ECCB 2020-2021 Annual Report and Statement of Accounts

FISCAL AND DEBT SUSTAINABILITY

recommendations in support of a strategy to inform the deployment of reform initiatives for effective RGSM development. The RDCC also approved guidance to market participants on new disclosure and trading requirements for enhancing market transparency, marketability and investor protection, in relation to primary market auctions.

RGSM Auctions - Market Overview 2020

ABOUT THE RGSM

The Regional Government Securities Market (RGSM) is a regional market for the trading of debt instruments of the member states of the ECCU which comprise Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The market was established in November 2002 and operates on a fully electronic platform. The instruments on the RGSM take the form of Treasury-bills and Bonds and have varying maturities. These securities are backed by the full faith of the governments of the issuing member states. The maturities of these securities currently range from 91 days to 10 years. Treasury bills are often issued at a discount with maturities of less than a year. Bonds are coupon securities with maturities greater than a year.

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 16