Recently, the Bureau of the Treasury released the implementing guidelines for the enhanced Government Securities Eligible Dealers (GSED) Program outlining incentives and accountability of market-makers. We count on your continued support in this endeavour, including providing effective two-way quotes to support market liquidity.
Even as we move towards further liberalization and increased market incentives, we likewise expect responsible behavior among market players, by adhering to market standards and rules in order to protect the integrity of the financial markets. We have a collective responsibility to consistently build our markets to rise above the craving for short-term gains.