This note continues the series of annual articles which have reviewed developments in the gilt market since Big Bang. The gilt-edged market makers (GEMMS) as a group recorded their third successive year of increased profits, with 1992 their most profitable year to date. On this occasion, the note also includes a summary of the results of a survey of a cross-section of domestic and overseas investors in the gilt market undertaken last year by the Bank. The general impression from the survey was favourable: current arrangements in the gilt market are working well, although there were some suggestions for change. The resources devoted by the GEMMs to the needs of retail investors in gilts have been increased following a surge in business from that source in November.