STRATEGIE DI INVESTIMENTO Volendo definire un portafoglio ein reddito fisso non si puograve certamente nicht prendere in debita considerazione, oltre ad altri fattori che andremo ein focalizzare, la situazione dei tassi di interesse attuali con una Proiezione agli sviluppi che gli stessi potrebbero subire in futuro, senza Peraltro avere la presunzione di essere indovini. Altri aufgrund fattori da porre in primo piano sono rappresentati da un lato dalla propensione al rischio di ciascun individuo e dallrsquoaltro la massimizzazione del rendimento pro ciograve che riguarda Il Tasso di rischio riteniamo che questo Debba essere il piugrave contenuto possibile, altrimenti sarebbe difficilmente comprensibile un investimento in titoli ein reddito fisso - Il Tasso di rischio nicht risulterebbe parametrato al rendimento (. vedi ad es le Recenti disavventure che molti investitori hanno dovuto subire con obbligazioni tipo Parmalat, Bindung Argentini, Cirio, ecc.). Pertanto riteniamo di prendere in considerazione unicamente quei titoli che nella scala del Bewertung (formulata dalle agenzie specializzate e che misura lrsquoaffidabilitagrave di chi emette obbligazioni) sono stati Zulassungsbehörden con AAA e AA, ovvero le due maggiori Valutazioni. Quanto alla massimizzazione del rendimento complessivo del portafoglio, va valutato in funzione di come si entscheiden di strutturare il portafoglio in Termini di orizzonte temporale, noncheacute del ldquopesoldquo Dato ad ogni singola tipologia di titolo (Asset Allocation) e dei flussi finanziari che si intende ricevere nel Tempo. Il nostro portafoglio ein reddito fisso: titoli ein quotbreve terminequot 35 titoli ein quotmedio terminequot 40 titoli ein quotlungo terminequot 25DIE EU-Emissionshandelssystem (EU ETS) Das EU-Emissionshandelssystem (EU ETS) ein Eckpfeiler der EUs Politik zur Bekämpfung des Klimawandels Und dessen Schlüsselinstrument zur kostengünstigen Reduzierung der Treibhausgasemissionen. Es ist der weltweit erste große Kohlenstoffmarkt und bleibt der größte. zwischen diesen Ländern umfasst rund 45 der EUs Treibhausgasemissionen Emissionen von mehr als 11.000 schwere energiebetriebener Anlagen (Kraftwerke amp Industrieanlagen) und Fluggesellschaften begrenzt Betrieb arbeitet in 31 Ländern (alle 28 EU-Länder sowie Island, Liechtenstein und Norwegen). A cap and trade system Das EU-EHS arbeitet nach dem Cap-and-Trade-Prinzip. Eine Kappe ist auf die Gesamtmenge bestimmter Treibhausgase festgelegt, die von Anlagen, die vom System erfasst werden, emittiert werden können. Die Kappe wird im Laufe der Zeit reduziert, so dass die Gesamtemissionen sinken. Innerhalb der Mütze werden Unternehmen Emissionszertifikate erhalten oder kaufen, die sie bei Bedarf untereinander handeln können. Sie können auch begrenzte Mengen an internationalen Credits aus emissionsmindernden Projekten auf der ganzen Welt kaufen. Die Begrenzung der Gesamtzahl der Zertifikate stellt sicher, dass sie einen Wert haben. Nach jedem Jahr muss ein Unternehmen genügend Zertifikate abgeben, um alle Emissionen zu decken, andernfalls werden hohe Geldstrafen verhängt. Wenn ein Unternehmen seine Emissionen verringert, kann es die Ersatzentschädigungen halten, um seinen zukünftigen Bedarf zu decken oder sie an ein anderes Unternehmen zu verkaufen, das unterhalb der Zertifikate ist. Trading bringt Flexibilität, die Emissionen sinkt, wo es am wenigsten kostet. Ein robuster Kohlenstoffpreis fördert auch Investitionen in saubere, kohlenstoffarme Technologien. Hauptmerkmale der Phase 3 (2013-2020) Das EU-ETS befindet sich nun in der dritten Phase deutlich unter den Phasen 1 und 2. Die wichtigsten Änderungen sind: Eine einzige EU-weite Emissionsbegrenzung gilt anstelle des bisherigen nationalen Kappenschutzes. Die Versteigerung ist die Standardmethode für die Zuteilung von Zertifikaten (anstelle der kostenlosen Zuteilung) und harmonisierte Zuteilungsregeln gelten für die noch verbleibenden Zertifikate kostenlos registrieren Weitere Sektoren und Gase enthalten 300 Millionen Zertifikate zur Seite in den neu hinzugekommen Reserve setzen Sie den Einsatz innovativer Technologien für erneuerbare Energien und Kohlenstoffabscheidung und - speicherung durch die NER-300-Programm Sektoren zu finanzieren und Gase bedeckt das System die folgenden Sektoren und Gase mit den Abdeckungen Fokus auf Emissionen, die mit hoher Genauigkeit gemessen, gemeldet und überprüft werden können: Kohlendioxid (CO 2) aus Energie - und Wärmeerzeugung energieintensive Industriezweige, einschließlich Ölraffinerien, Stahlwerke und Produktion von Eisen, Aluminium, Metallen, Zement , Kalk, Glas, Keramik, Zellstoff, Papier, Pappe, Säuren und organischen Grundchemikalien kommerziellen Luftfahrt Lachgas (N 2 O) aus der Herstellung von Salpetersäure, Adipinsäure und Glyoxylsäure Säuren und Glyoxal perfluorierte Kohlenwasserstoffe (FKW) aus der Aluminiumproduktion Teilnahme am EU-ETS Ist für Unternehmen in diesen Sektoren Pflicht. Aber in einigen Sektoren nur Anlagen über einer bestimmten Größe enthalten sind, können bestimmte kleine Anlagen ausgeschlossen werden, wenn die Regierungen fiskalische oder andere Maßnahmen einführen, die ihre Emissionen um einen äquivalenten Betrag im Luftverkehrssektor reduzieren, bis 2016 gilt das EU-EHS nur für Flüge Zwischen den Flughäfen im Europäischen Wirtschaftsraum (EWR). Emissionsreduzierung Das EU-EHS hat bewiesen, dass die Einführung eines Preises für Kohlenstoff und Handel in diesem Bereich funktionieren kann. Die Emissionen aus Anlagen der Regelung fallen im Vergleich zu Beginn der dritten Phase (2013) um etwa 5 (siehe 2015) zurück. Im Jahr 2020. Werden die Emissionen aus den unter das System fallenden Sektoren 21 niedriger sein als im Jahr 2005. Entwicklung des CO2-Marktes Das EU-EHS wurde im Jahr 2005 gegründet und ist das weltweit erste und größte internationale Emissionshandelssystem, das mehr als drei Viertel des internationalen CO2-Handels ausmacht. Das EU-EHS fördert auch die Entwicklung des Emissionshandels in anderen Ländern und Regionen. Die EU zielt darauf ab, das EU-EHS mit anderen kompatiblen Systemen zu verknüpfen. Wichtigste EU ETS Gesetzgebung Carbon-Markt berichtet Revision der EU-ETS für Phase 3 Umsetzung Entstehungsgeschichte der Richtlinie 200387EC Arbeit vor dem Vorschlag der Kommission Vorschlag der Kommission vom Oktober 2001 Kommissionen Reaktion auf das Lesen des Vorschlags im Rat und im Parlament (einschließlich Räte Gemeinsamen Standpunkts) öffnen Alle Fragen Fragen und Antworten zum überarbeiteten EU-Emissionshandelssystem (Dezember 2008) Was ist das Ziel des Emissionshandels Das Ziel des EU-Emissionshandelssystems (EU-EHS) ist es, den EU-Mitgliedstaaten dabei zu helfen, ihre Verpflichtungen zur Begrenzung oder Verringerung von Treibhausgasen zu erfüllen Emissionen auf kostengünstige Weise. Die Möglichkeit, Emissionszertifikate für teilnehmende Unternehmen zu kaufen oder zu verkaufen, bedeutet, dass Emissionskürzungen zumindest die Kosten erreichen können. Das EU-EHS ist der Eckpfeiler der EU-Strategie zur Bekämpfung des Klimawandels. Es ist das erste internationale Handelssystem für CO 2 - Emissionen in der Welt und ist seit 2005 in Betrieb. Ab dem 1. Januar 2008 gilt es nicht nur für die 27 EU-Mitgliedstaaten, sondern auch für die übrigen drei Mitglieder des Europäischen Wirtschaftsraums Norwegen, Island und Liechtenstein. Sie deckt derzeit mehr als 10.000 Installationen im Energie - und Industriesektor ab, die gemeinsam für nahezu die Hälfte der EU-Emissionen von CO 2 und 40 ihrer gesamten Treibhausgasemissionen verantwortlich sind. Eine im Juli 2008 vereinbarte Änderung der EU-EHS-Richtlinie wird den Luftverkehrssektor ab 2012 in das System bringen. Wie funktioniert das Emissionshandelshandeln Das EU-EHS ist ein Cap - und Trade-System, dh es deckt das Gesamtniveau der Emissionen , Innerhalb dieser Grenze, ermöglicht es den Teilnehmern des Systems zu kaufen und zu verkaufen Zulagen nach Bedarf. Diese Zertifikate sind die gemeinsame Handelswährung im Kern des Systems. Eine Zulage gibt dem Inhaber das Recht, eine Tonne CO 2 oder die entsprechende Menge eines anderen Treibhausgases zu emittieren. Die Obergrenze für die Gesamtzahl der Zertifikate schafft Knappheit auf