eagles_dare13

I went for shelf registration - I can't remember the alternatives or the question clearly enough, but my feeling was that as shelf registrations were held back pieces of rights issues of listed companies they were effectively secondary market securities.

An investment banker selling a government security may be a secondary activity - i.e not originating - but that doesn't necessarily make it a secondary MARKET activity.

Still, not comfortable with this one - I may well be wrong.

eagles_dare13

Also found this:

"Shelf registration provides an institutionalized method to issue a secondary offer instantly. Once the shelf registration statement has been filed, the seller typically will receive calls from time to time from a variety of investment banking firms offering to buy securities at a given set of terms and price."

So, i guess shelf registration.