Primary-dealers meaning

Banks that purchase bills, notes, and bonds issued by the U.S. Treasury and then resell them to their customers or retail some of them in their own accounts. There are 22 primary dealers: AMRO Bank, N.V., New York Branch; BNP Paribas Securities Corp.; Banc of America Securities LLC; Banc One Capital Markets, Inc.; Barclays Capital Inc.; Bear, Stearns & Co., Inc.; CIBC World Markets Corp.; Credit Suisse First Boston Corp.; Daiwa Securities America Inc.; Deutsche Bank Securities Inc.; Dresdner Kleinwort Wasserstein Securities LLC; Goldman, Sachs & Co.; Greenwich Capital Markets, Inc.; HSBC Securities (USA) Inc.; J. P. Morgan Securities, Inc.; Lehman Brothers, Inc.; Merrill Lynch Government Securities Inc.; Mizuho Securities USA Inc.; Morgan Stanley & Co. Inc; Nomura Securities International, Inc.; Salomon Smith Barney Inc.; and UBS Warburg LLC.
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