GEMMs

Gilt-edged market makers (GEMMs) are those who are authorized to deal in UK Government securities. At the moment (2004) there are 16 GEMMs in the UK: ABN AMRO Bank NV Barclays Capital Citigroup Global Markets Limited Credit Suisse First Boston Limited Deutsche Bank AG (London Branch) Dresdner Bank AG (London Branch) Goldman Sachs International Limited HSBC Bank PLC JP Morgan Securities Limited Lehman Brothers International (Europe) Merrill Lynch International Morgan Stanley & Co. International Limited Royal Bank of Canada Europe Limited Royal Bank of Scotland UBS Limited Winterflood Securities Limited There are also 4 inter-dealer brokers: BrokerTec Europe Limited Cantor Fitzgerald International Dowgate Icap WCLK Limited

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General Obligation Bonds

Securities issued by municipalities. The source of revenue to pay the interest and principal is taxes. These securities are also known as full faith and credit issues because they depend on the municipality's capacity to tax. These issues are often considered to be more stable than Revenue Bonds.


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