The panel underlined the crucial role of a liquid, AAA‑rated CGS market and associated futures market during the crisis and supported retaining liquidity in these markets as the primary objective for the CGS market in the future. The panel considered there was also significant value in maintaining a diversified investor base, including passive investors, to absorb any unexpected increase in issuance.
To maintain a liquid and efficient bond market that supports the three‑ and ten‑year futures market and the requirements of the new global bank liquidity standards, the panel agreed that the CGS market should be maintained around its current size — that is, around 12 to 14 per cent of GDP over time." (My emphasis.) See http://www.budget.gov.au/2011-12/content/bp1/html/bp1_bst7-03.htm