Purchases or sales. Obviously, the initially retained stock is intended for sales.

To err is of course human. But to mess things up spectacularly, we need an elite — Yanis Varoufakis

"What's peculiar here is that the Finanzagentur retains a stock of bonds which then uses for secondary market purchases"

Is that peculiar? Or do all treasuries and debt agencies do this?

The Finanzagentur could well engage in limited yield manipulations in the secondary market, which would basically mean the federal government would be meddling in monetary policy.

That's probably what the "no more than 5 % of market volume" clause is there to prevent.

- Jake

Friends come and go. Enemies accumulate.