Primary Dealers are the key partners of the Government Debt Management Agency (AKK) in the sales of HUF denominated government securities. Investors can buy government securities typically exclusively via Primary Dealers. Primary Dealers quote continuously two-way prices for tradeable government securities. Currently there are 15 banks and 1 brokerage house among the Primary Dealers.
Auctions in general - Government Bond and Discount Treasury Bill
Major part of Hungarian government securities are issued through auctions. Investors can make bids for the auctions via Primary Dealers. See bellow a short introduction to the Hungarian practice of auction issuance.
Primary Dealers are obliged to quote two-way prices for goverment bonds and discount treasury bills with maturities longer than 90 days. Each Primary Dealer is obliged to quote prices for benchmark (on-the-run) bonds. Market makers of less liquid series are listed below.