Primary Dealers in Government Securities
February 25, 2005
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In the past 10 years a growing number of countries have established or began establishing a primary dealer system. This paper discusses the role of primary dealers, as well as theoretical, operational, and technical issues related to the establishment of a primary dealer system, in the overall management of public debt for countries that may be considering taking this step. Drawing on a 2001 survey of country practices, the paper discusses the rationale, costs and benefits, and key prerequisites, as well as selection criteria, obligations, and privileges of a primary dealer system. It also attempts to determine the conditions under which a primary dealer system would make a positive contribution to the functioning and development of the government securities market.
Subject: Banking, Capital adequacy requirements, Central bank financial reporting, Central banks, Financial institutions, Financial markets, Financial regulation and supervision, Government securities, Open market operations, Public debt, Securities markets
Keywords: Australia and New Zealand, Capital adequacy requirements, Central bank financial reporting, dealer, dealer market structure, dealer system, Global, government debt management agency, Government securities, government securities market, ISI, market, Open market operations, PD system, primary dealer, Securities markets, SI, system characteristic
Pages:
97
Volume:
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DOI:
Issue:
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Series:
IMF Special Issues
Stock No:
ISIEA2005002
ISBN:
9781589063792
ISSN:
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