Obligations of Primary Dealers in Letras del Tesoro

1. Participation in Treasury Bills auctions. Each Market Maker must present at each auction requests to a minimum value of three per cent of the amount sold by the General Secretariat of the Treasury and Financial Policy for each type of Treasury Bill, at yields not higher than that corresponding to the marginal price plus two basis points over the aforementioned yield.

Excluded from the calculation of the fulfilment of this obligation will be those auctions where any of the two following conditions are present:

- When the yield corresponding to the marginal price of the auction is set 2 or more basis points below the yield corresponding to the offer price in the existing secondary market five minutes before the auction is held.

- When forty per cent of the volume issued is concentrated on one sole company.

2. To guarantee the liquidity of the secondary market in Treasury Bills complying with the listing obligations imposed by the General Secretariat of the Treasury and Financial Policy.
The listing obligations of Treasury Bills will be fulfilled when the listings, using the maximum differentials and the minimum volumes agreed by the General Secretariat of the Treasury and Financial Policy, are maintained on each one of the working days according to the calendar approved by the General Secretariat of the Treasury and Financial Policy, on the screens of the regulated markets or multilateral trading systems which are determined by this General Secretariat, during, at least, five hours between 8:30 and 17:15 of each day for the aforementioned working days.


The General Secretariat of the Treasury and Financial Policy may modify the listing conditions, following consultation with the Market Makers.

3. To provide information that the General Secretariat of the Treasury and Financial Policy may request about the Debt market in general and in particular the activity of the Market Maker itself.

4. To insure through their actions the smooth functioning of the market, respecting the operating obligations that are established and avoiding carrying out actions that could negatively affect the market or the Government Debt.