This seminar will benefit from the insights provided by many first-rate economists, and address a number of interesting questions. One paper, for instance, discusses how the switch from a multilateral to a bilateral approach to trade affects the transmission of monetary policy.
The reasons this has not happened include: –  lack of commitment of the Primary Dealers to undertake Government securities transactions as a line of business  –  the weak financial strength of licensed brokerage firms that do not have the required wide net work to reach the non-bank public  –  over 80% of Government securities are taken up and held by Banks.