The rather deliberate pace – occasioned as it is by the rather  1  The operative statutory language reads as follows: “In order to prevent or mitigate risks to the financial stability of the United States that could arise from the material financial distress or failure, or ongoing activities, of large, interconnected financial institutions, the Board of Governors shall...establish prudential standards for nonbank financial companies supervised by the Board of Governors and bank holding companies with total consolidated assets equal to or greater than $ billion] that...are more stringent than the standards and requirements applicable to [other regulated firms] and...increase in stringency.”  BIS central bankers’ speeches  3  complicated domestic and international decisionmaking processes – may be obscuring the significance of what will be far-reaching change in the regulation of financial firms and markets.
The Primary Dealers have also contributed to the growth of the secondary market in government securities by quoting effective two-way prices. The ratio of secondary market turnover to the stock of outstanding securities increased from 35 percent in 2011 to 58 percent in 2012, which reflects the increasing buoyancy of the secondary market.