Government Bond Market Development – Managing Interdependencies – . June 17, 2003 Johannesburg, South Africa Noritaka Akamatsu Financial Sector Operations & Policy Dept. The World Bank. Why develop Government Bond Market?. Capital markets in general
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June 17, 2003
Johannesburg, South Africa
Financial Sector Operations & Policy Dept.
The World Bank
Capital markets in general
Government bond market in particular
The objectives are to:
Q. Where to start? How to sequence?
If there are developed institutional investors,
If there aren’t,
Q. How can a critical mass of transactions be captured to give reliable market price information back to the market?
Not all transparencies are good.
Q. Can electronic market attract critical mass of trading in benchmarks? Fragmentation if multiple platforms?
London Interdependencies –
Would Self-Regulation viable in bond market?
Lowering of risks and costs Interdependencies –
LiquidityHow should reform plans be prioritized?
Depending on each country’s circumstances
- size of its economy - Trading volume
- sophistication of its financial system - Number of market participants
- its investor profile - etc.
Bond Market Committee