This Off-Market, PRIVATE PLACEMENT, capital Market maintained by the FED thrives due to the fact that the FED regulated institutional Investors (Insurance Companies, Pension Funds, etc.) which are the major source for all Capital Investment, cannot fund capital into securities which have not yet been issued. That is the management of the future capital. Private Investors however, are not restricted in this manner. The FED mechanism requires funds to be escrowed prior to the issuance of the Bank Paper. In effect, each Issuance of Bank Paper through the FED requires Bridge Financing. The same requirement exits on all On-Market Issuances on Wall Street where the Investment Banks, in Groups, use their Capital to uiderwrite and funds Issues. Each Individual / Company Investor contributes to the Fed Issuance. The securities are often then resold and distribute through normal retail Channels to Institutional Investors and Individuals. In the case of the FED, Private Market, high net worth Individual serve as the Underwriters, pooled together by TRADERS or PROGRAM MANAGERS. These Individual exist inthe FED´s Private Channels of distribution. They purchase the Bank Paper at the HIGHEST POSSIBLE DISCOUNT offered by the FED through their TRADER NETWORK and resell it to the Institutiona. Buyers at the LESSER DISCOUNT. This explains the high returns.

As with the Investment Bankers and their On-Market Issues, this Private FED Market generates a significant Trading Spread. This spread, typically 7% to 25% depending on the term of the Bank Paper being TRADED, is the essence and source of the SUPERIOR PROFITS, "MIRACULOUSLY HIGH YIELD". Succesfull TRADERS Can utilize the same pool of funds to purchase and resell blocks of Bank Paper as often as two or five times per week.

Bank Paper is issued in minimum amounts of USD. 10´000´000. Investment Funds below USD. 10´000´000 or larger. Because of the Issuance of Bank Paper at minimun level USD.10´000´000, the Investors with amount below USD.10´000´000 have often to wait for the delay of entry, while the Investor from USD.10´000´000 and up can enter easily into the Program.