Participants talk to each other, conclude deals, send confirmations etc. In that sense, the wholesale debt market is a virtual market. The daily transaction volume of all the traded instruments would be about Rs5bn per day excluding call money and repos. In order to understand the entirety of the wholesale debt market we have looked at it through a framework based on its main elements. The market is best understood by understanding these elements and their mutual interaction.
Instruments ie the instruments that are being traded in the debt market.
Issuers ie entities which issue these instruments. Investors ie entities which invest in these instruments or trade in these instruments. Interventionists or Regulators ie the regulators and the regulations governing the market. Each of these is discussed below in separate sections. There is an inevitable degree of overlap in each of these sections as it is often difficult to talk about one without the other.