We will follow a coordinated and deliberate sequenced approach to ensure smooth implementation of these reforms. I am happy to report that to date, we have seen progress from these initiatives. For instance, since June, the BTr has been sending “report cards” to Government Securities Eligible Dealers (GSEDs) highlighting their performance in the primary and secondary markets.
These will serve as basis for future recognition of market makers. We have seen performance of GSEDs improve following the release of these report cards and the unveiling of the roadmap, through improved subscriptions, higher participation in pre-auction surveys, and more GSEDs providing indicative bids. Bid submissions show tighter convergence and presence of outliers are now more limited.