The Ministry of Finance today published the design of the Market Makers Program, an initiative that will enable financial institutions to commit to regularly offering firm bid-ask prices for Treasury bonds, with the objective of increasing liquidity and improving price formation in the public debt market. The document is available for comments from participants and interested parties.

The proposal seeks to strengthen the liquidity, depth, and transparency of sovereign debt denominated in pesos and UF. Having clearer and more representative reference points allows improved pricing of public debt and other fixed-income instruments, contributing to more efficient capital market functioning.

A more competitive, transparent, and efficient financial system enables better financing of investment and productive activity, creating conditions for growth and greater opportunities for people.

Programs of this type operate in numerous developed and emerging economies. In Chile, the initiative is part of an agenda oriented toward deepening the capital market, diversifying its investor base, and advancing greater international integration of the local financial market.

Eugenio Symon, Coordinator of Capital Markets, Finance, and International Affairs at the Ministry of Finance, highlighted that "deeper public debt with better price references allows the State to finance itself on more favorable terms and strengthens capital market functioning. Through this process we want to capture the experience of those who operate daily in the market and advance toward a more solid design."

Víctor González, head of the Public Debt Office at the Ministry of Finance, emphasized that "this initiative brings the Chilean fixed-income market closer to the operating standards observed in developed markets, contributing to strengthen its appeal for local and international investors."

How the Program Will Work

Currently, activity in the sovereign debt secondary market is concentrated in a limited number of instruments, and a significant portion of operations takes place through various channels, making it difficult to have consolidated information on transactions and market values.

To address these gaps, the Program contemplates voluntary participation by banks and securities intermediaries who will act as Market Makers. These institutions will be required to regularly maintain firm bid-ask offers for certain Treasury bonds and participate in their placement processes, promoting greater liquidity and better reference points for various participants.

The design relies on three main components: a platform where Market Makers will quote and trade with each other; open systems for their operations with investors and other agents; and a new information architecture that will allow for more frequent reference points and a consolidated record of transactions. Additionally, the proposal seeks to promote the repo market by facilitating these types of operations among Market Makers.

The performance of Market Makers will be evaluated through pre-established rules and verifiable data. In exchange for compliance with their obligations, they will be able to access incentives designed to facilitate their function as liquidity providers.

Comment Reception Process and Next Steps

The document updates the preliminary technical proposal published in January 2026. Following work conducted over recent months with institutions, regulators, and market participants, this version presents a model defined in its architecture and operating rules, while its numerical parameters will be calibrated later with observed market data during the pilot phase.

Participants and interested parties may submit their comments until September 23, 2026 at iro@hacienda.gov.cl. The comment reception process is in open format, so observations may be submitted on any element of the design. The complete document is available on the Ministry of Finance website, in the Public Debt Office section.

Once this process concludes, the Ministry will incorporate the feedback received and advance in the preparation of the regulatory, contractual, and operational instruments necessary to implement the Program. Subsequently, a six-month pilot phase is contemplated, designed to validate its functioning and make any necessary adjustments before full implementation.