Chile's Ministry of Finance has published the design of a market maker program under which banks and securities intermediaries could voluntarily commit to providing regular firm bid and offer prices for selected government bonds and participate in their issuance. The program is intended to improve liquidity, price formation and transparency in the market for peso- and UF-denominated sovereign debt. Market makers would trade with each other through a dedicated platform and use open systems for transactions with investors and other market participants. A new information architecture would provide more frequent price references and a consolidated transaction record, while the program would also facilitate repo transactions among market makers. Performance would be assessed under predetermined rules using verifiable data, with compliant institutions eligible for incentives supporting their liquidity provision role. The design updates a preliminary proposal published in January 2026. Following the consultation, the ministry plans to prepare the necessary regulatory, contractual and operational instruments, followed by an indicative six-month pilot to validate the framework, calibrate numerical parameters using observed market data and make adjustments before full implementation.

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