CLASSIFYING GOVERNMENT SECURITIES MARKET OPERATIONS IN INTERNATIONAL PRACTICE: A COMPARATIVE ANALYSIS BY MARKET SCALE

Khamidulla Kholikov

doi:10.5281/zenodo.22537488

Mualliflar

Khamidulla Kholikov PhD, Senior Specialist, Central Bank of the Republic of Uzbekistan. Muallif https://orcid.org/0009-0004-6425-4664

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https://doi.org/10.5281/zenodo.22537488

Kalit so‘zlar:

government securities, market operations, classification, primary market, secondary market, public debt management, repo market, market scale, benchmarking.

Abstrak

This article classifies government securities market operations using five interrelated dimensions drawn from international practice: market stage, economic purpose, instrument type, execution venue, and jurisdiction and currency. The analysis combines academic literature, guidance from international organisations, and public information issued by competent national authorities. Because the underlying metrics have different economic meanings, debt stocks, daily trading flows, and repo exposures are not aggregated; each is treated as a category-specific indicator of scale. The comparison uses the International Monetary Fund’s 2025 estimates for major sovereign debt stocks and the latest available official or industry statistics for U.S. Treasury securities, repo markets, and Sukuk. Evidence for Uzbekistan confirms competitive auctions restricted to primary dealers, exchange-based infrastructure, and a material interbank repo segment. These findings support a more nuanced assessment of the dealer framework and repo market. The article therefore proposes a sequenced agenda focused on issuance transparency, enforceable dealer and market-making standards, richer secondary-market statistics, prudent liability-management operations, broader investor access, and a consistent multidimensional reporting taxonomy.

Yuklashlar

Yuklab olish maʼlumotlari hali mavjud emas.

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