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SEC Commissioner Piwowar Discusses Fixed Income Liquidity

In a recent speech, SEC Commission Piwowar discussed fixed income market issues.  He highlighted some recent improvements in fixed income market structure, but noted that a number of lingering deficiencies remain.  He called on “everyone engaged in the fixed income markets to do their part to ensure that markets remain fair, orderly, and efficient, even under stressed conditions.” 

Commissioner Piwowar called on market participants to plan for future liquidity shocks and to continue to develop innovations that may improve liquidity.  He also urged academics to do further research into fixed income market structure.  Finally, he outlined his thoughts on how regulators should get involved.  Regulators, he said, “must maintain a steady focus on our core missions and not become distracted by the special interest groups that continually seek to promote their private agendas through public regulation. The issues of bond market liquidity and well-functioning fixed income markets are squarely within the mission of the Commission. We cannot allow our time, effort, and resources to be hijacked by special interest groups if we are to sufficiently confront the complex challenges of the fixed income markets.”