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.
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