The primary market is the government’s auction. Money goes to the issuer and new bills are created. The secondary market is where holders sell to other investors, usually through dealers and brokers. The issuer is not involved in that trade.
| Primary | Secondary | |
|---|---|---|
| Who you deal with | The issuer, directly or through an intermediary | A dealer, broker or other holder |
| Price | Set by the auction result | Set by the market at that moment |
| When | On the auction schedule | During market hours |
| Costs | Depends on the channel used | Bid-ask spread and any broker fee |
What this means on GetTbill
Auction results shown here are official. Bid and ask prices are simulated from official reference rates, so they illustrate how secondary quotes behave but do not represent any real market price.
Key points
- Auctions create new bills, with money going to the issuer.
- Secondary trades move existing bills between investors.
- GetTbill’s bid and ask prices are simulated.
General information only. It is not investment, legal or tax advice. Details vary by market and can change, so check the issuer’s current rules.