In the Malaysian market, 'when-issued' trading or WI commences upon formal announcement of a Government securities primary issue. WI is traded on the yield basis regardless of new or reopened issue, up to 3 decimal places. WI trading continues until the tender results are announced to the market. The value date for settlement of WI trades must be on or after the Government securities issue date but the standard value date is 2 business days (value spot). Trading on a WI is aimed at facilitating the price discovery process.