The Israel market has recently recognised repo as a necessity for a strong and productive capital market. And it has wasted no time acting on this realisation.
The task of developing, moulding and educating a market to the benefits of a repo market is by no means a small undertaking. But the Israeli market does have an advantage - it is not totally unfamiliar with repo. Its central bank, the Bank of Israel has been doing repo internally for over 20 years on the foreign currency reserve side.
But nothing was being done in the domestic market – it has been very underdeveloped. So it is not surprising given the lack of a repo market that there was not much activity from international players in the bond market.
So about a year ago a forum called the Capital Markets Forum was...
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