Primary dealers

One option is to allow current dealers on the ETS secondary market to become primary dealers who can bid on their own account or on behalf of clients. Because these dealers would participate more regularly than individual buyers, some transaction costs could be avoided. Small buyers might even be encouraged to participate via a dealer when they would not be willing or able to do so directly. 

In order to prevent either primary dealers or their clients from manipulating the auction price, limits could be set on the size of any individual bidder s share of the allowances allocated in an... 

The procedure for these buybacks could either be via OTC purchases or preannounced buyback windows, normally restricted to primary dealers. 

Other key features of primary markets include (1) issuance maturities and techniques, (2) issuing procedure, and (3) primary dealers. Each characteristic is discussed below. 

In these syndicate issues the borrower tends to name several (three to four) lead managers who would allocate most of the expected amount to be issued with a co-lead group allocating the rest of this target amount. The lead group would in normal terms be formed by domestic and foreign banks, usually primary dealers in that market. 

To ensure the good performance of the bond auctions and a constant pricing of their bonds, the Government Debt Agencies constitute a group of primary dealers for their bond markets. In general terms these institutions (normally investment banks) will have to bid in the auctions... 

The first linker to be issued was a 20-year bond with a zero-coupon structure (No. 3001, 0% 2014). A selection of the eight Primary Dealers in the nominal market took responsibility to quote two-way prices for the new bond. The Debt Office held five common price auctions from April to June, which saw a face value of SEK16 billion being offered to the market. But demand for much higher real yields from the market meant that only SEK6.7 billion was allotted. 

In April 1999 the SNDO launched two new linkers, a new 30-year bond (3104, 3.5% 2028) and a new 16-year bond (3105, 3.5% 2015). These two bonds were issued with an inflation floor, meaning that the new bonds had a similar structure to United States and French inflation-indexed bonds. The format of issuing inflation linked bonds was changed, this time moving back to bid price auctions, every three months. The reason being that this type of auction was common at the international level, allowing clearer signals of the volume on offer. The primary dealers were permitted to switch linkers directly with the SNDO on a daily basis, in order to enhance the liquidity of the market. 

Finally, Part Three, Selected Market Analysis and Trading Considerations, covers the practical uses of redemption yield and duration as well as trading techniques based on the author s personal experiences at a primary dealer s desk. 

An all India primary survey on the lamp users indicates that average replacement rate per household per year for CFLs and FTLs is about 1.26 and 1.05, respectively. The survey also indicated that majority of consumers are not willing to take the direct responsibility in funding system, therefore, a decentralized system of collection should work in Indian conditions. The recovery chain has to be clearly established with incentive-based roles identified for household consumers, retailers, and junk dealers. Further, the onward linkages must be assured so that the collected wastes are recycled and residues adequately disposed of. 

It is still more irrelevant and meaningless to drag the tending of houses etc. for individual use into this discussion. That the working class is also swindled in this form, and to an enormous extent, is self-evident but this is also done by the retail dealer, who sells means of subsistence to the worker. This is secondary exploita tion, which runs parallel to the primary exploitation process taking place in the production process itself. ... 

Auction systems enable issuers to conduct real-time electronic auctions of their primary offerings of securities. The mechanics of auction systems are similar to those of traditional competitive sales, the exception being that dealers and investors submit bids electronically during a set period of time, instead of using the traditional phone, fax, or hand-delivery methods. Auction systems may also allow bidders to improve bids during the auction period, as they are typically able to see competing bids from other auction participants. 

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