dem Markt. In der ersten und zweiten Handelsphase im Rahmen der Regelung mussten die Mitgliedstaaten nationale Zuteilungspläne (NAP) erstellen, die ihr Gesamtniveau der ETS-Emissionen festlegen und wie viele Emissionszertifikate jede Anlage in ihrem Land erhält. Am Ende jedes Jahres müssen Anlagen Emissionsberechtigungen abgeben. Unternehmen, die ihre Emissionen unter dem Niveau ihrer Zertifikate halten, können ihre überschüssigen Zertifikate verkaufen. Diejenigen, die Schwierigkeiten haben, ihre Emissionen im Einklang mit ihren Zertifikaten zu halten, haben die Wahl zwischen Maßnahmen zur Reduzierung ihrer eigenen Emissionen, wie Investitionen in eine effizientere Technologie oder die Verwendung von weniger kohlenstoffintensiven Energiequellen oder den Kauf zusätzlicher Zertifikate, die sie auf dem Markt benötigen, oder Eine Kombination der beiden. Solche Entscheidungen werden wahrscheinlich durch relative Kosten bestimmt. Auf diese Weise werden die Emissionen reduziert, wo es am günstigsten ist. Wie lange das EU ETS im Einsatz war Das EU ETS wurde am 1. Januar 2005 aufgelegt. Die erste Handelsperiode dauerte drei Jahre bis Ende 2007 und war ein Lernprozess, der die Vorbereitungen für die entscheidende zweite Handelsphase vorbereitete. Die zweite Handelsperiode begann am 1. Januar 2008 und läuft für fünf Jahre bis Ende 2012. Die Bedeutung der zweiten Handelsperiode ergibt sich aus der Tatsache, dass sie mit der ersten Verpflichtungsperiode des Kyoto-Protokolls zusammenfällt, in der die EU und andere Müssen die Industrieländer ihre Ziele zur Begrenzung oder Verringerung der Treibhausgasemissionen erfüllen. Für die zweite Handelsperiode wurden die Emissionen der EU-Emissionen auf etwa 6,5 unter dem Niveau von 2005 begrenzt, um zu gewährleisten, dass die EU als Ganzes und die Mitgliedstaaten einzeln über ihre Kyoto-Verpflichtungen verfügen. Was sind die wichtigsten Erfahrungen aus bisherigen Erfahrungen? Das EU-EHS hat einen Preis für Kohlenstoff ausgegeben und bewiesen, dass der Handel mit Treibhausgasemissionen funktioniert. Die erste Handelsperiode hat den freien Handel mit Emissionszertifikaten in der gesamten EU erfolgreich etabliert, die notwendige Infrastruktur geschaffen und einen dynamischen Kohlenstoffmarkt entwickelt. Der Umweltnutzen der ersten Phase kann aufgrund der übermäßigen Zuteilung von Zertifikaten in einigen Mitgliedstaaten und einigen Sektoren begrenzt sein, was hauptsächlich auf die Abhängigkeit von Emissionsprognosen zurückzuführen ist, bevor verifizierte Emissionsdaten im Rahmen des EU-EHS verfügbar wurden. Als die Veröffentlichung der verifizierten Emissionsdaten für 2005 diese Überverteilung hervorhebt, reagierte der Markt wie erwartet mit einer Senkung des Marktpreises für Zertifikate. Die Verfügbarkeit verifizierter Emissionsdaten hat es der Kommission ermöglicht, sicherzustellen, dass die Obergrenze für nationale Zuweisungen in der zweiten Phase auf einem Niveau festgelegt wird, das zu echten Emissionsminderungen führt. Die bisherige Erfahrung hat gezeigt, dass eine stärkere Harmonisierung innerhalb des EU-EHS zwingend erforderlich ist, um sicherzustellen, dass die EU ihre Ziele der Emissionsminderung zumindest mit geringen Wettbewerbsverzerrungen erreicht. Die Notwendigkeit einer stärkeren Harmonisierung ist am deutlichsten in Bezug auf die Festlegung der Obergrenze für die Gesamtemissionen. Die ersten beiden Handelsperioden zeigen auch, dass weitgehende nationale Methoden für die Zuteilung von Zertifikaten an Anlagen den lauteren Wettbewerb im Binnenmarkt bedrohen. Darüber hinaus sind eine stärkere Harmonisierung, Klarstellung und Verfeinerung in Bezug auf den Geltungsbereich des Systems, den Zugang zu Krediten aus Emissionsreduktionsprojekten außerhalb der EU, die Bedingungen für die Anbindung des EU-Emissionshandelssystems an Emissionshandelssysteme an anderer Stelle und die Überwachung, Überprüfung und Anforderungen. Was sind die wichtigsten Änderungen am EU-EHS und ab wann werden sie angewendet? Die vereinbarten Designänderungen gelten ab dem dritten Handelstag, dh Januar 2013. Während die Vorbereitungsarbeiten unverzüglich eingeleitet werden, bleiben die geltenden Regeln bis Januar 2013 unverändert Um sicherzustellen, dass die Regulierungsstabilität aufrechterhalten wird. Das EU-EHS in der dritten Phase wird ein effizienteres, harmonisierteres und gerechteres System sein. Die Steigerung der Effizienz wird durch eine längere Handelszeit (8 Jahre statt 5 Jahre), eine robuste und jährlich sinkende Emissionsminderung (21 Reduktion im Jahr 2020 gegenüber 2005) und eine deutliche Steigerung der Versteigerung erreicht (von weniger als 4 Jahren) In Phase 2 bis mehr als die Hälfte in Phase 3). In vielen Bereichen wurde mehr Harmonisierung vereinbart, unter anderem in Bezug auf das Cap-Setting (ein EU-weites Cap anstelle der nationalen Caps in den Phasen 1 und 2) und die Regeln für die Übergangsfreiheit. Die Fairness des Systems wurde durch den Übergang zu EU-weiten freien Zuteilungsregeln für Industrieanlagen und durch die Einführung eines Umverteilungsmechanismus, der neue Mitgliedstaaten berechtigt, weitere Zertifikate zu vergeben, erheblich erhöht. Wie sieht der endgültige Text gegenüber dem ursprünglichen Vorschlag der Kommission aus? Die vom Europäischen Rat für Frühjahr 2007 beschlossenen Klima - und Energieziele wurden beibehalten und die Gesamtarchitektur des Kommissionsvorschlags zum EU-EHS bleibt erhalten. Das bedeutet, dass es eine EU-weite Obergrenze für die Anzahl der Emissionsberechtigungen geben wird, und diese Obergrenze wird jährlich entlang einer linearen Trendlinie sinken, die über das Ende der dritten Handelsperiode hinausgehen wird (2013-2020). Der Hauptunterschied gegenüber dem Vorschlag besteht darin, dass die Versteigerung von Zertifikaten langsamer abläuft. Was sind die wichtigsten Änderungen gegenüber dem Kommissionsvorschlag Zusammenfassend sind die wichtigsten Änderungen, die an dem Vorschlag vorgenommen wurden, wie folgt: Einige Mitgliedstaaten haben eine fakultative und vorübergehende Abweichung von der Regel erlaubt, dass keine Zulagen kostenlos zugewiesen werden sollen Diese Ausnahmeregelung steht Mitgliedstaaten zur Verfügung, die bestimmte Bedingungen für die Zusammenschaltung ihres Stromnetzes, den Anteil eines einzigen fossilen Brennstoffs an der Stromerzeugung und BIPcapita im Verhältnis zum EU-27-Durchschnitt erfüllen. Darüber hinaus ist die Höhe der Freibeträge, die ein Mitgliedstaat Kraftwerken zuteilen kann, auf 70 Kohlendioxidemissionen relevanter Anlagen in Phase 1 beschränkt und in den darauf folgenden Jahren sinkend. Darüber hinaus kann die kostenfreie Zuteilung in Phase 3 nur für Kraftwerke erfolgen, die bis Ende 2008 in Betrieb oder im Bau sind. Siehe Antwort auf Frage 15 unten. Weitere Einzelheiten finden sich in der Richtlinie über die Kriterien für die Festlegung der Sektoren oder Teilsektoren, für die ein erhebliches Risiko von CO2-Emissionen besteht. Und ein früheres Datum der Veröffentlichung der Kommissionsliste dieser Sektoren (31. Dezember 2009). Überdies wird vorbehaltlich einer Überprüfung, wenn eine zufriedenstellende internationale Vereinbarung getroffen wird, Anlagen in allen exponierten Industrien 100 kostenlose Zertifikate erhalten, soweit sie die effizienteste Technologie verwenden. Die freie Zuteilung an die Industrie beschränkt sich auf den Anteil dieser Emissionen an den gesamten Emissionen in den Jahren 2005 bis 2007. Die Gesamtzahl der Zertifikate, die für Installationen in Industriezweigen frei zugewiesen werden, wird im Einklang mit dem Rückgang der Emissionsobergrenze jährlich sinken. Die Mitgliedstaaten können auch bestimmte Anlagen für CO 2 - Kosten, die in den Elektrizitätspreisen verbilligt werden, entschädigen, wenn die CO 2 - Kosten sie sonst der Gefahr von CO2-Leckagen aussetzen könnten. Die Kommission hat sich verpflichtet, die gemeinschaftlichen Leitlinien für staatliche Beihilfen für den Umweltschutz in dieser Hinsicht zu ändern. Siehe Antwort auf Frage 15 unten. Das Niveau der Versteigerung von Zertifikaten für die nicht exponierte Industrie wird sich, wie von der Kommission vorgeschlagen, linear erhöhen, aber bis zum Jahr 2020 wird sie 70 erreichen, um bis zum Jahr 2027 100 zu