In this inaugural edition of the J.P. Morgan Frontier Local Markets Guide, we  provide an overview of this budding new segment of the EM local markets  universe. We discuss the medium-term performance and outlook, how the asset class  has grown, as well as the evolution of the ever-growing investor base. In this guide,  we cover the local markets of 20 Frontier countries (and regions) in detail, and for  each country we provide a background of both monetary and debt management  policy, foreign exchange market developments, an overview of the main benchmarks  for local bonds, derivatives markets, as well as clearing and settlement issues. We  highlight key benchmark instruments, and characteristics such as market size, auction  conventions, liquidity, transaction costs and tax regimes. A list of useful websites is also included, as well as tables summarizing the nature of the primary and secondary Bond and T-bill markets in each country. Note that information provided,  particularly with regard to taxation, may not cover the specific circumstances facing  all investors.