After a brief discussion, the manager gives final approval to the planned operation. Each trader knows this means delivery and payment will take place the next day. Each picks up the vertical strips on which the offerings will be recorded for the four dealers he will call. Bill, one of the group, presses a button on his telephone console, sounding a buzzer on the corresponding console of a government securities dealer. Moments later information screens around the country and abroad flash the news.
Salesmen begin ringing their customers to see if they have bills they want to offer.
Meanwhile, John checks with the trading manager of his firm to see how aggressive he should be in pricing the firm's own securities. Twenty minutes later John rings back. All for delivery tomorrow. Within 10 or 15 minutes each trader has written the offerings obtained from his calls on preprinted strips. The officer and a colleague begin comparing rates across the different maturities, seeking those that are high in relation to adjoining issues.