Initially, NBS bills were traded on the stock exchange, but in October 2003, online trading was introduced. Online auctions carry lower transaction costs and have no intermediaries or provisions. They represent the first step in the implementation of new regulations of operation in the open market, regulations intended to provide gradual movement towards indirect instruments of monetary policy. From the very beginning, online auctions were very successful, with trading volumes significantly above pre-online trading periods. Nevertheless, moving from the stock exchange to online trading had no significant impact on the interest rates, and apparently did not disturb the market. Moreover, since the trading was moved from the stock.
