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International Monetary Fund

firms and lead to the emergence of several strong and well-capitalized investment banks. Having greater capital, these investment banks, unlike current securities houses, should be in a better position to engage in market-making activities. But also, given that they will be subject to a negative list system type regulation, they will be able to develop new products, which should ultimately lead to greater financial innovation and improved financial intermediation. 16. The level of investor protection will be raised . Transparency requirements will be raised and

International Monetary Fund. African Dept.

to be further developed . There is currently no electronic inter-dealer trading platform that could facilitate trading and promote price transparency. Short-selling is not allowed, which might restrict market-making activity. The segmentation of the market in two different platforms (depending on whether the instrument was issued by syndication or auction) is a further deterrent to a more active secondary market. Other factors contribute to the low level of secondary market liquidity . First, a shallow and non-diversified investor base (covered in next section

Mr. Marco Arnone and Mr. Piero Ugolini

to the MAS repurchase facility, which enables primary dealers with short positions to bid for specific SGS issues offered by the MAS in exchange for other SGS issues they have. This facilitates primary dealers’ market-making activities. Spain Advantage of an extra half hour for the submission of bids at bond auctions, exclusive access to the second round in auctions, exclusive access to stripping and reconstitution of bonds, privileged counterparty of the issuer in its overall debt-management activity (swaps, foreign currency issues, and similar securities