I wrote this for the Epoch Times.
The interbank debt market is a huge deal that no one pays attention to.
Let’s review the things you need to “make a market”.
Natural buyers and sellers; they create the supply and the demand
Speculators
Transparent price
Transparent rules of operation and settlement
Clearing and back office functions that work, are efficient, and transparent
Fragmentation on both or one side of the market. Think about the difference between the “electricity market” and the treasury market.