## Annual Update on SDR Trading Operations

_Policy Papers, October 6, 2022_

## Source details

**Canonical URL:** [Annual Update on SDR Trading Operations](https://www.imf.org/en/publications/policy-papers/issues/2022/10/06/annual-update-on-sdr-trading-operations-524354)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2022/10/06/annual-update-on-sdr-trading-operations-524354/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2022/10/06/annual-update-on-sdr-trading-operations-524354/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2022/10/06/annual-update-on-sdr-trading-operations-524354/bundle-manifest.json)

## Bibliographic details
- Published: October 6, 2022
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400223563.007

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### Executive summary
- This paper provides an update on the status of the SDR trading market and operations one year after the historic fourth general allocation of SDRs.
- In the reporting period, SDR trading has been dominated by SDR sales due to the 2021 SDR allocation.
- The VTAs continue to have ample capacities to meet the demand for exchange of SDRs into currencies.
- Staff has made significant progress in further strengthening the SDR trading market.
- Since the SDR allocation, eight new VTA members have been welcomed to the SDR trading market and many existing VTA members provided additional operational flexibilities.
- Discussions with a number of potential new entrants continue in the broader context of SDR channeling, which encourages contributors to have VTAs.

### SDR trading activity (reporting period)
- Dominant activity: SDR sales driven by the 2021 SDR allocation.
- Primary operational outcome: VTAs maintained ample capacities to meet demand for exchange of SDRs into currencies.

### VTA membership, capacities, and operational flexibilities
- Net change in membership: eight new VTA members have been welcomed to the SDR trading market since the SDR allocation.
- Operational changes: many existing VTA members provided additional operational flexibilities.
- Ongoing engagement: discussions continue with a number of potential new entrants in the broader context of SDR channeling, which encourages contributors to have VTAs.

### Staff actions and market strengthening
- Staff progress: significant progress reported in further strengthening the SDR trading market (no additional operational detail provided on the page).

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2022/english/ppea2022044.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2022/english/ppea2022044.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2022/10/06/annual-update-on-sdr-trading-operations-524354_