In fact the increase in placements concerns only a small number of large firms, while the value and volume of placements by small and medium-sized firms has declined (Figure 12). 23 The number of small firms going to the bond market for the first time has progressively diminished and the number of medium-to-large firms has remained stationary.
Finally, and very significantly, the BRICS central banks have, for the first time, conducted a test run of the CRA with an actual transfer of funds. This exercise commenced on 3 July and was completed successfully today.