results of auctions of t - bills and dated governments securities including weighted average price, devolvement on primary dealers and rbi, and information on fixed rate repos are issued through regular press statements. the rbi also issues a daily press release giving details of secondary market transactions in the government securities markets. in addition to information on tbills and dated government securities, the monthly rbi bulletin and the weekly statistical supplement to the rbi bulletin contain information relating to open market operations and repo transactions of the rbi. the rbi website, which has been appreciated by many, as emulating international standards in excellence, also contains up - to - date information on financial markets. until 1994, the debt market was purely a telephone market meaning that all trades were negotiated and concluded directly by investors. the nse introduced a screen - based trading system with the objective of increasing transparency in the market. but the general experience is that while actual trade is still negotiated over the counter, mere reporting is done through such a system. however, greater use of the online trading system is required rather than a mere reporting of trades in order to enhance transparency. success will depend mainly on an increase in the number of transactions. a large number of transactions would result in a successful continuous order book for matching the trades. if the negotiated telephone deals are moved to a screen - based system, full information about volume and price of transacted security would be available online. this would result in better price discovery and promote transparency and efficiency in the market. currently, the daily available information to the market regarding secondary market trades is based on actual settlement through subsidiary general ledger on a particular date. this may not necessarily reflect a deal concluded on the same date as the sgl transfer form has to be lodged within 24 hours of the contract but not necessarily on the date of actual deal. thus, an information gap exists between the deal date, contract date and actual settlement date. screen - based trading would obviate this shortcoming. the rbi is actively coordinating with the primary dealers association in developing an electronic dealing system to facilitate dealing in money market, government securities and other debt instruments. this will lend transparency and efficiency to market operations. it will also enable the rbi to monitor developments in the market online. the rbi has embarked on computerisation of its public debt offices. this would link public debt offices in the rbi with banks ’ treasury offices. hopefully, primary dealers / satellite dealers, other sgl account holders and stock exchanges will also be linked.

factors such as government services, institutions, human capital, and natural environment, among others. the quality of less mobile factors of a region will determine the extent to which it can attract mobile factors for production such as physical capital and finance. in this respect, the recipe for success is very much the same between regional economic development within the national border and globalization beyond the national border. in a globalized world, economic success of an individual country would be determined largely by how much productive investment and finance it can attract. and the abundance or lack of its own mobile factors would be neither a constraint nor an advantage that a country would face in its economic development. likewise, regions within a country are competing with each other for investment resources available domestically or internationally, and their success depends on how attractive they bis central bankers ’ speeches are as the destination of investment. as such, the essence of such competition should focus on how to upgrade the quality of less mobile factors of each region. in this light, i should emphasize the leading role of local governments and also the central government in promoting regional economic development. to be specific, local governments should provide a clear vision and framework for sustainable development with detailed strategies to support business and human capital development. deregulations, supportive tax system, and administrative services would then be designed within the framework. the central government could incentivize regional development by delegating more authorities to local governments for their autonomy and, more importantly, by prioritizing the allocation of fiscal resources among local governments according at least in part to their supportive performance in regional economic development. it would be ideal if regional development strategies are closely nested with national development strategies in the first place. ladies and gentlemen, promoting economic development is always a highly complex task. it requires a myriad of inputs including knowledge, information, network, dedicated efforts of the people, and good luck as well. and we all know that economic development is an evolutionary process of learning and adaptation. today ’ s seminar is particularly meaningful in that we will learn from the rich experiences of our advanced peers, especially germany and japan. i believe that learning from others ’ experiences is as important and productive as learning by doing. and i am sure that this seminar will offer very useful guidance to our long journey to rebuild this region ’ s economy. i look forward to your active exchange of ideas and in - depth discussions. thank you once again for joining us today. bis central bankers ’ speeches