Chapter

Appendix 1. Summary of Primary Dealer System Characteristics

Author(s):
Marco Arnone, and Piero Ugolini
Published Date:
February 2005
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Primary Dealer SystemStarting DateNumber of DealersNumber of Primary DealersOpen Market OperationsAvailability of Liquidity or Stock Facilities with the Central BankSupervisionStatus Review
ArgentinaYes19961212YesMinistry of FinanceAnnually
ArmeniaYes1999137YesCentral Bank, Ministry of FinanceSemi annually
AustraliaNo
AustriaYes1989NA26Federal Financing AgencyAnnually
BelgiumYes19912217Ministry of FinanceAnnually
BrazilYes197433822YesCentral BankSemiannually
CanadaYes19984412YesYesCentral Bank, Ministry of Finance, Investment Dealer Assn.Biannually
ChileNo
Czech Rep.Yes199710725Central BankQuarterly
FinlandYes199210–2010YesState TreasuryAs necessary
FranceYes1987over 4018Ministry of FinanceEvery 2 years
GermanyNo
GhanaYes19962626YesCentral Bank, Securities Regulatory Comm.Annually
GreeceYes19983815Central Bank, Ministry of Finance, Public Debt Mgt. AgencyAnnually
HungaryYes19961313Government Debt Management AgencySemiannually
IcelandYes2002around 105Central Bank, National Debt Management AgencyAnnually
IndiaYes199618 + banks18YesYesCentral Bank, Securities and Exchange Board of IndiaAnnually
IndonesiaNo
IrelandYes199577YesNational Treasury Management AssociationNA
ItalyYes199412016Ministry of FinanceEvery 2 years
KazakhstanYes199411816Ministry of Finance, National Security Comm.Annually
KenyaNo
KoreaYes199710226Ministry of FinanceAnnually
LatviaNo
MauritiusNo
MexicoYes200020–255YesCentral Bank, Ministry of FinanceSemiannually
MoroccoYes19951237Central Bank, Ministry of FinanceNA
NetherlandsYes1999dozens13Ministry of FinanceAnnually
New ZealandNo
NorwayYes19957+6YesCentral BankAnnually
PolandNo
PortugalYes19982513YesInstitute for Public Debt ManagementAnnually
Saudi ArabiaNo
SingaporeYes19873111YesYesCentral BankSemiannually
SpainYes198816721Ministry of FinanceAnnually
SwedenYes198977YesCentral Bank, Finance Supervisory Inst.Annually
ThailandYes2000509YesCentral BankAnnually
United KingdomYes1986NA17Ministry of Finance, Financial Services AuthoritySemiannually
United StatesYes1960NA25YesYesCentral Bank, Ministry of FinanceSemiannually
Source: IMF staff survey of national authorities (2001).
Source: IMF staff survey of national authorities (2001).

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