你需要知道一级交易商是什么。
一级交易商是经纪自营商；不是银行。
一级交易商是什么？
联邦储备委员会交易的17家一级交易商之一。
Deutsche Bank is one of 17 primary dealers that trade with the Federal Reserve.
一级交易商信贷工具是，对会员银行贴现窗口的一种扩展。
What the PDCF is it's really an extension of the discount window beyond member Banks.
一级交易商信贷工具中,最本质的东西是,他们将会员银行的贴现窗口,向一级交易商打开了。
What's essential about the Primary Dealer Credit Facility is that they're opening up the discount window of lending beyond the member bank to primary dealers.
发售债券的公司必须在使用该计划前两天签署协议，且必须通过纽约联邦储备银行的一级交易商出售这些票据。
Issuers must sign up at least two days before using the facility, and can only sell commercial paper to it through primary dealers of the New York Fed.
他本周说，此类项目很有希望，因为它们避开了银行和一级交易商，直接向关键信贷市场的贷款者或投资者提供了流动性。
'Such programs are promising because they sidestep Banks and primary dealers to provide liquidity directly to borrowers or investors in key credit markets,' he said this week.
最好的一级交易商或称“画商”通常是那些离奇古怪而又特立独行的人，他们对于好的画作来说独具慧眼，也因此有了自己的画廊。
The best primary dealers or “gallerists” tend to be quirky mavericks with such a good “eye” that they have their names over the door.
通过一级交易商信贷便利发放的贷款，都有抵押品担保，并且进行了贴现，这样一来，万一发生违约，而美联储不得不卖出抵押品时，美联储可以避免承担损失风险。
Loans made under the PDCF were secured by collateral and discounted to protect the Fed from risk of loss should it have had to sell collateral in the event of a default.
一些交易商也许认为这一业务的获利是他们承担风险和造市(译者注：一级证券交易商负责承销国债，所以说他们makemarkets)的应得正当回报。
Some dealers might see the gains on offer as fair reward for taking on risk and making markets.
接下来的伦敦时段没有任何实质性的一级数据出炉，交易商将继续关注希腊困境。
With no real top tier data ahead in London, traders will continue to focus on the plight of Greece.
接下来的伦敦时段没有任何实质性的一级数据出炉，交易商将继续关注希腊困境。
With no real top tier data ahead in London, traders will continue to focus on the plight of Greece.
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