Market Participants
Recognized Dealers and Primary Dealers are appointed to assist in taking forward the institutional bond issuance programme of the Government Bond Programme (GB Programme).
Recognized Dealers
Recognized Dealers can trade government bonds through their securities accounts maintained with the Hong Kong Monetary Authority (HKMA). Market participants (including all authorized institutions and other properly regulated financial institutions) who are interested in dealing in government bonds may apply to the HKMA to become Recognized Dealers.
Please click here for a list of the Recognized Dealers and here for information about applying to become a Recognized Dealer of the GB Programme.
Primary Dealers
Primary Dealers are appointed among Recognized Dealers to:
- provide two-way bid and offer quotations to Recognized Dealers so as to promote the secondary market;
- subscribe any unsubscribed portion of the government bonds in any issue under the institutional bond issuance programme; and
- participate in competitive tenders in the primary offer under the institutional bond issuance programme of the GB Programme.
The appointment of Primary Dealers is based on the criteria set by the HKMA.
Please click here for a list of the Primary Dealers.