In October 2004, the Ministry of Finance (MOF) launched a new primary dealer system—the Japanese Government Bond (JGB) Market Special Participant Scheme. Initially comprising 25 banks and securities companies approved by MOF, the system aims to promote adequate financing and to bolster liquidity, competitiveness, transparency, and stability in the JGB market. Approved participants can take part in MOF buy-back auctions, apply for stripping and reconstruction of Separate Trading of Registered Interest and Principal Securities (STRIPS), participate in non-price competitive auctions and liquidity supply auctions, and act as preferential counterparties for MOF interest rate swap transactions.

MOF holds a meeting of JGB Market Special Participants on a quarterly basis to discuss with market participants and other experts the latest information on market needs and trends, which MOF will use to help formulate debt management policies. The JGB Newsletter is linked below and provides more details on the system.

The Financial Services Agency (FSA); Japan Securities Dealers Association (JSDA); Japan Securities Depository Center, Inc. (JASDEC); and Tokyo Stock Exchange (TSE) provide lists of domestic and foreign securities brokers and dealers, and other key participants in the market.