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I said Investment bank too.... I believe Shelf Reg. is one of the features of a primary markets

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I'm not sure, but shelf offering offers you to sell securities whenever you want to when needed (they are on the shelf basically), so this fits well.

...but in the exam I answered "Investment Banker selling Gov't securities" as i-bankers usually dont sell govt securities (the govt sells them itself).

...but, i-bankers are the biggest primary market makers, so Im not sure where this fits with selling govt securities, but u get the point.

confused? so am I.

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