This article reviews the gilt-edged market in 1995, continuing the annual series begun in 1989. Numerous changes to the gilt market were announced as part of the most extensive programme of reform since Big Bang in 1986. World bond markets rallied, particularly towards the end of the year, when yields in some countries approached their 1993 lows. This fall reflected a gradual reduction in expectations of world economic growth and inflation. Gilt yields fell over the course of the year, and turnover increased slightly. More than £27 billion worth of stock was issued, and the number of gilt issues with over £5 billion outstanding reached 18. One new gilt-edged market-maker started business during the year and three withdrew, leaving a total of 20.