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Part VI International Markets and Exchanges, 19 Credit Rating Agencies

Charlotte Eborall

From: Financial Markets and Exchanges Law (2nd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 September 2023

Credit default swap (CDS) — Equity — Bonds — International Organisation of Securities Commissions (IOSCO) — Securities and Exchange Commission (SEC) — Basel committee on Banking Supervision — European Securities and Markets Authority (ESMA) — Financial Stability Board (FSB) — Basel 2 — Insider dealing
19.01 Credit rating agencies (CRAs) play a key role in financial markets, helping to reduce information asymmetry between investors and issuers by providing an independent assessment of the relative creditworthiness of countries or companies. Their role has expanded significantly in recent decades with financial globalization, the introduction of references to credit ratings in regulations, and the embedding by market participants of ratings in their operating procedures, investment decisions, and contracts. Although CRAs’ ratings provided fairly robust and...
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