Dealers

The Dutch State uses the services of Primary Dealers (PDs). These banks are appointed by the DSTA for trading, promoting and distributing Dutch State Loans (DSLs) and treasury paper (DTCs). A one-year contract is concluded between each PD and the State. PDs have the exclusive right to participate in DSL-auctions and have access to the repo and strip facility of the DSTA. Furthermore they receive a financial compensation depending on the amounts purchased during DSL issuances. Naturally there are also obligations. PDs are obliged to provide continuous bid and offer prices for DSLs, the so called quotation obligation. Another requirement is that PDs have to provide monthly reports on their activities on the secondary market.

Single Markets Specialists (SMSs) have the task to promote and distribute DTCs and to contribute to liquidity on the secondary market.

Additional short-term funding requirements are fulfilled through issuances under a Global Commercial Paper (GCP) programme. Commerical Paper issued under the GCP is sold through selected USCP dealers and ECP Dealers (together GCPDs). GCPDs are selected annually from the group of (former) PDs and SMSs.

The contracts and general conditions for PDs, SMSs and GCPDs can be found at the bottom of this  page.