In contrast to equity markets, the government and corporate bond markets have been held back by the more restrictive regulatory framework. A number of reforms were introduced to the government bond market in 1992 when the price of newly-introduced bonds was set by auction. But it was not until 2005—11 years after the equity market—that bond market became an electronic order limit market. Several measures were implemented to minimize risks in equities trading and to create a national market in stocks. These included the introduction of a clearing and settlement system, creation of a centralized counterparty for transactions,.
