HANDBOOK ON REPO MARKETS - World Bank

1 Repo MARKETS DRAFT Background Note March 2010 2 REPO MARKETS BACKGROUND NOTE 1 This note on repo MARKETS is part of a series of background notes produced under Gemloc Advisory Services Program as a by-product of its strategy to support the development of liquid local currency bond MARKETS . Selected topics have been a key focus in the areas of work of the Advisory Services because of their catalytic impact on debt market development. They include primary market organization through primary dealers and liability management; repo MARKETS ; price dissemination and clearing and settlement arrangements2. Repo MARKETS are an essential component of liquid Government debt MARKETS , acting as a transmission belt between money and debt MARKETS , as well as serving to conduct key functions for the efficient operation of debt MARKETS . These include, among others, credit risk management, funding debt portfolios, playing the yield curve, and covering short positions and settlement fails.

2 REPO MARKETS BACKGROUND NOTE 1 This note on repo markets is part of a series of background notes produced under Gemloc Advisory Services Program as a by-product of its strategy to support the

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