There has been a absolute acknowledgment to Axial Bankquote s alarm to aggrandize the government balance bazaar by arising new licences.rn
rnThe bankquote s Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that lquote a few parties accept already submitted their applications.quotern
rnrnMarket watchers speculated that the new comers accommodate Peoplesquote Bank, Basic Asia Markets and HSBC Bank are believed to accept beatific in their applications.
rnrnExisting dealers such as Bartering Bank and Bank of Ceylon plan to wind bottomward their present committed operations and re-open them as a assemblage beneath the corresponding banks.
rnrnDheerasginhe beneath to comment, but Peoples Bank Chairman Lal Nanayakkara accepted they had beatific in an application.
rnrnUnder the new regulations, bartering banks are not appropriate to anatomy committed entities. Instead, banks accept to set a Rs. 150 mn in basic to admission a licence.
rnCritics accept acicular out that “vested interests” of the accepted dealers – six out of eight are units of banks endash accept prevented them from actively mobilising accumulation into government securities. The band-aid lies in appointing added non-bank dealers.
rnNewcomers will additionally be on par with absolute primary dealers and accept absolute admission to bid at the primary auctions.
rnrnScripless trading advancing uprnThe Axial Bank additionally affairs to apparatus scripless trading of government securities, to advance clamminess and ability by abbreviation the amount of intermediation. But agnosticism on how to anatomy the axial archive has delayed plans. Scripless trading is now due to alpha aing year.
rnThe Colombo Banal Exchange additionally affairs to accredit second-tier debt dealers that will collaborate with primary dealers. The bourse will action the accessory debt dealers endash which could accommodate banal brokers, banks and allowance firms endash its arrangement to trade, bright and achieve government debt.
rnLocal affairs are now all certificate-based and payments accept to be delivered to the Axial Bank.
rnCritics accept acicular out that the absence of a scripless arrangement has prevented retailers from advance in gilt-edge balance and banned the bazaar to state-run banking institutions and a few clandestine bound funds. rn
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