The Irish Government bond market is primarily based on a Primary Dealer system which was introduced at the end of 1995. Primary dealers trade on a pan-European electronic trading system EuroMTS in the Irish benchmark bonds. Trading can also be conducted on an OTC basis particularly in the non-benchmark bonds. Most trading is undertaken for the institutional and professional market.

There are a number of Primary Dealers who are authorised by the National Treasury Management Agency (“NTMA") and are members of the Irish Stock Exchange. While primary dealers account for most of the turnover in Irish Government bonds there are a number of other member firms who are also authorised by the Exchange to deal in Government bonds.The NTMA monitors trading in Irish Government bonds on a real time basis and ensures primary dealers comply with the obligations imposed on them.For further details about the NTMA and its operations please click here - www.ntma.ie. Trades dealt in Irish Government bonds have a standard settlement of T+3. Irish Government Bonds are settled by Euroclear and may be cleared by LCH.Clearnet Limited.

Obligations are imposed by the Irish Stock Exchange in relation to member firms which trade in Irish Government Bonds. Primary dealers are obliged to report trades in Irish Government bonds on a daily basis. This information is published by the Exchange. Chapter 6   of the Rulebook relates to Irish Government Bonds, other details are also outlined in the Market parameters.

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