erreichen. Wie im Vorschlag der Kommission vorgesehen Werden zehn der Zertifikate für die Versteigerung von den Mitgliedstaaten mit einem hohen Pro-Kopf-Einkommen an diejenigen mit niedrigem Pro-Kopf-Einkommen umverteilt, um die finanzielle Leistungsfähigkeit der letzteren zu stärken, um in klimafreundliche Technologien zu investieren. Für einen anderen Umverteilungsmechanismus von 2 der Versteigerungszulagen wurde eine Bestimmung eingeführt, um die Mitgliedstaaten zu berücksichtigen, die 2005 eine Verringerung der Treibhausgasemissionen um mindestens 20 im Vergleich zu dem im Kyoto-Protokoll festgelegten Referenzjahr erreicht hatten. Der Anteil der Versteigerungserlöse, den die Mitgliedstaaten zur Bekämpfung und Anpassung an den Klimawandel vor allem in der EU, aber auch in den Entwicklungsländern empfehlen, wird von 20 auf 50 erhöht. Der Text sieht eine Ergänzung des vorgeschlagenen zulässigen Niveaus vor Der Nutzung der JICDM-Kredite im Rahmen des 20 Szenarios für die bestehenden Betreiber, die im Zeitraum 2008-2012 die niedrigsten Budgets für die Einfuhr und Verwendung dieser Kredite in Bezug auf die Zuteilungen und den Zugang zu Krediten erhalten haben. Neue Sektoren, neue Marktteilnehmer in den Jahren 2013-2020 und 2008-2012 können auch Kredite verwenden. Der Gesamtbetrag der zu verwendenden Kredite wird jedoch nicht mehr als 50 der Kürzungen zwischen 2008 und 2020 betragen. Auf der Grundlage einer strengeren Emissionsminderung im Rahmen eines zufriedenstellenden internationalen Übereinkommens könnte die Kommission einen zusätzlichen Zugang zu CER und ERU ermöglichen Betreiber im Gemeinschaftssystem. Siehe Antwort auf Frage 20 unten. Die Erlöse aus der Versteigerung von 300 Millionen Zertifikaten aus der Reserve der neuen Marktteilnehmer werden zur Unterstützung von bis zu zwölf Projekten zur CO2-Abscheidung und - speicherung sowie Projekten eingesetzt, die innovative Technologien für erneuerbare Energien demonstrieren. Eine Reihe von Bedingungen sind diesem Finanzierungsmechanismus beigefügt. Siehe Antwort auf Frage 30 unten. Die Möglichkeit, kleine Verbrennungsanlagen auszuschließen, sofern sie gleichwertigen Maßnahmen unterliegen, wurde erweitert, um alle kleinen Anlagen unabhängig von ihrer Tätigkeit zu erfüllen, die Emissionsgrenzwerte wurden von 10.000 auf 25.000 Tonnen CO 2 pro Jahr erhöht und die Kapazitätsgrenze, die Verbrennungsanlagen müssen zusätzlich von 25MW auf 35MW gesteigert werden. Mit diesen erhöhten Schwellenwerten wird der Anteil der abgedeckten Emissionen, der potenziell aus dem Emissionshandelssystem ausgeschlossen werden könnte, erheblich und somit wurde eine entsprechende Regelung eingeführt, um eine entsprechende Kürzung der EU-weiten Deckung der Zertifikate zu ermöglichen. Gibt es noch nationale Zuteilungspläne (NAP)? In ihren NAP für die ersten (2005-2007) und die zweiten (2008-2012) Handelsperioden haben die Mitgliedstaaten die Gesamtzahl der Zertifikate festgelegt, die der Obergrenze zuzuteilen sind und wie diese zu erreichen sind Den betreffenden Anlagen zugewiesen werden. Dieser Ansatz hat erhebliche Unterschiede in den Zuteilungsregeln hervorgerufen und einen Anreiz für jeden Mitgliedstaat geschaffen, seine eigene Industrie zu begünstigen und hat zu großer Komplexität geführt. Ab der dritten Handelsperiode wird es eine einzige EU-weite Obergrenze geben, und Zulagen werden auf der Grundlage harmonisierter Regeln zugeteilt. Nationale Zuteilungspläne werden daher nicht mehr benötigt. Wie wird die Emissionsobergrenze in Phase 3 festgelegt werden Die Regeln für die Berechnung der EU-weiten Obergrenze sind wie folgt: Ab 2013 wird die Gesamtzahl der Zertifikate linear sinken. Ausgangspunkt dieser Linie ist die durchschnittliche Gesamtmenge der Zertifikate (Phase-2-Cap), die von den Mitgliedstaaten für den Zeitraum 2008-2012 ausgestellt werden soll, angepasst an den erweiterten Anwendungsbereich des Systems ab 2013 sowie an kleine Installationen dieses Mitglieds Staaten haben ausgeschlossen. Der lineare Faktor, um den der jährliche Betrag sinkt, beträgt 1,74 gegenüber der Phase-2-Kappe. Ausgangspunkt für die Bestimmung des linearen Faktors von 1,74 ist die Gesamtreduktion von Treibhausgasen im Vergleich zu 1990, was einer Verringerung von 14 gegenüber 2005 entspricht. Allerdings ist eine stärkere Reduktion des EU-EHS erforderlich, weil es billiger zu reduzieren ist Emissionen in den ETS-Sektoren. Die Aufteilung, die die Gesamtreduzierungskosten minimiert, beläuft sich auf: eine Verringerung der Emissionen des EU-EHS-Sektors im Vergleich zu 2005 bis 2020 um etwa 10 im Vergleich zu 2005 für die Sektoren, die nicht unter das EU-EHS fallen. Die 21-Reduktion im Jahr 2020 führt zu einer ETS-Obergrenze im Jahr 2020 von höchstens 1720 Millionen Zertifikaten und impliziert eine durchschnittliche Phase-3-Kappe (2013 bis 2020) von etwa 1846 Millionen Zertifikaten und eine Reduktion von 11 gegenüber der Phase 2-Cap. Alle angegebenen absoluten Zahlen entsprechen der Deckung zu Beginn der zweiten Handelsperiode und berücksichtigen daher nicht die im Jahr 2012 hinzukommende Luftfahrt und andere Sektoren, die in der Phase 3 hinzugefügt werden. Die endgültigen Zahlen für die jährlichen Emissionsobergrenzen In Phase 3 wird von der Kommission bis zum 30. September 2010 festgelegt und veröffentlicht. Wie wird die Emissionsminderung über Phase 3 hinaus bestimmt Der lineare Faktor von 1,74, der für die Bestimmung der Phase 3-Cap verwendet wird, gilt auch über das Ende der Handelsperiode hinaus 2020 und bestimmt die Mütze für die vierte Handelsperiode (2021 bis 2028) und darüber hinaus. Sie kann bis spätestens 2025 revidiert werden. Tatsächlich werden bis 2050 erhebliche Emissionsreduktionen von 60-80 gegenüber 1990 erforderlich sein, um das strategische Ziel zu erreichen, den globalen durchschnittlichen Temperaturanstieg auf nicht mehr als 2C über dem vorindustriellen Niveau zu begrenzen. Für jedes Jahr wird eine EU-weite Obergrenze für Emissionsrechte festgelegt. Wird dies die Flexibilität für die betroffenen Anlagen verringern, wird die Flexibilität für Installationen nicht reduziert. In jedem Jahr müssen die zu versteigernden und zu verteilenden Zertifikate bis zum 28. Februar von den zuständigen Behörden ausgestellt werden. Der letzte Termin für die Übernahme von Zertifikaten für Betreiber ist der 30. April des Jahres, das auf das Jahr folgt, in dem die Emissionen stattgefunden haben. Die Betreiber erhalten somit Zulagen für das laufende Jahr, bevor sie die Emissionszertifikate für das Vorjahr zurückgeben müssen. Die Wertberichtigungen bleiben während der gesamten Handelsperiode gültig, und alle überschüssigen Zertifikate können nun für die Verwendung in nachfolgenden Handelsperioden gebucht werden. In dieser Hinsicht wird sich nichts ändern. Das System basiert auf Handelszeiten, die dritte Handelsperiode dauert jedoch acht Jahre, von 2013 bis 2020, im Gegensatz zu fünf Jahren für die zweite Phase von 2008 bis 2012. Für die zweite Handelsperiode haben die Mitgliedstaaten im Allgemeinen beschlossen, Gesamtmenge der Zertifikate für jedes Jahr. Die lineare Abnahme jährlich ab 2013 wird den erwarteten Emissionstrends im Berichtszeitraum besser entsprechen. Was sind die vorläufigen jährlichen ETS-Cap-Werte für den Zeitraum 2013 bis 2020 Die vorläufigen jährlichen Cap-Werte stellen sich wie folgt dar: Diese Angaben beziehen sich auf den in der Phase 2 (2008 bis 2012) anwendbaren Umfang des ETS und auf die Entscheidungen der Kommission über die Nationale Zuteilungspläne für die Phase 2 in Höhe von 2083 Mio. t. Diese Zahlen werden aus mehreren Gründen angepasst. Zunächst wird eine Anpassung vorgenommen, um den Erweiterungen des Geltungsbereichs in Phase 2 Rechnung zu tragen, sofern die Mitgliedstaaten ihre auf diese Erweiterungen zurückzuführenden Emissionen nachweisen und überprüfen. Zweitens wird eine Anpassung hinsichtlich der weiteren Ausweitung des Geltungsbereichs des ETS in der dritten Handelsperiode vorgenommen. Drittens führt jede Opt-out von kleinen Installationen zu einer entsprechenden Reduzierung der Kappe. Viertens berücksichtigen die Zahlen weder die Einbeziehung der Luftfahrt noch die Emissionen aus Norwegen, Island und Liechtenstein. Werden Zulagen noch frei