Many EU countries appoint a number of highly qualified financial firms to intermediate between authorities and the market in the government securities markets. These intermediaries are referred to as primary dealers or market makers. Primary dealers have a number of obligations such as making continuous bid and offer prices in marketable government securities or submitting reasonable bids in the auction. In return, as recognized primary dealers, they enjoy a number of privileges in the market. The nature of these obligations and privileges differs from country to country. For the EU Member States where a PD system is in place, the EFC Sub-Committee on EU Sovereign Debt Markets has compiled a list of links to official information on the composition of the PD groupas well as links to the PD code of conduct.
The National Treasuries of the euro area have agreed on a harmonised format for primary dealers to report on their activity in the euro-denominated government securities market from January 2006 onwards. The harmonised reporting format has been developed by the EFC Sub-Committee on EU Sovereign Debt Markets in co-operation with the European Primary Dealers Association (EPDA). The format is described in the Report [21 KB] by the Sub-Committee including a number of annexes and relevant updates as appropriate.