The Government sells government securities in the primary market to government securities eligible dealers (GSEDs) through the Automated Debt Auction Processing System (ADAPS). Bids may be either competitive or non-competitive. The Bureau of the Treasury also allows the non-competitive, over-the-counter (OTC) sale of government securities to government-owned and -controlled corporations, local government units, and tax-exempt institutions. Eligibility, procedures, rules, and conventions for ADAPS can be found by following the links provided below.

Secondary market trading of government and corporate securities is regulated by the Securities Exchange Commission (SEC) and only SEC-registered dealers are allowed to participate. Trading transactions are accomplished through an OTC system among participating banks.