ABSTRACT
The trading of shares in Singapore occurred as early as 1910, and in 1930 the Singapore Stockbrokers' Association was established. The main participants in Singapore's bond market are the issuers, underwriters, dealers, and buyers. The national government predominates as the main issuer of domestic bonds, but a large volume of international bonds is also issued and traded on the Asian dollar bond market. Despite Singapore's status as an international financial center, domestic interest rates have generally remained at low levels compared to the level of rates in international markets. Domestic interest rates in Singapore have also adjusted less than fully to significant changes in international rates. Singapore's bond market can be examined in terms of the amount of debt outstanding at year-end, the annual amount of debt issues, and the volume of turnover of the debt. One of the main factors hindering the development of Singapore's bond market is that it is largely a captive market.
