Cover Primary Dealers in Government Securities
Primary Dealers in Government Securities
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Abstract

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.

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Author:
Mr. Marco Arnone
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and
Mr. Piero Ugolini
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Series:
IMF Special Issues
Publisher:
International Monetary Fund
Language:
English
Publication Date:
25 Feb 2005
DOI:
https://doi.org/10.5089/9781589063792.058
ISBN:
9781589063792
Pages:
97
Keywords:
ISI; SI; dealer; system characteristic; PD system; market; primary dealer; government securities market; dealer system; government debt management agency; Government securities; Securities markets; Open market operations; Capital adequacy requirements; Global; Australia and New Zealand; dealer market structure; Central bank financial reporting
Legal-disclaimer:
This publication should not be reported as representing the views or policies of the International Monetary Fund. The views expressed in this work are those of the authors and do not necessarily represent those of the IMF, its Executive Board, or its management.
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