zugewiesen Ja. Industrieanlagen erhalten eine Übergangsfreiheit. In den Mitgliedstaaten, die für die fakultative Abweichung in Betracht kommen, können Kraftwerke, falls der Mitgliedstaat dies beschließt, auch Freibeträge erhalten. Es wird geschätzt, dass mindestens die Hälfte der verfügbaren Zertifikate ab 2013 versteigert werden. Während die große Mehrheit der Zertifikate für Anlagen in der ersten und zweiten Handelsphase kostenlos zugeteilt wurde, schlug die Kommission vor, die Versteigerung von Zertifikaten zu einem Grundsatz der Zuteilung zu machen. Denn die Versteigerung garantiert die Effizienz, Transparenz und Einfachheit des Systems und schafft den größten Anreiz für Investitionen in eine kohlenstoffarme Wirtschaft. Er genügt am besten dem Verursacherprinzip und vermeidet die Gewinnung von Gewinnen an bestimmte Sektoren, die die Nominalkosten der Zertifikate an ihre Kunden weitergegeben haben, obwohl sie diese kostenlos erhalten. Wie werden Freibeträge freigegeben Bis zum 31. Dezember 2010 wird die Kommission EU-weite Regeln annehmen, die im Rahmen eines Ausschussverfahrens (Komitologie) entwickelt werden. Diese Regeln werden die Zuweisungen vollständig harmonisieren, so dass alle Unternehmen in der gesamten EU mit denselben oder ähnlichen Tätigkeiten den gleichen Regeln unterliegen. Die Regeln werden so weit wie möglich sicherstellen, dass die Zuweisung CO2-effiziente Technologien fördert. Die verabschiedeten Regeln sehen vor, daß die Zuteilungen, soweit dies möglich ist, auf sogenannten Benchmarks, z. B. Eine Anzahl von Zertifikaten pro Menge der historischen Produktion. Solche Regelungen belohnen Betreiber, die frühzeitig Maßnahmen zur Verringerung der Treibhausgase getroffen haben, besser das Verursacherprinzip widerspiegeln und stärkere Anreize zur Emissionsreduktion geben, da die Zuteilungen nicht mehr von den historischen Emissionen abhängen. Alle Zuteilungen sind vor Beginn der dritten Handelsperiode zu ermitteln und keine nachträglichen Anpassungen sind zulässig. Welche Anlagen werden kostenfreie Zuteilungen erhalten und welche nicht Wie werden negative Auswirkungen auf die Wettbewerbsfähigkeit vermieden? Unter Berücksichtigung ihrer Fähigkeit, die höheren Emissionszertifikate weiterzugeben, ist die vollständige Versteigerung ab 2013 für Stromerzeuger die Regel. Jedoch haben Mitgliedstaaten, die bestimmte Bedingungen hinsichtlich ihrer Zusammenschaltbarkeit oder ihres Anteils an fossilen Brennstoffen bei der Stromerzeugung und des Pro-Kopf-BIP im Verhältnis zum EU-27-Durchschnitt erfüllen, die Möglichkeit, vorübergehend von dieser Regelung für bestehende Kraftwerke abzuweichen. Der Versteigerungssatz im Jahr 2013 soll mindestens 30 in Bezug auf die Emissionen in der ersten Periode betragen und muss spätestens bis 2020 schrittweise auf 100 ansteigen. Bei Anwendung der Option verpflichtet sich der Mitgliedstaat, in die Verbesserung und Aufwertung von Investitionen zu investieren Der Infrastruktur, in sauberen Technologien und in der Diversifizierung ihres Energiemixes und ihrer Versorgungsquellen um einen Betrag, der dem Marktwert der freien Zuteilung weitestgehend entspricht. In anderen Sektoren werden die Mittelzuweisungen ab 2013 schrittweise abgebaut, wobei die Mitgliedstaaten sich verpflichten, im Jahr 2013 bei 20 Versteigerungen zu beginnen und im Jahr 2020 auf 70 Versteigerungen zu steigen, um 100 im Jahr 2027 zu erreichen. Allerdings wird eine Ausnahme gemacht Installationen in Sektoren, von denen festgestellt wird, dass sie einem erheblichen Risiko von CO2-Leckagen ausgesetzt sind. Dieses Risiko könnte auftreten, wenn das EU-EHS die Produktionskosten so stark erhöht, dass Unternehmen beschlossen haben, die Produktion in Gebiete außerhalb der EU zu verlagern, die keinen vergleichbaren Emissionseinschränkungen unterliegen. Die Kommission wird die betroffenen Sektoren bis zum 31. Dezember 2009 bestimmen. Hierzu wird die Kommission unter anderem prüfen, ob die direkten und indirekten zusätzlichen Produktionskosten, die durch die Umsetzung der ETS-Richtlinie im Verhältnis zur Bruttowertschöpfung verursacht werden, So beträgt der Gesamtwert seiner Ausfuhren und Einfuhren, geteilt durch den Gesamtwert seines Umsatzes und seiner Einfuhren, mehr als 10. Wenn das Ergebnis bei einem dieser Kriterien mehr als 30 beträgt, wird der Sektor auch als erheblich kohlenstoffgefährdet angesehen. Installationen in diesen Sektoren erhalten 100 ihrer Anteile an der jährlich sinkenden Gesamtmenge an freien Zertifikaten. Der Anteil dieser Industrieemissionen wird in Bezug auf die gesamten ETS-Emissionen in den Jahren 2005 bis 2007 ermittelt. CO 2 - Kosten, die in den Strompreisen weitergegeben werden, könnten auch bestimmte Anlagen dem Risiko von CO2-Leckagen aussetzen. Um ein solches Risiko zu vermeiden, können die Mitgliedstaaten eine Entschädigung für diese Kosten gewähren. In Ermangelung eines internationalen Abkommens über den Klimawandel hat sich die Kommission verpflichtet, die diesbezüglichen Leitlinien der Gemeinschaft für staatliche Umweltschutzbeihilfen zu ändern. Nach einer internationalen Vereinbarung, die sicherstellt, dass Wettbewerber in anderen Teilen der Welt vergleichbare Kosten tragen, kann das Risiko von CO2-Leckagen vernachlässigbar sein. Daher wird die Kommission bis zum 30. Juni 2010 eine eingehende Bewertung der Lage der energieintensiven Industrie und des Risikos des Ausstiegs von CO2-Emissionen unter Berücksichtigung der Ergebnisse der internationalen Verhandlungen und unter Berücksichtigung aller verbindlichen sektoralen Maßnahmen durchführen Vereinbarungen, die möglicherweise abgeschlossen wurden. Dem Bericht werden alle geeigneten Vorschläge beigefügt. Dabei kann es sich um die Aufrechterhaltung oder Anpassung des Anteils der kostenlos erhaltenen Zertifikate an Industrieanlagen handeln, die besonders dem globalen Wettbewerb ausgesetzt sind oder die Importeure der betroffenen Produkte im EHS umfassen. Wer die Auktionen organisiert und wie diese durchgeführt werden, ist für die Versteigerung der ihnen gewährten Zertifikate verantwortlich. Jeder Mitgliedstaat muss entscheiden, ob er eine eigene Versteigerungsinfrastruktur und - plattform entwickeln will oder ob er mit anderen Mitgliedstaaten zusammenarbeiten will, um regionale oder EU-weite Lösungen zu entwickeln. Die Verteilung der Versteigerungsrechte auf die Mitgliedstaaten beruht weitgehend auf Emissionen in Phase 1 des EU-Emissionshandelssystems, doch wird ein Teil der Rechten aus den reichen Mitgliedstaaten an ärmere Länder verteilt, um dem niedrigeren BIP pro Kopf und höheren Perspektiven Rechnung zu tragen Für Wachstum und Emissionen. Es ist immer noch so, dass 10 der Ansprüche auf Versteigerungszulagen von Mitgliedstaaten mit hohem Pro-Kopf-Einkommen an diejenigen mit niedrigem Pro-Kopf-Einkommen umverteilt werden, um die finanzielle Leistungsfähigkeit der letzteren zu stärken, um in klimafreundliche Technologien zu investieren. Jedoch wurde eine Bestimmung für einen weiteren Umverteilungsmechanismus von 2 hinzugefügt, um die Mitgliedstaaten zu berücksichtigen, die 2005 eine Verringerung von mindestens 20 Treibhausgasemissionen gegenüber dem im Kyoto-Protokoll festgelegten Referenzjahr erreicht hatten. Davon profitieren neun Mitgliedstaaten. Jede Versteigerung muss den Regeln des Binnenmarktes entsprechen und muss daher jedem potenziellen Käufer unter nichtdiskriminierenden Bedingungen offen stehen. Bis zum 30. Juni 2010 wird die Kommission eine Verordnung (im Rahmen des Komitologieverfahrens) erlassen, die die geeigneten Regeln und Bedingungen für die Sicherstellung effizienter und koordinierter Auktionen bietet, ohne den Zulassungsmarkt zu stören. Wie viele Zulagen werden in jedem Mitgliedstaat versteigert und wie wird dieser Betrag ermittelt? Alle Zertifikate, die nicht kostenlos zugeteilt werden, werden versteigert. Insgesamt 88 der Zertifikate, die von jedem Mitgliedstaat versteigert werden sollen, werden auf der Grundlage des Anteils der Mitgliedstaaten an den historischen Emissionen des EU-EHS verteilt. Zum Zwecke der Solidarität und des Wachstums werden 12 der Gesamtmenge auf eine Weise verteilt, die das Pro-Kopf-BIP und die Errungenschaften des Kyoto-Protokolls berücksichtigt. Die Sektoren und Gase