Market development initiatives An important milestone was reached in February 2010, when South Africa’s multibillion rand money market industry officially commenced the electronic issuing, trading and settlement of securities in place of the manual paper based system. As the largest issuer of money market securities (on our own behalf and on behalf of Government), the Bank welcomed the implementation of a fully-dematerialised money market.
All SARB debentures and Treasury bills are now being processed in the new electronic format, representing not only a milestone for the South African financial markets, but also being the very first fully automated dematerialised settlement environment globally. Many of the people here tonight were involved in this project, and I want to sincerely thank you for your contributions to this very important project.