In the past, the SARB served as an underwriter and then as a market-maker, quoting two-way prices in the secondary bond market. These activities ended in 1998 when the government adopted a system of regular, weekly, pre-announced auctions.
A panel of 12 primary dealers – all being banks – was appointed to participate in the auctions which were, and still are, conducted by the SARB. 2  3.