Denmark hails success of new primary dealer model

The National Bank of Denmark

Analysis by the National Bank of Denmark suggests its experiment with paying primary dealers in exchange for tougher minimum standards has paid off in terms of improved market liquidity.

The changes appear to have resulted in narrower bid-ask spreads, increasing turnover in the interdealer market, and less concentration among a small group of banks. “The preliminary experiences point in the right direction and the responses from several market participants have been positive,” the National Bank

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