Bloomberg reports:
Primary dealers, the select group of banks and brokers that have held a seat at the center of the U.S. government debt market since 1960, are losing influence.
There's more:
More than 20 percent of the $538 billion of Treasury notes auctioned this year have been awarded to bidders who bypassed the dealers by using a website to place their orders, according to U.S. Treasury Department data compiled by Bloomberg. That’s almost double the 2011 level and up from 5.6 percent in 2009.
An article well worth your time.
