When the world’s largest asset manager speaks, its no surprise that the rest of the market takes notice. But BlackRock’s recent pitch to increase standardisation in the corporate bond market has received a less-than-warm reception from industry peers.

BlackRock issued an eight-page research paper late last year on reforms it said were needed in the global corporate bond market. Among its proposals was a call for standardised issuance that the $4 trillion manager said would boost secondary market liquidity, an area that has suffered as a result of post-crisis reforms that make it more costly for banks to hold large inventories of bonds.