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The typical functions of financial market intermediaries can be also seen in many Debt Management Offices (DMOs), particularly in relatively more advanced economies, that is front office, middle office and back office. While the front office embraces all activities involving direct contact with the market and the middle-office functions include all analytical activities that allow for delineating the boundaries of the cost/risk profile, which are needed for shaping and/or limiting front-office operations, the functions of the back office include the preparation of the issuance or transaction documentation, the settlement and reconciliation of the transactions once they have been confirmed, and the accounting activity regarding the procedures to ensure prompt execution and orderly registration of payments.