werden ab 2013 abgedeckt Das EHS umfasst Anlagen, die bestimmte Tätigkeiten ausführen. Seit dem Start hat es über gewisse Kapazitätsschwellen, Kraftwerke und andere Feuerungsanlagen, Ölraffinerien, Koksöfen, Eisen - und Stahlwerke und Fabriken, die Zement, Glas, Kalk, Ziegel, Keramik, Zellstoff, Papier und Karton herstellen, abgedeckt. Was die Treibhausgase betrifft, so betrifft sie derzeit nur die Kohlendioxidemissionen, mit Ausnahme der Niederlande, die sich für Emissionen aus Lachgas entschieden haben. Ab 2013 wird der Geltungsbereich des EHS um weitere Sektoren und Treibhausgase erweitert. CO 2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered. These sectors will receive allowances free of charge according to EU-wide rules, in the same way as other industrial sectors already covered. As of 2012, aviation will also be included in the EU ETS. Will small installations be excluded from the scope A large number of installations emitting relatively low amounts of CO 2 are currently covered by the ETS and concerns have been raised over the cost-effectiveness of their inclusion. As from 2013, Member States will be allowed to remove these installations from the ETS under certain conditions. The installations concerned are those whose reported emissions were lower than 25 000 tonnes of CO 2 equivalent in each of the 3 years preceding the year of application. For combustion installations, an additional capacity threshold of 35MW applies. In addition Member States are given the possibility to exclude installations operated by hospitals. The installations may be excluded from the ETS only if they will be covered by measures that will achieve an equivalent contribution to emission reductions. How many emission credits from third countries will be allowed For the second trading period, Member States allowed their operators to use significant quantities of credits generated by emission-saving projects undertaken in third countries to cover part of their emissions in the same way as they use ETS allowances. The revised Directive extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50 of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11 of their allocation during the period 2008-2012, while a top-up is foreseen for operators with the lowest sum of free allocation and allowed use of credits in the 2008-2012 period. New sectors and new entrants in the third trading period will have a guaranteed minimum access of 4.5 of their verified emissions during the period 2013-2020. For the aviation sector, the minimum access will be 1.5. The precise percentages will be determined through comitology. These projects must be officially recognised under the Kyoto Protocols Joint Implementation (JI) mechanism (covering projects carried out in countries with an emissions reduction target under the Protocol) or Clean Development Mechanism (CDM) (for projects undertaken in developing countries). Credits from JI projects are known as Emission Reduction Units (ERUs) while those from CDM projects are called Certified Emission Reductions (CERs). On the quality side only credits from project types eligible for use in the EU trading scheme during the period 2008-2012 will be accepted in the period 2013-2020. Furthermore, from 1 January 2013 measures may be applied to restrict the use of specific credits from project types. Such a quality control mechanism is needed to assure the environmental and economic integrity of future project types. To create greater flexibility, and in the absence of an international agreement being concluded by 31 December 2009, credits could be used in accordance with agreements concluded with third countries. The use of these credits should however not increase the overall number beyond 50 of the required reductions. Such agreements would not be required for new projects that started from 2013 onwards in Least Developed Countries. Based on a stricter emissions reduction in the context of a satisfactory international agreement . additional access to credits could be allowed, as well as the use of additional types of project credits or other mechanisms created under the international agreement. However, once an international agreement has been reached, from January 2013 onwards only credits from projects in third countries that have ratified the agreement or from additional types of project approved by the Commission will be eligible for use in the Community scheme. Will it be possible to use credits from carbon sinks like forests No. Before making its proposal, the Commission analysed the possibility of allowing credits from certain types of land use, land-use change and forestry (LULUCF) projects which absorb carbon from the atmosphere. It concluded that doing so could undermine the environmental integrity of the EU ETS, for the following reasons: LULUCF projects cannot physically deliver permanent emissions reductions. Insufficient solutions have been developed to deal with the uncertainties, non-permanence of carbon storage and potential emissions leakage problems arising from such projects. The temporary and reversible nature of such activities would pose considerable risks in a company-based trading system and impose great liability risks on Member States. The inclusion of LULUCF projects in the ETS would require a quality of monitoring and reporting comparable to the monitoring and reporting of emissions from installations currently covered by the system. This is not available at present and is likely to incur costs which would substantially reduce the attractiveness of including such projects. The simplicity, transparency and predictability of the ETS would be considerably reduced. Moreover, the sheer quantity of potential credits entering the system could undermine the functioning of the carbon market unless their role were limited, in which case their potential benefits would become marginal. The Commission, the Council and the European Parliament believe that global deforestation can be better addressed through other instruments. For example, using part of the proceeds from auctioning allowances in the EU ETS could generate additional means to invest in LULUCF activities both inside and outside the EU, and may provide a model for future expansion. In this respect the Commission has proposed to set up the Global Forest Carbon Mechanism that would be a performance-based system for financing reductions in deforestation levels in developing countries. Besides those already mentioned, are there other credits that could be used in the revised ETS Yes. Projects in EU Member States which reduce greenhouse gas emissions not covered by the ETS could issue credits. These Community projects would need to be managed according to common EU provisions set up by the Commission in order to be tradable throughout the system. Such provisions would be adopted only for projects that cannot be realised through inclusion in the ETS. The provisions will seek to ensure that credits from Community projects do not result in double-counting of emission reductions nor impede other policy measures to reduce emissions not covered by the ETS, and that they are based on simple, easily administered rules. Are there measures in place to ensure that the price of allowances wont fall sharply during the third trading period A stable and predictable regulatory framework is vital for market stability. The revised Directive makes the regulatory framework as predictable as possible in order to boost stability and rule out policy-induced volatility. Important elements in this respect are the determination of the cap on emissions in the Directive well in advance of the start of the trading period, a linear reduction factor for the cap on emissions which continues to apply also beyond 2020 and the extension of the trading period from 5 to 8 years. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be banked for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price. A new provision will apply as of 2013 in case of excessive price fluctuations in the allowance market. