By World Bank
This guide offers an outline of the main coverage concerns for constructing a central authority securities industry. It additionally bargains a close description of the coverage matters, together with concerns for implementation. This guide covers such subject matters because the linkages with funds markets and fiscal coverage operations, regulations had to increase an issuing technique, debt-management issues to construct credibility, and the reforms essential to advertise institutional funding. It comprises bibliographic and web site references in addition to a complete thesaurus of phrases regarding securities markets.
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Additional info for Developing Government Bond Markets: A Handbook
Sample text
For market development, however, wide access is usually preferable. Because of the centralized nature of a securities depository, policymakers find regulation Delivered by might The World Bank e-library to: of the fee structure necessary UniversityIn of Victoria to prevent monopoly pricing. 4 16 Dec 2009 03:21:59 a sufficient number ofWed, transactions to recover the costs of building and running the system without pricing being set at a prohibitively high level. In 30 (c) The International Bank for Reconstruction and Development / The World Bank Developing a Government Bond Market: An Overview that case, transitory subsidies to the system may be needed until transaction volume becomes sufficient.
To be effective in undertaking a market-making role, intermediaries must have a means of hedging against interest rate risks, which affect the cost of carrying an inventory of government securities. Without these tools, intermediaries tend to buy and hold securities, diminishing their action as market makers. The existence of forward, futures, swap, and option markets to protect intermediaries against interest rate risk can help improve the functioning of government securities markets. Fit-and-proper tests and proper certification for those permitted to act as investment advisors or to enter the brokerage business are important for well-functioning secondary markets.
Adequate disclosure to investors and minimum standards for prospectuses are also essential but often lacking. Allowing entry of foreign institutions into this field has, in many cases, had the benefit of putting pressure on domestic companies to develop their business and lower their costs. The market impact of foreign institutions has been much larger than their share of assets under management would suggest. Restrictions on foreign entry into this financial service area, as well as entry via cross-border provision of these services, should therefore be eliminated or phased out.