By World Bank
This guide offers an outline of the main coverage concerns for constructing a central authority securities marketplace. It additionally bargains a close description of the coverage concerns, together with issues for implementation. This guide covers such themes because the linkages with cash markets and fiscal coverage operations, rules had to strengthen an issuing process, debt-management concerns to construct credibility, and the reforms essential to advertise institutional funding. It contains bibliographic and site references besides a entire thesaurus of phrases on the topic of securities markets.
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This instruction manual offers an summary of the foremost coverage issues for constructing a central authority securities industry. It additionally deals 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 financial coverage operations, rules had to strengthen an issuing technique, debt-management issues to construct credibility, and the reforms essential to advertise institutional funding.
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Additional info for Developing Government Bond Markets: A Handbook
A number of questions arise for policymakers in this area. How can a sound legal basis for paperless (dematerialized) securities be secured? What is the most efficient way to set up a securities depository (organization, functions, fees, membership)? Should the government be directly involved (as investor or promoter) in setting up the securities settlement infrastructure? How can settlement procedures be designed to minimize risk (see Chapter 8)? 1 Securities Accounts and Government Securities Markets An important factor determining the potential efficiency of the bond market is whether bonds are issued as paper or take the form of paperless (dematerialized) securities registered in securities accounts.
In some countries the directional interaction between contractual savings development and capital market development has originated from the capital market end. Some East European countries (the Czech Republic, Hungary, and Poland) that are seeking accession to the European Union (EU) are experiencing capital market development, which, in turn, has facilitated pension reform. 3 1 Collective Investment Funds and Government Securities Markets Collective investment funds, such as mutual funds, can play an important role in the development of the government securities market, Delivered by The World Bank e-library to: especially the 12.
For markets with a large foreign investor component, an efficient link between the national central securities depository and an international central securities depository, such as EUROCLEAR or Clearstream, has been important for market development. International institutional investors prefer to hold their securities from different markets in one central place, where liquidity from the sale of securities from one country can be used immediately to fund the acquisition of securities from another.