当美国的财政部,卖出国库券，票据，债券时,他们几乎是私下交易的,或者说首先与经纪自营商交易,而不是大众市场。

When the Treasury in the United States sells Treasury bills notes and bonds they deal almost exclusively or we say primarily--with broker-dealers not the general public.

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第五条依据所从事衍生产品交易的业务性质和市场定位，金融机构可分为交易商和自营商两类。

Article 5. A financial institution engaging in derivatives business can be categorised as either a dealer or an end-user according to the nature of its derivatives business and market position.

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