The study academically underpins the cornerstone position of interbank markets in financial markets, details the particular challenges in frontier markets and the important role of 'perceived' counterparty risk to their functioning. Finally, the study points to 6 market signals like interest rate spreads, unsecured v secured rates, maturity periods, etc, from which the researcher recommends 10 impact indicators to baseline and track the development of interbank markets over time. Frontclear commissioned a research study produced by Mrs. Esmie Kanyumbu, Senior Analyst at the Bank of Malawi and PhD researcher at the UK's Loughborough University.