Download Developing Government Bond Markets: A Handbook by World Bank PDF

April 5, 2017 | Money Monetary Policy | By admin | 0 Comments

By World Bank

This instruction manual provides an summary of the main coverage concerns for setting up a central authority securities industry. It additionally bargains a close description of the coverage matters, together with issues for implementation. This guide covers such issues because the linkages with funds markets and financial coverage operations, regulations had to enhance an issuing process, debt-management concerns to construct credibility, and the reforms essential to advertise institutional funding. It comprises bibliographic and site references in addition to a finished word list of phrases regarding securities markets.

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There must be a clear set of standards developed for OTC and exchange trading of government securities, as well as for alternative trading systems (ATSs). If the overall distribution systems for securities involve dealers and OTC trading of government securities, there may also be a need for systems to support IDB trading, which could even apply over time across countries in a specific region. IDBs are brokers specializing in the wholesale segment of the market who facilitate trade between dealers by providing information and matching orders.

Should the government establish benchmark securities? Should the government use more advanced debt management tools such as reopening issues, debt buybacks, debt/equity swaps, and exchange offers (see Chapters 3, 4, and 5)? 1 Government Securities Issuance Strategy and Debt Management5 A market-oriented government funding strategy is one of the essential pillars supporting development of a domestic securities market. Such a strategy includes the government’s adherence to basic market principles of broad market access and transparency, a commitment to finance itself through the market, and a proactive approach in developing the necessary regulatory framework to support market development.

18 (c) The International Bank for Reconstruction and Development / The World Bank Developing a Government Bond Market: An Overview a more significant factor in capital markets, including the government bond market. In addition to the industry’s demand for long-term debt securities, institutional investors will, upon reaching a certain critical mass, increase corporate governance, intensify competition, and spur financial innovation. In contractual savings reform efforts, it is important to keep in mind that their contribution to the development of government securities markets is a useful by-product, but not the primary objective, of contractual savers.

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