{
  "title": "Primary Dealers in Government Securities: Policy Issues and Selected Countries Experience",
  "publication": "IMF Working Papers, March 1, 2003",
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  "summary": "In many countries, authorities have designated a group of financial firms as the principal intermediaries in the government securities market-referred to as \"primary dealers\" or a \"primary dealer system.",
  "sections": [
    {
      "heading": "Summary and Purpose",
      "content": "- Discusses policy issues related to the establishment of a primary dealer system for countries considering this step.\n- Emphasizes the importance of assessing whether a primary dealer system fits into the overall strategy for financial market development in the country.\n- Under a primary dealer system, the debt manager and the group of primary dealers pursue a common strategy in support of the effective functioning and development of primary and secondary markets for government securities.\n- Presents results of a survey of country practices conducted in early 2001.\n- Among the countries surveyed, there was broad agreement among authorities that a primary dealer system is to be highly recommended."
    },
    {
      "heading": "Key Findings and Observations",
      "content": "- Primary dealers are designated financial firms that act as principal intermediaries in government securities markets.\n- A primary dealer system aligns debt management objectives with market development and secondary market functioning.\n- Survey evidence (early 2001) indicates broad endorsement of primary dealer systems by authorities in surveyed countries."
    },
    {
      "heading": "Policy Issues and Considerations",
      "content": "- Fit with national financial market development strategy is a key consideration before establishing a primary dealer system.\n- The system should support both primary and secondary market development and effective market functioning.\n- Roles typically involve coordination between the debt manager and primary dealers to pursue a common strategy."
    },
    {
      "heading": "Subject Coverage and Keywords",
      "content": "- Subjects: Asset and liability management, Central banks, Financial institutions, Financial markets, Government securities, Liquidity, Open market operations, Securities, Securities markets.\n- Keywords include: Australia and New Zealand, dealer, dealer status, dealer system, dealers activity, Global, Government securities, issuer policy, Liquidity, market, market liquidity, market structure, market-making responsibility, Open market operations, PD market participant, price discovery, Primary dealers, public debt management, secondary market, Securities, Securities markets, securities transaction, WP.\n\n---\n\n Content in this bundle\n\n- wp0345\n  - wp0345 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0345 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/primary-dealers-in-government-securities-policy-issues-and-selected-countries-experience-16334"
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    "Authors: George Iden, Marco Arnone",
    "Published: March 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451846492.001",
    "Discusses policy issues related to the establishment of a primary dealer system for countries considering this step.",
    "Emphasizes the importance of assessing whether a primary dealer system fits into the overall strategy for financial market development in the country.",
    "Under a primary dealer system, the debt manager and the group of primary dealers pursue a common strategy in support of the effective functioning and development of primary and secondary markets for government securities.",
    "Presents results of a survey of country practices conducted in early 2001.",
    "Among the countries surveyed, there was broad agreement among authorities that a primary dealer system is to be highly recommended.",
    "Primary dealers are designated financial firms that act as principal intermediaries in government securities markets.",
    "A primary dealer system aligns debt management objectives with market development and secondary market functioning.",
    "Survey evidence (early 2001) indicates broad endorsement of primary dealer systems by authorities in surveyed countries.",
    "Fit with national financial market development strategy is a key consideration before establishing a primary dealer system.",
    "The system should support both primary and secondary market development and effective market functioning.",
    "Roles typically involve coordination between the debt manager and primary dealers to pursue a common strategy.",
    "Subjects: Asset and liability management, Central banks, Financial institutions, Financial markets, Government securities, Liquidity, Open market operations, Securities, Securities markets.",
    "Keywords include: Australia and New Zealand, dealer, dealer status, dealer system, dealers activity, Global, Government securities, issuer policy, Liquidity, market, market liquidity, market structure, market-making responsibility, Open market operations, PD market participant, price discovery, Primary dealers, public debt management, secondary market, Securities, Securities markets, securities transaction, WP.",
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