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European market, the Commission will convene a meeting with Member States. If it is found that the price evolution does not correspond to market fundamentals, the Commission may either allow Member States to bring forward the auctioning of a part of the quantity to be auctioned, or allow them to auction up to 25 of the remaining allowances in the new entrant reserve. The price of allowances is determined by supply and demand and reflects fundamental factors like economic growth, fuel prices, rainfall and wind (availability of renewable energy) and temperature (demand for heating and cooling) etc. A degree of uncertainty is inevitable for such factors. The markets, however, allow participants to hedge the risks that may result from changes in allowances prices. Are there any provisions for linking the EU ETS to other emissions trading systems Yes. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments. The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change. While the original Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the new rules allow for linking with any country or administrative entity (such as a state or group of states under a federal system) which has established a compatible mandatory cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS. What is a Community registry and how does it work Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2013 onwards will be held in the Community registry instead of in national registries. Will there be any changes to monitoring, reporting and verification requirements The Commission will adopt a new Regulation (through the comitology procedure) by 31 December 2011 governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate. What provision will be made for new entrants into the market Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2013 (new entrants). The allocations from this reserve should mirror the allocations to corresponding existing installations. A part of the new entrant reserve, amounting to 300 million allowances, will be made available to support the investments in up to 12 demonstration projects using the carbon capture and storage technology and demonstration projects using innovative renewable energy technologies. There should be a fair geographical distribution of the projects. In principle, any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key shall take into account the level to which installations in Member States have benefited from this reserve. What has been agreed with respect to the financing of the 12 carbon capture and storage demonstration projects requested by a previous European Council The European Parliaments Environment Committee tabled an amendment to the EU ETS Directive requiring allowances in the new entrant reserve to be set aside in order to co-finance up to 12 demonstration projects as requested by the European Council in spring 2007. This amendment has later been extended to include also innovative renewable energy technologies that are not commercially viable yet. Projects shall be selected on the basis of objective and transparent criteria that include requirements for knowledge sharing. Support shall be given from the proceeds of these allowances via Member States and shall be complementary to substantial co-financing by the operator of the installation. No project shall receive support via this mechanism that exceeds 15 of the total number of allowances (i. e. 45 million allowances) available for this purpose. The Member State may choose to co-finance the project as well, but will in any case transfer the market value of the attributed allowances to the operator, who will not receive any allowances. A total of 300 million allowances will therefore be set aside until 2015 for this purpose. What is the role of an international agreement and its potential impact on EU ETS When an international agreement is reached, the Commission shall submit a report to the European Parliament and the Council assessing the nature of the measures agreed upon in the international agreement and their implications, in particular with respect to the risk of carbon leakage. On the basis of this report, the Commission shall then adopt a legislative proposal amending the present Directive as appropriate. For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 20. What are the next steps Member States have to bring into force the legal instruments necessary to comply with certain provisions of the revised Directive by 31 December 2009. This concerns the collection of duly substantiated and verified emissions data from installations that will only be covered by the EU ETS as from 2013, and the national lists of installations and the allocation to each one. For the remaining provisions, the national laws, regulations and administrative provisions only have to be ready by 31 December 2012. The Commission has already started the work on implementation. For example, the collection and analysis of data for use in relation to carbon leakage is ongoing (list of sectors due end 2009). Work is also ongoing to prepare the Regulation on timing, administration and other aspects of auctioning (due by June 2010), the harmonised allocation rules (due end 2010) and the two Regulations on monitoring and reporting of emissions and verification of emissions and accreditation of verifiers (due end 2011).This application is a Continuation of application Ser. No. 08342,809, filed Nov. 21, 1994 now abandoned. 1. A computer-implemented bond trading system embodied on a computer-readable medium, the system enabling a broker to effect a sales transaction of a bond on behalf of a seller to a high-bidding buyer in a private auction conducted without disclosing the sellers identity to the buyer, and without revealing bids to other bidders in a broker-conducted private auction of a bond lot to multiple prospective buyers wherein the system comprises: a) a broker computer system for electronically distributing a bid wanted form to the prospective buyers to solicit bids for the bond lot at prices determined by the buyers, each said bid wanted form having: i) bond lot identification information identifying a bond lot to be sold ii) an auction deadline for receipt of bids on the bond lot to be sold, the deadline being not more than two days after electronic distribution of the bid wanted form and iii) no seller identification information and b) means for receiving the solicited bids for the bond lot, from the prospective buyers at the broker station, in secrecy and prior to the auction deadline wherein the broker computer system electronically determines a high bid for the auctioned bond lot from the received bids, the high bid being the bid with the highest price, whereby the sales transaction selling the bond lot to the high bidder at the high bid price can be effected. 2. A system according to claim 1 providing for approval of the high bid by the seller before completing the sales transaction without disclosure of the high bidders identity to the seller. 3. A system according to claim 1 wherein the sales transaction is system-implemented. 4. A system according to claim 1 wherein the prospective buyers receive bid wanted forms from, and return bids to, the broker via a WAN. 5. A system according to claim 4 wherein each prospective buyer employs a software component of the system, to perform buyer functions of the system, the component being implemented on the buyers computer station without employing dedicated hardware. 6. A system according to claim 1 wherein the seller transmits offers of bond lots to be sold to the broker and receives high bids to be approved from the broker via a WAN and employs a software component of the system to perform seller functions of the system. 7. A system according to claim 1 employed to distribute the bid wanted form to at least one hundred prospective buyers within not more than one hour. 8. A system according to claim 1 wherein the bond lot is a corporate security lot, a municipal bond lot or a dollar bond lot. 9. A system according to claim 1 wherein multiple bond lots for which bids are solicited are listed on the bid wanted form. 10. A system according to claim 1 wherein the bid wanted form identification information comprises a CUSIP (trademark) number and description and one or more of, state of origin, maturity, par amount, yield particulars, concession particulars, net yields, dollar price, gross price and net dollar price whereby the bond lot is uniquely identified. 