New International Organisation of Securities Commissioners (IOSCO) Chairman Greg Medcraft says he wants to increase engagement with members and stakeholders, while creating industry benchmarks.

Mr Medcraft is also the Chairman of the Australian Securities and Investments Commission.

“I want to build on [previous chairman] Masamichi Kono’s work,” he said. “This is to ensure IOSCO is proactive and forward-looking in… working to ensure that, globally, investors are confident and informed; [making] markets fair and efficient; and reducing systemic risk.”

At Mr Medcraft’s first board meeting in Sydney the risks posed by low interest rates were discussed.

Members generally agreed the search for yield could create new asset bubbles, particularly in emerging markets with largely undiversified economies.

But they were also concerned a sharp rise in rates could damage global economic growth.