Under the “Market Making" system introduced by the Undersecretariat of Treasury, effective since September 2, 2002, for the purpose of enhancing effectiveness in the issue of government debt securities and secondary market transactions, market makers place purchase and sale orders that meet certain conditions with regards to quantity and spread for benchmark securities determined by the Undersecretariat of Treasury in accordance with the current rules of the ISE Bonds and Bills Market. If orders placed within the determined quantity and spread range are the best orders, they are reflected to the market screen. Additionally, market maker orders are announced with the market maker code on pages designed by data distribution firms, aside from the current broadcast pages of the market.

Market makers transmit a buy and a sell order for each benchmark security as the market maker. If an order placed by a market maker is executed, whereupon the order falls below the minimum order amount, or is nil, the market maker places an order again within 2 minutes.

Market makers place orders using ISE Bonds and Bills Market trading terminals. Market maker orders as well as other orders are transmitted to the Bonds and Bills Market Outright Sales Market, and are processed according to price and time priority subject to the current operating rules of that market.

Market making banks are announced to public by the Undersecretariat of Treasury.