After the “10” had become “12” that sentiment dissipated progressively in the face of all what Spain and Portugal had contributed to the “12” Thank very much for your attention. 6  M. Przybyla and M. Roma, “Does product market competition reduce inflation? Evidence from EU countries and sectors”, ECB Working Paper, No. 453. BIS Review 24/2005  5
The repo market performs the function of a funding market. Similarly, interest rate derivative markets enable management of risk. Comprehensive directions covering both OTC and exchange-traded derivatives were issued in 2019 rationalising the regulations for eligible institutions, permissible instruments, exposure limits and reporting. Futures and options have been introduced. Efforts to make the markets deep and liquid remain ongoing.