According to bond market data, South Korea's Fair Trade Commission has sanctioned sovereign bond tender rigging, prompting a reexamination of the Primary Dealer (PD) system's role in supporting government financing over the past 27 years since its establishment in 1999. The PD system was introduced to stabilize increased sovereign debt issuance following the 1997 Asian financial crisis, when government bond issuance surged from 2.1 trillion won in 1997 to 12.5 trillion won in 1998.

During the 2008-2009 global financial crisis, issuance further escalated from 52.1 trillion won to 85 trillion won, while the COVID-19 pandemic saw issuance jump from 101.7 trillion won in 2019 to 174.5 trillion won in 2020. PD firms' market-making activities have expanded secondary market turnover from 10.1 trillion won in 2001 to 1.819 quadrillion won in 2025.

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