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International Monetary Fund and World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
International Monetary Fund and World Bank

, and nonperformers potentially replaced with new entrants in the PDs system. 45 Market-making privileges 64. Privileges afforded to PDs normally include exclusive access to auctions and liability management operations, access to non-competitive auctions in the primary market, and access to securities and cash-lending facilities . Special privileges such as access to central bank credit lines could be provided in the early stages of development of a PDs system, although care should be taken so that such arrangements do not conflict with market development

International Monetary Fund and World Bank

and market participants (11) Market fragmentation (12) Benchmark bonds (13) Cash and debt management Secondary Market (1) Market liquidity and depth (2) Pre-trade transparency (3) Post-trade transparency (4) Market-making duties (5) Market-making privileges (6) Trading environment Investor Base (1) Market participants (1.1) Depth and diversity of the banking sector (1.2) Depth and diversity of the non

R. Todd Smith and Folkerts-Landau David

associated with establishing benchmark bond structures. On the other hand, the MTN market has established somewhat of a niche which testifies indirectly to the need for tailored securities. To conjecture, it may be desirable for the purposes of ensuring a liquid market to structure the market around a small number of benchmark bond structures and a MTN market. However, to ensure the smooth functioning of the market regulators must ensure that market makers have some responsibilities to the market in exchange for market making privileges. 2. Direct versus indirect

T. Todd Smith
This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.