Reserve Bank of New York   ABN AMRO Incorporated Banc of America Securities LLC Banc One Capital Markets, Inc. Barclays Capital Inc. Bear, Stearns & Co., Inc. BMO Nesbitt Burns Corp. BNP Paribas Securities Corp. CIBC World Markets Inc. Credit Suisse First Boston Corporation Daiwa Securities America Inc. Deutsche Banc Alex Brown Inc. Dresdner Kleinwort Wasterstein Secu- rities Fuji Securities Inc. Goldman, Sachs & Co. Greenwich Capital Markets, Inc. HSBC Securities (USA) Inc. J.P. Morgan Securities, Inc. Lehman Brothers Inc. Merrill Lynch Government Securities Inc. Morgan Stanley & Co,. Incorporated Nomura Securities International, Inc. Salomon Smith Barney Inc. UBS Warburg LLC ZionsFirstNationalBank   Source: Federal Reserve Bank of New York (as of October 31, 2001)   Primary dealers trade with the investing public and with other dealer firms. When they trade with each other, it is through intermediaries known as interdealer brokers. Dealers leave firm bids and offers with interdealer brokers who display the highest bid and the lowest offer in a computer network tied to each trading desk and displayed on a monitor. The dealer responding to a bid or offer by "hitting" or "taking" pays a commission to the interdealer broker. The size and prices of these transac- tions are visible to all dealers at once. The fees charged are negotiable and vary depending on transaction volume. Six interdealer brokers handle the bulk of daily trading volume. They include Cantor, Fitzgerald Securities, Inc.; Garban Ltd.; Liberty Broker- age Inc.; RMJ Securities Corp.; Hilliard Farber & Co. Inc.; and Tullett & Tokyo Securities Inc. These six firms serve the primary government deal- ers and approximately a dozen other large government dealers aspiring to be primary dealers. Dealers use interdealer brokers because of the speed and efficiency with which trades can be accomplished. With the exception of Cantor, Fitzgerald Securities Inc., interdealer brokers do not trade for their own account, and they keep the names of the dealers involved in trades confi- dential. The quotes provided on the government dealer screens represent prices in the "inside" or "interdealer" market. Historically, primary deal- ers have discouraged attempts to allow the general public to have access to them. However, as a result of government pressure, GovPX is a joint