff Publishes Report on Access to Capital and Market Liquidity
The SEC Division of Economic and Risk Analysis (DERA) published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report was requested by Congress as part of the FY2016 appropriations process.
The report includes a survey and analysis of recent academic literature, as well as original analyses drawn from publicly available databases and non-public regulatory filings. The report examines the issuance of debt, equity, and asset-backed securities, as well as activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds. Specifically, the report identifies trends for unregistered offerings, such as those under Regulation D and Regulation Crowdfunding, as well as fixed income transactions, fixed income quotations, and broker-dealer financial positions.
[p"The health of our primary and secondary markets is critical, and it is important for the SEC, as a key regulator of these markets, to engage in data-driven analysis of market trends and the range of issues that may be influencing those trends. This report both provides a current view of these topics, based on available data, as well as highlighting areas where future analysis could be warranted" said DERA Acting Director Scott Bauguess.[/p]For more information about the study, and its findings, analyses and conclusions, follow DERA on Twitter, @SEC_DERA.
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