debt_market

May 19th, 2015
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The Exchange started its trading operations in June 1994 by enabling the Wholesale Debt Market (WDM) segment of the Exchange. This segment provides a trading platform for a wide range of fixed income securities that includes Central government securities, treasury bills (T-bills), state development loans (SDLs), bonds issued by public sector undertakings (PSUs), floating rate bonds (FRBs), zero coupon bonds (ZCBs), index bonds, commercial papers (CPs), certificates of deposit (CDs), corporate debentures, SLR and non-SLR bonds issued by financial institutions (FIs), bonds issued by foreign institutions and units of mutual funds (MFs).

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WholesaleDebt MarketSegmentSHAHISTAWholesale Debt Market SegmentThe Exchange started its trading operations in June 1994 by enabling theWholesale Debt Market (WDM) segment of the Exchange. This segmentprovides a trading platform for a wide range of fixed income securities thatincludes Central government securities, treasury bills (T-bills), statedevelopment loans (SDLs), bonds issued by public sector undertakings(PSUs), floating rate bonds (FRBs), zero coupon bonds (ZCBs), indexbonds, commercial papers (CPs), certificates of deposit (CDs), corporatedebentures, SLR and non-SLR bonds issued by financial institutions (FIs),bonds issued by foreign institutions and units of mutual funds (MFs).To further encourage wider participation of all classes of investors, includingthe retail investors, the Retail Debt Market segment (RDM) was launched onJanuary 16, 2003. This segment provides for a nationwide, anonymous,order driven, screen based trading system in government securities. Thesettlement cycle is same as in the case of equity market i.e., T+2 rollingsettlement cycle.Trading Mechanism The WDM trading system, known as NEAT (National Exchange forAutomated Trading), is a fully automated screen based trading system thatenables members across the country to trade simultaneously with enormousease and efficiency. It supports an anonymous order driven market which operates on aprice/time priority and provides tremendous flexibility to users in terms of

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