Primary dealers
Primary dealers: in the United States banking system, these are firms that have established a trading relationship with the Federal Reserve Bank of New York. To qualify as a primary dealer, a firm must be willing to make markets in the full range of Treasury issues for a reasonably diverse group of customers, and it must satisfy minimum capital requirements. Some United States acts, such as the Iran and Libya Sanctions Act, may lead to the cancellation of a primary dealer licence if the firm engages in activities declared illegal under the acts.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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