Distinguish between 'Primary dealers' and 'corporate treasury'.

Primary dealers (PDs) are important intermediaries in the government securities markets. They act as underwriters in the primary market, and as market makers in the secondary market. PDs underwrite a portion of the issue of government security that is floated for a predetermined amount. The underwriting commitment of each PD is broadly decided on the basis of its size in terms of its net owned funds, its holding strength, the committed amount of bids and the volume of turnover in securities. The process of administering to the financial assets and holdings of a business is called corporate treasury. The goal of most treasury management departments is to optimize their company's liquidity, make sound financial investments for the future with any excess cash, and reduce or enter into hedges against its financial risks. The main roles come under 'Corporate Treasury' is as follows:- Managing Risk Liquidity Risk Credit Risk Currency Risks, etc.