The recent launch of the trading platforms for repos and Securities Lending Transactions (SLT) separately should go a long way in institutionalizing organized secondary markets. The case of the inter-professional repo platform, for example, gives us high hopes of what lies ahead. From an outstanding amount of Php5.4 Billion as of year-end 2008, it is now at Php36.3 billion as of October this year.
Advancing the steps on which agreement has been reached will lead to a material change in the level of competition in the financial system, without risking its stability and without negatively impacting consumers. It is important that financial system reforms are made with agreement, as a lack of agreement will hamper the ability to implement the recommendations in practice.