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.
The current conjuncture The introduction of the Global Bond Index Emerging Markets (GBIEM+) by JP Morgan, which tracks changes in emerging-market local-currency bond prices, has been particularly helpful to South Africa, given that most of the country’s debt is denominated in local currency, contrary to the practice in most other emerging markets.