IMF Special Issues

Primary Dealers in Government Securities

By Marco Arnone, Piero Ugolini

February 25, 2005

Preview Citation

Format: Chicago

Marco Arnone, and Piero Ugolini. Primary Dealers in Government Securities, (USA: International Monetary Fund, 2005) accessed November 23, 2024

Summary

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.

Subject: Banking, Capital adequacy requirements, Central bank financial reporting, Central banks, Financial institutions, Financial markets, Financial regulation and supervision, Government securities, Open market operations, Public debt, Securities markets

Keywords: Australia and New Zealand, Capital adequacy requirements, Central bank financial reporting, Dealer, Dealer market structure, Dealer system, Global, Government debt management agency, Government securities, Government securities market, ISI, Market, Open market operations, PD system, Primary dealer, Securities markets, SI, System characteristic

Publication Details

  • Pages:

    97

  • Volume:

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  • DOI:

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  • Issue:

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  • Series:

    IMF Special Issues

  • Stock No:

    ISIEA2005002

  • ISBN:

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  • ISSN:

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