In particular, it would support development of, and access to, market-based credit for firms. The broader goal was to develop the foundation for an efficient domestic fixed-income market for private issuers. Of course, our markets have been continually evolving, and so we have had frequent consultations with market participants.
These consultations have led to the development of a well-functioning and liquid market for government debt right across the yield curve. This market provides the pricing benchmarks for all other fixed-income instruments and their derivatives, thus facilitating market access for firms seeking debt financing. So what have we learned over the years?