We know the listed debt and hybrid market in Australia is dwarfed by the wholesale (over the counter) debt market but the 2015 Australian Financial Markets Report released this week just confirms the reality. Below is a chart plotting the physical cash turnover (that is the cash secondary market turnover) of the two markets. It looks as though the listed market doesn’t exist but is just dwarfed in size compared to the over the counter market. There are a number of reasons for this difference but the main one is that the markets are exceptionally different in maturity. The wholesale market is highly efficient and is the go-to point for funding for all investment grade companies operating in Australia. The listed market is still subject to red tape and inefficiencies which will ultimately mean the market will struggle to grow in size.