“It is clear now that investors’ appetite for fixed income instruments is higher in bearish trends and I think we have to use better the infrastructure available for trading these instruments”, said Farmache.

He added that the stock market could provide the logistic ground for the instruments, both for the primary issuing and trading on the secondary market.

“The treasury notes are not being distributed at this point, but they have been distributed by the Ministry of Finance via a system that was not using the market mechanisms. They were directly distributed at a fixed interest, established by the Finance”, Farmache added.

Chairman of the BSE has also listed some of the advantages of introducing the treasury notes on trading, such as “the possibility of investor to close out a position earlier than maturity”, as well as the lower issuing costs.

“In bearish times, investors can find refugee in these products. A part of the investors who would normally now choose T-notes, would be able to migrate to higher-risk venues, when the market recovers”, Farmache added.

He added that T-notes trading would be a “breath of fresh air” to inter-dealer brokers.

Treasury notes are government debt securities with a maturity of up to ten years.