Report

Non-bank financial institutions and the functioning of government bond markets

Bank of International Settlements
November 17, 2021

The structure of market making in government bond markets has shifted from a bank-centric model to a hybrid one in which non-bank financial institutions, notably principal trading firms and hedge funds, play an important role alongside banks. This shift has occurred in several countries and, while farthest advanced in liquid segments, is also evident in less liquid segments.

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