PRIMARY DEALER is a designation given by the Federal Reserve System to commercial banks or broker/dealers who meet specific criteria, including capital requirements and participation in Treasury auctions. A primary dealer is entitled and obligated to purchase and sell government securities with the Federal Reserve directly. They serve as the conduits for Federal Reserve open market activities. There are approximately 30-40 such dealers.
PAYMENT is the satisfaction of a debt or claim; primarily money paid to fulfill an obligation.
SELLING & ADMINISTRATIVE EXPENSE BUDGET is a budget of planned expenditures for non-manufacturing activities, such as sales commissions and office salaries. See OPERATING BUDGET.
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