11. A system according to claim 1 wherein the priced bids received by the broker comprise a yield, dollar or other amount to indicate the price bid for the bond lot and a bidder identifier to identify the prospective buyer. 12. A system according to claim 1 wherein the system is networked to the prospective buyers and provides timed alerts to warn of approaching auction deadlines. 13. A system according to claim 1 wherein the bid wanted form comprises a current and authenticated bond lot description retrieved electronically from a reference database. 14. A system according to claim 1 wherein the additionally to the public information provided in the bid wanted form, the bond lot is system-supplied with private information, relating to a traders activities regarding the bond lot. 15. A system according to claim 1 comprising a remote trader module for use by sellers and prospective buyers, the remote trader module enabling buying or selling traders to maintain their own inventory records on their personal computers with bond lot information segregated between public and private information. 16. A computer-implemented bond trading system having a program embodied on a computer-readable medium enabling a broker to complete a bond-sale transaction to high bidders on behalf of prospective sellers, said bond trading system comprising: a) a bid wanted entry module to create electronic bid wanted forms, each said bid wanted form having a bond identifier, a bond lot description, par value, and an auction timetable specifying a deadline for receipt of bids on the bond lot b) bid wanted broadcast means to broadcast said bid wanted forms to prospective buyers, in accordance with said auction timetable and, c) bid entry means to receive bids in accordance with said auction timetable and determine a high bidder wherein a transaction comprising acceptance of a high bid by a seller is system implemented and wherein the system further comprises d) a buyers file of prospective buyers, said buyers file having a fax address for each said buyer e) a broadcast preparation module to select and tag said bid wanted forms for broadcast and to specify a relative broadcast time for completion of broadcasting to said prospective buyers and f) a fax broadcast service communication module including a fax broadcast service address to send said selected bid wanteds to said fax broadcast service for broadcast to said prospective buyers by said broadcast time. The invention lies in the field of computerized systems that are useful in the business of trading municipal and other bonds. More particularly it relates to systems that can directly assist municipal bond brokers brokers to make new and profitable trades by bringing together buyers and sellers of specific individual bonds, to transact trades with anonymity between the buyer and seller. In addition, the invention relates to systems that can assist municipal bond brokers brokers accurately describe and identify bid lots and organize their trading business. Bonds are interest-bearing securities issued by governments, government agencies and quasi-government agencies (municipal bonds), or by commercial corporations with the promise to repay the principal at a fixed future maturity date. The present invention is concerned with municipal bonds issued by state and local municipalities and with corporate and other securities traded in a comparable manner as will be apparent to those skilled in the art. Securities brokers are licensed by the Securities and Exchange Commission to buy and sell, or trade in financial securities including commercial stocks and bonds and municipal bonds, on behalf of members of the public, for a commission. Any licensed securities broker can trade in bonds, separate licensing is not necessary, but some brokers specialize in municipals. No exchange exists for trading bonds. When a securities broker needs to find a purchaser for a municipal bond to complete a sale for a selling customer or needs inventory of municipal bonds from which to make a purchase for a buying customer, the securities broker will generally go to a brokers broker who typically specializes in municipal bonds and deals only with other brokers, not with members of the public. Brokers brokers, herein referred to as municipal bond brokers or simply brokers, act on behalf of broker dealers, herein referred to as traders, to maintain a market on a riskless and undisclosed basis. Traders are individuals who maintain and control a market within their firm for their sales people, but rely on brokers for transactions with the outside world, with what is known as the street market. Brokers maintain books of the highest bid a prospective purchaser is willing to make, herein referred to as bids, and of the lowest ask, or lowest price asked by a prospective selling trader, herein referred to as offerings, on numerous different municipal bond issues. An offering is a relatively passive listing of an agency and lot as being available for sale at the asked price. An offering lacks urgency and immediacy and lists of offerings are maintained as on-hand inventory by municipal bond brokers. When a client wishes to make a quick sale of a bond lot that fact is broadcast to prospective buying traders as a bid wanted for a limited period of time, typically a few hours, or a day or two at most, to solicit a high bid. A trader, some firms have two or more traders, has the responsibility of maintaining inventory for a specific area of the municipal bond market, or type of bond, for example, insured bonds, short term maturity bonds, or long term maturity bonds. The bonds in inventory have a total position par amount known as the position of each lot and an offering par amount known as the offer or offering price. The position is an established price at which the bond lot was purchased and may be averaged across different prices for groups of bonds in the lot, for example, 10 bonds at 100, 20 bonds at 9912, and 30 bonds at 99 might constitute a lot of 60 bonds having a position price of 99.333, which is the average cost of each bond in the lot. An offering quotes a price at which the lot, or a part of the lot, is for sale for example, 25 at 9934. The function of a broker is that of both a buyer and a seller on every transaction, analogously to a wholesaler. The broker buys from a selling trader and sells to a buying trader. The broker obtains a firm bid before making a purchase from a seller and is therefore not at risk. The terms and parties to a municipal bond transaction are not publicly disclosed although the new purchaser is registered as proprietor of the lot with the issuer, and receives interest payments, calls and other notifications. The broker has no set position in the marketplace and is therefore able to be unbiased as to market direction. Municipal bonds attract a wide following because of their tax-exempt status which also gives them a character of geographical interest. All such bonds are federally tax exempt and they are generally tax exempt under all superior jurisdictions. For example, New York City bonds are exempt from New York City, New York State and Federal income tax, but the interest on such bonds is likely to be taxable that is, subject to state income taxes for out-of-state residents of, for example, New Jersey. Because of the strictly geographical nature of the issuer, municipal bonds generally have a rather localized regional interest so that, for example, residents of the state of Oregon may well be interested in California bonds but will have little if any interest in bonds issued in Florida or New Jersey. In the United States there are approximately one and one half million issues of such tax-exempt securities but there is no exchange through which they are traded and where a dynamic market can be made between willing sellers and willing buyers in competition with one another to determine a fair price for a given security having regard to all available information. Nor are