Classifying Government Securities Market Operations in International Practice: a Comparative Analysis by Market Scale
Year: 2026
Type: article
Abstract: This article classifies government securities market operations using five interrelated dimensions drawn from international practice: market stage, economic purpose, instrument type, execution venue, and jurisdiction and currency. The analysis combines academic literature, guidance from international organisations, and public information issued by competent national authorities. Because the underlying metrics have different economic meanings, debt stocks, daily trading flows, and repo exposures are not aggregated; each is treated as a category-specific indicator of scale. The comparison uses the International Monetary Fund’s 2025 estimates for major sovereign debt stocks and the latest available official or industry statistics for U.S. Treasury securities, repo markets, and Sukuk. Evidence for Uzbekistan confirms competitive auctions restricted to primary dealers, exchange-based infrastructure, and a material interbank repo segment. These findings support a more nuanced assessment of the dealer framework and repo market. The article therefore proposes a sequenced agenda focused on issuance transparency, enforceable dealer and market-making standards, richer secondary-market statistics, prudent liability-management operations, broader investor access, and a consistent multidimensional reporting taxonomy.
Author: Khamidulla Kholikov
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7210278936