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A Framework for Developing Secondary Markets for Government Securities

A Framework for Developing Secondary Markets for Government Securities by Zsófia Árvai
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This paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market.
International Monetary Fund; July 2008
55 pages; ISBN 9781452798523
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Title: A Framework for Developing Secondary Markets for Government Securities
Author: Zsófia Árvai; Geoffrey Heenan