In the gilt market, there is greater transparency, new instruments have been introduced, and there is a progressive  BIS Review 2/2003  3  widening of the investor base. With the operationalisation of the Negotiated Dealing System, price and trade information is available on a near real time basis.
The Clearing Corporation of India has also launched net foreign exchange clearing in India on a guaranteed settlement basis. These developments bring us closer to our goal of transforming our financial system into a resilient and competitive structure with market participants operating in different segments of the financial markets catering to varying classes of financial assets and liabilities. IV.