Of course, I am fully aware of the kinds of challenges that the CCMS itself faces, not least of which is the financial resource constraint.
For example, a number of liquidity regulations affecting banks such as the net stable funding ratio (NSFR) and the liquidity coverage ratio (LCR) require banks to hold a sufficient quantity of highquality liquid assets. So, it is natural to think that these regulations would bump up demand for government bonds. But it is not so trivial.