Who may bid directly?
Entities permitted to submit bids directly include, but are not limited to, primary dealers, other brokers and dealers (non-primary), various types of investment funds (for example, pension, hedge, mutual), insurance companies, depository institutions (banks), foreign and international entities (governmental and private), the Federal Reserve (System Open Market Account), and individuals. Any entity or individual may bid directly as long as the entity or individual has made all the necessary arrangements for access to TAAPS and has made proper arrangements for the delivery of and payment for its auction awards. For entities or individuals that do not have a funds and securities account with the Federal Reserve, payment is arranged through an autocharge agreement.
