The Public Debt Management Newtwork
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Secondary Market

Secondary markets are markets where government securities are traded after they have been issued or sold on primary market. A liquid secondary market is an important source of price signals and is therefore essential for the orderly funding of government financing requirements, especially in less-developed markets. The government plays an important role in the development of secondary market structures (e.g. the types of negotiations that are allowed, roles for dealers and intermediaries, trading mechanisms, market transparency, regulations, and so on) guided by the objectives to ensure an efficient price discovery process and to improve the liquidity of securities. Policy topics include:

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