// definition
Primary dealer
Designated market maker in Treasuries
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Short definition
A bank designated by the Federal Reserve Bank of New York, required to bid at every Treasury auction and make markets in the secondary market. About twenty in total. A high dealer takedown, the share left with dealers, signals weak final demand.
risk atlas
Knowledge map
Intuition
Primary dealers absorb supply when final demand is missing. Their share of an auction helps read the quality of demand.
Why it matters now
In a bigger, more volatile market, bond intermediation itself becomes a risk variable.
Related guides
- Reading the Treasuries marketCurve, auctions, holders and the term premium.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- signals/history.jsonPoint-in-time history of the signals.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Federal Reserve & FREDRates, the Fed balance sheet, FRED series and the New York Fed ACM model.
- U.S. Treasury Fiscal DataDebt, Treasury cash, DTS and auctions.
- U.S. Treasury TICCross-border holdings and flows of Treasuries.
- Congress.gov, GovInfo & CBOBudget projections, texts and estimates.
- Bank for International SettlementsGlobal debt, banks and market fragilities.