The Polish fixed-income securities market: Recent

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developments and selected policy challenges

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WORLD BANK GROUP

2006

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TABLE OF CONTENTS

Executive summary.i

Policy Reform Matrix.vii

I: Background1

II: Recent market developments1

III: Selected policy challenges ahead.5

III.1 Money market5

III.2 Government bond market8

III.3 Non-government bond market: general issues.10

III.4 Sub-national bond market: specific issues.16

Technical Annexes

Annex I: Development of the fixed-income securities market: 2001-2004 28

Annex II: The repo market: legal and regulatory framework and infrastructure for clearing and

Collateral management 40

Annex III: Secondary market and intermediaries 43

Annex IV: Custody and settlement – Custody, payments and DVP 47

Annex V: Pooling/enhancing municipal corporations and/or municipal bonds: a SPV structure50

Bibliography54