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Market Structure & Dynamics (2)

Market Structure and Dynamics

Regularly reviewing our market structure, processes and dynamics is a key component to achieving SFA’s mission of promoting a robust, liquid and healthy structured finance market as it grows and adapts to the consumers and businesses it supports.

BondholderCommunication-1

Overview

It may surprise policymakers and regulators, as well as even some market participants, to know that it is currently very difficult – and sometimes impossible – for bondholders to communicate with the companies that issued the securities they own or for bondholders who own the same security to communicate with one another.

The current system is so unreliable that when evaluating potential solutions for the transition away from LIBOR, one of our financial markets’ most serious risk today, market participants view the option of soliciting bondholder consent for an amendment as largely unfeasible.

Publications & Resources

Financial Stability Reports Explore Private Credit

October 4, 2024
Dr. W. Scott Frame’s latest blog discusses the significant growth of private credit, which now holds over $1.7 trillion in assets under management. This expansion has drawn attention from the Federal Reserve (2023) and International Monetary Fund (2024), given their…
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Issue Brief: Vital Role of NRSROs

August 4, 2021

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Credit ratings agencies contribute to the efficiency and stability of the bond markets including securitization by enhancing the ability of issuers to raise capital for their businesses and providing investors with an independent credit assessment of the creditworthiness of a…
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SFA Responds to FIMSAC Recommendations to Mitigate Conflicts of Interest in Credit Ratings

December 22, 2020

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In December 2020, the Structured Finance Association (SFA) submitted feedback to the Fixed Income Market Structure Advisory Committee (FIMSAC), an advisory group to the U.S. Securities and Exchange Commission (SEC), regarding the oversight and regulation of Nationally Recognized Statistical Rating…
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SFA Investors Draft New Communication Platform Criteria

June 18, 2019

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SFA’s Investor Committee drafted a criteria for a new Bondholder Communication platform to address operational, legal, and regulatory issues of the current communication framework.
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