GFMA, together with its regional members SIFMA, AFME, and ASIFMA submitted a consolidated response to IOSCO’s consultation on the evolution of market liquidity during the trading day.
Drawing on the collective experience across the U.S., Europe, and Asia-Pacific, the response emphasizes the importance of investor choice, diverse execution mechanisms, and principles-based regulatory approaches. GFMA highlights that the growing concentration of trading activity in closing auctions reflects genuine investor demand and the efficient evolution of market structure, while recognizing the importance of operational resilience and market integrity around these critical liquidity events.
The submission addresses IOSCO’s proposed Good Practices across intraday liquidity dynamics, operational resilience, market surveillance, volatility control mechanisms, and regulatory and supervisory approaches, including the implications of extended trading hours.
-21 July 2026-
