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.
此举要求交易商提供附属担保品，并需要票据交易所通过尽可能多的衍生产品的发行。
The act requires traders to post collateral and process most derivatives through clearinghouses.
一个交易商指出，目前的现货交易和票据市场的价值保持一致，另一个则指出作为煤炭掉期交易的标准的API2指数是从现货实际交易中产生。
While one trader said that current physical deals were aligned with paper values, another pointed out that the API2 index, against which coal swaps are settled, is derived from spot physical trades.
通常情况下，通过交易商投放票据的公司无论是公司的规模还是发行的次数都比不上直接票据发行者。
Companies using dealers to place their paper are generally smaller and less frequent borrowers than issuers of direct paper.
通常情况下，通过交易商投放票据的公司无论是公司的规模还是发行的次数都比不上直接票据发行者。
Companies using dealers to place their paper are generally smaller and less frequent borrowers than issuers of direct paper.
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