Regulatory Alerts2016-09-02
Primary Dealership Guidelines
The Bank of Sierra Leone issued these guidelines to establish a formal Primary Dealer System that mandates authorized financial institutions to actively participate in wholesale auctions and provide secondary market liquidity for government securities. The framework outlines strict eligibility criteria, competitive and non-competitive bidding procedures, uniform pricing mechanisms, and same-day or T+2 settlement requirements to ensure efficient market operations. By enforcing continuous two-way quoting, underwriting commitments, and standardized reporting, the regulations reduce government borrowing costs while fostering a deeper, more transparent domestic debt market.
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