Scope of work

The Gemloc Advisory Services Program will focus on priority areas to eliminate bottlenecks for the development of local currency bond markets.

Gemloc ASP covers a wide range of bond market development topics, including:

Broad topics	Specific agenda
Macro and micro interactions and trade-offs	Capital controls, excess liquidity and convertibility Markets taxation structure and financial neutrality
Primary markets	Debt management strategy and issuance policy Placement mechanisms and organization
Money markets	Repo markets Operational liquidity management
Secondary and derivatives markets	Exchange and OTC markets Interactions between markets and development sequence Valuation schemes
Participants and investor base	Strategies for diversification Prudential regulations
Custody, clearance, and settlement	Local and international central securities depositories (CSD) Risk management upgrades
Regulations for public debt markets	Systemic risk and investor protection Enforcement capabilities

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