Public Debt Market Glossary

Public Debt Market Glossary

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Managing entity 
A member of the registered public debt market which has been authorised by the Ministry for Economic Affairs and Finance to perform registration tasks in said market. It keeps, in its third-party accounts, a record of the securities of non-own account holders in the Book-Entry System and maintains a global account therein which is an exact counterpart of said third-party accounts.
Market maker 
Members of the public debt market whose role is to favour its liquidity and co-operate with the Treasury in disseminating public debt internally and externally. They participate in the network of mediators specialising in book-entry debt and acquire a series of price quotation and trading commitments in the book-entry debt market, as well as in relation to the issuing and placement of the debt issued by the Treasury. They are the only entities authorised to participate in the second rounds of government debt auctions subject to certain conditions. Their activities are monitored monthly, according to the participation criteria for primary and secondary markets, although the evaluation is made public by the Treasury once a year. Collaboration between these institutions and the Treasury was restricted to bonds and debentures, until the Resolution of 5 March 2003, of the Directorate General of the Treasury and Financial Policy, introduced the figure of the "bill market maker".
Meffclear 
The MEFF Counterpart Clearing House for government debt transactions negotiated between its clearing members and/or customers. Initially, the scope of its services extends only to the government debt repurchase and cash transaction market, although its scope will be broadened to include interest rate, private fixed income and variable income transactions.
Money market 
The market in which short-term funds are raised, invested and traded. Instruments traded on the money market have a maturity of up to one year or are used through repurchase agreements.