- 17 -
Goldman Sachs 12,761,645,000 12,134,750,000 7,777,000,000 12,291,000,000 2,368,000,000
Greenwich Capital -0- -0- -0- -0- 2,010,000,000
Harris Bank 1,357,000,000 108,000,000 10,000,000 907,000,000 2,482,000,000
Kidder Peabody -0- 410,000,000 575,000,000 -0- 50,000,000
Kleinwort Benson 494,000,000 -0- -0- -0- 100,000,000
Lehman Brothers 912,000,000 2,167,800,000 480,000,000 55,000,000 3,126,000,000
Lloyds -0- 468,000,000 -0- -0- -0-
Manufacturers -0- 630,000,000 -0- -0- -0-
Merrill Lynch 4,853,250,000 3,073,000,000 305,800,000 125,000,000 1,057,000,000
Morgan Stanley -0- 150,000,000 -0- -0- -0-
Nomura -0- 615,000,000 100,000,000 -0- -0-
Salomon Bros. 10,073,000,000 69,169,750,000 8,869,500,000 3,107,000,000 9,829,000,000
Smith Barney -0- -0- -0- -0- 250,000,000
Staley 50,000,000 -0- -0- -0- -0-
Yamaichi -0- 215,000,000 -0- -0- -0-
Total l45,108,190,000 118,630,100,000 21,527,800,000 18,438,000,000 38,262,000,000
1These volumes refer to trades brokered by CF on a blind basis.
Dealers try to be available regularly to satisfy customer
requests, and the normal function of a Government securities
trading desk at a primary dealer is to try to buy and sell
securities all the time. Primary dealers typically engage in
Government securities trading daily, and they seldom fail to
respond to a customer request to do a transaction or to make a
market.10 No person ever asked petitioner to make a market, and
petitioner did not always accept requests to buy or sell a
security. Petitioner was more interested in buying an initial
position rather than selling. He had no Government securities
transactions during extended periods during the subject years;
his trading gaps exceeded 100 days in 1987, 150 days in 1988, and
200 days in 1989. He did not trade on a regular daily basis
during 1987, 1988, and 1989, and he suffered increasing losses in
those years.
The Treasury holds 157 Treasury securities auctions each
year, most of which are weekly auctions of Treasury bills.
10 Making a market means providing a simultaneous bid and
offer on the same security pursuant to a customer request.
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