Through the investor lens: What makes a short-term market work? 

Maxime Deherly - Investment Manager, Pictet Asset Management

For investors in commercial paper, access to reliable data, liquidity and transparency are essential. Maxime Deherly shares his perspective on what makes the market efficient, how investor expectations have evolved and where STEP adds value. 

Maxime Deherly's career began in middle-office operations before his interest in fixed-income markets led him towards money markets and, eventually, fund management. This journey has given him a practical understanding of what investors need to make informed decisions in short-term markets. 

For Maxime, an attractive commercial paper market starts with a combination of choice, accessibility and transparency. Investors need instruments available in sufficient volumes, across different maturities and through regular issuance. Equally important is the ability to access relevant documentation and market data without unnecessary complexity. 

"Easy access to information, from programme documentation to outstanding amounts, is essential for an efficient market," he explains. 

Changing expectations 

Investor priorities have evolved in recent years. Liquidity has become increasingly important, while the arrival of new market participants has reinforced the need for diversification and transparency. 

These developments have also reinforced the importance of transparency and consistency. Standardised documentation and clear disclosures help investors assess new issuers, monitor existing exposures and respond more efficiently to market developments. 

For Maxime, transparency and standardisation are therefore not simply desirable market characteristics. They have a direct impact on investment processes. 

"They help us onboard new issuers more quickly, make decisions efficiently and monitor our investment limits," he notes. 

Where STEP makes a difference 

This is where initiatives such as STEP play an important role. By providing free access to Centralised,consistent  and up-to-date information from a neutral source, , STEP helps investors navigate their investment universe and identify active issuers. 

 Importantly, this information also supports investors in monitoring their exposure limits, both per commercial paper instrument and per issuer, in line with the requirements of the Money Market Funds Regulation (MMFR). 

For Maxime, this combination of transparency, accessibility and reliable information makes STEP a valuable resource for investment teams, helping them monitor their portfolios and make informed decisions more efficiently. 

Looking ahead, Maxime sees further integration and harmonisation as important priorities for the European commercial paper market. Greater use of structured data could make information easier to access and compare, benefiting both investors and issuers. 

"More integration, harmonisation and structured data would improve clarity for investors and visibility for issuers," he concludes. 

His perspective highlights a fundamental point: an efficient short-term funding market depends not only on the availability of instruments, the transparency and common standards that connect issuers and investors.