Central Bank taps primary dealers for ideas

Sri Lanka's Central Bank has sought views from market players to improve the primary dealer system, in the backdrop of calls to widen the industry's revenue base. Sri Lanka's Central Bank has sought views from market players to improve the primary dealer system, in the backdrop of calls to widen the industry's revenue base. Dealers are an elite group appointed by the Central Bank to exclusively access primary treasury bill and bond auctions.

Market makers have been lobbying the Central Bank to broadbase their income from a single product to offer services like consultancy, corporate debt, fund management

A committee headed by Deputy Governor W A Wijewardena is now seeking views to upgrade the primary dealer network that has been in operation since 1992.

"We want to evaluate the contribution made by the primary dealer system to develop the government debt securities market in Sri Lanka," explained W M Hemachandra of the Public Debt Dept.
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in a letter seeking industry views.

Market makers have time till Oct 31, to submit their views on the following:

1. Contributions made by the primary dealers to develop the government securities market since its inception.
2. Issues relating to primary dealers in Sri Lanka
3. Proposals, if any, to resolve outstanding issues relating to primary dealers and government securities market
4. Alternative mechanisms, if any, to raise funds from the market for government's requirements or any other alternative to primary dealers
5. Individual dealers views on the future role of primary dealers to develop the government securities market

-LBO Newsdesk: LBOEmail@vanguardlk.com