The share of PDs subscription in T-Bills auctions during last two years is impressive as they picked up nearly three fourths of the issuances. Share of Standalone PDs in secondary market volume in 2013–14 was around 15%.Thus the primary dealer system has grown and showed resilience even in challenging market conditions thereby ensuring non-disruptive borrowings. 4. However, we cannot rest on our laurels.
As mentioned earlier, Asian economies recovered relatively smoothly and swiftly after the global financial crisis and remain a driving force of the world economy. As one of the major factors behind the resilience of Asia, I would like to point out the overall stability of Asian financial systems. In my view, there are three major factors behind such financial stability in Asia.