ISLA responds to Capital Markets Union consultation

The two findings that we particularly wish to draw the Commission’s attention to relate to:

  • The growing disproportionate imbalance between securities held by UCITS that are available for lending vs UCITS securities actually on loan – showing major untapped potential for improving liquidity in the market.
  • The continued developing trend of government bonds, in particular EU government bonds, being used in securities lending transactions – showing potential rising risks of a liquidity squeeze in those instruments, which could impact EU governments’ costs of funding.

The full response can be found at

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