there specialists for individual bonds or types of bonds as there are for commercial securities on stock exchanges. These commercial securities specialists are intimately familiar with the details of the securities in which they specialize and with relevant market forces, and are therefore able to handle their specialist securities more efficiently than can other traders. Instead of using an exchange and product specialists, most municipal bond transactions are channeled through a small number of municipal brokers firms acting as brokers as described above. As of fall 1994, there are only twenty-one such firms in the U. S.A. One difficulty encountered by firms engaged in municipal bond sales is in obtaining accurate and up-to-date information on any one of over a million different bonds. Various electronic information means exist to assist municipal bond brokers in trading municipal bonds. For example, some useful services are provided by brokers themselves whose function it is to match bids with bid wanteds as quickly and as profitably as possible. Brokers compete with one another to obtain bid wanteds from and to make deals with their clients, municipal bond traders. To attract and retain clients and to encourage the continuous use of brokers services, some brokers make sophisticated information systems available to the traders. A Municipal Trading System dated Aug. 19, 1993 from FABKOM, Inc. discloses a computer-implemented municipal trading system for inhouse use by municipal bond brokers brokers which assists their internal trading operations with outputs to proprietary information services such as Telerate (The Blue List Ticker), Munifacts, and Reuters (trademarks of their respective owners). The FABKOM Municipal Trading System does not solve the problem of rapidly communicating bid wanteds to large numbers of prospective bidders or to provide accurate up-to-date bond lot description information nor does FABKOM provide any new means for enhanced solicitation of bids from large numbers of potential buyers. J. J. Kenny Drake provides a private, dedicated printer and optionally a screen in a traders office. Such additional hardware can be problematical in the crowded office environment of many traders. Another difficulty encountered by municipal bond brokerage firms attempting to consummate a substantial volume of trades quickly is that regulatory agencies prohibit brokers from making trades that are exclusively computer executed and require no physical intervention by a bidder to authorize the bid. Further, the authorization has to be related to an authenticated description of the security by a licensed professional. Unless there is voice-to-voice communication between buyer and seller, an exchange license is required. Accordingly, there is a need for a system that can rapidly disseminate accurate, up-to-date information on any one of more than a million bond lots, to hundreds of potential buyers and can quickly solicit prospective buyers for the lot, identify a high bidder and to effect a profitable trade. SUMMARY OF THE INVENTION The invention, as claimed, is intended to provide a remedy to the difficulties encountered by municipal bond brokers in obtaining accurate and detailed information on municipal bond lots and sales while the transactions are occurring. This problem is solved by providing a computerized municipal bond trading system having the capability to conduct a private electronic auction of bid wanteds between a central market-maker and multiple remote clients who are prospective bidders. Preferably, bid wanteds included in the auction are rendered time-sensitive by including a time limit for receipt of bids by the market-maker. Transmission of bids to the market-maker from the bidders must be confidential so that bids are not disclosed to other bidders. In maintaining bid confidentially, the system thus operates in a manner resembling a sealed bid auction such as is used for government contracting, albeit with a much shorter time scale. Preferably, also, each lot on which a bid is wanted is electronically transmitted or made available more or less simultaneously to all desired prospective bidders, for example, by using a fax service to broadcast a bid wanted, stamped with an auction deadline to hundreds of traders to solicit bids. By broadcasting a large number of traders in a short period of time and constraining the solicitation of bid wanteds into the focussed time frame of an auction, superior results can be obtained in that more traders respond more quickly and profitably, enabling the broker quickly to consummate a satisfactory sale for a selling trader. Preferably, the system includes a security master database of reference material, preferably refreshed nightly from a reference database, from which the accuracy of broadcast bond lot descriptions and identifications can be verified, corrected and supplemented, if necessary, enabling a broker to circulate bid wanteds with up-to-date accurate descriptions. Communication with client traders may be made directly to a clients workstation over a WAN, using known linking means such as wired or wireless links via modems, network interface cards transceivers and the like, or via facsimile, herein referred to as fax, by out-putting in hard copy at the clients premises or into a computerized fax receiving device. Bids can be transmitted from clients to the market-maker in any suitable manner. In a preferred embodiment they are transmitted by fax. Direct electronic generation or input of bids by keyboard, mouse, stylus or other impersonal input device without employing a clients imprint is possible, in accordance with the invention. Also, simultaneous transmissions by competing clients across a network can be rendered highly secure using known coding, routing and verification means, if desired. However, some clients may believe, with or without justification, that network-transmitted bids can be illicitly intercepted by competitors using computer-eavesdropping techniques such as those employed by hackers. BRIEF DESCRIPTION OF THE DRAWINGS Some preferred embodiments of the invention, including the best mode contemplated of carrying out the invention, will now be described in detail herein below with reference to the accompanying drawings which illustrate only one specific embodiment of the invention and in which: FIG. 1 is a schematic block diagram showing the flow of data between a bond selling trader and multiple buying traders linked via a municipal bond trading system according to the invention FIG. 2 is a schematic representation of a command menu screen for the municipal bond trading system shown and described with reference to FIG. 1 FIG. 3 is a block diagram showing one possible process flow of a user interface for the municipal bond trading described with reference to FIG. 1 FIG. 4 shows a sample bond lot entry screen for posting bond lot data to a modified version of the trading system shown in FIGS. 1-3 FIG. 5 shows a sample bid entry screen analogous to the bond lot data entry screen of FIG. 4 FIG. 6 shows a sample Add CUSIP (trademark) information screen for supplementing, or correcting, bond lot information, for use in the modified municipal bond trading system referenced in relation to FIGS. 5 and 6, with lot data entered FIG. 7 shows a portion of a sample offerings listing from a database resident at a brokers office FIG. 8 shows a portion of a sample offerings listing from a database resident at a trader or customers office and FIG. 9 is a sample completed bid wanted form for use with, and at least partially generated by, the trading system of FIGS. 1-3. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS The present invention relates to a computerized system providing new ways of brokering municipal bonds, thus enabling municipal bond brokers to conduct business more efficiently and enabling a municipal bond brokerage (or broker hereinbelow) to provide a more efficient marketplace for bonds. It provides an in-house computer system employing novel computer-implemented brokerage software. The system could be implemented on a stand-alone or multi-user dumb terminal system, but is preferably implemented on a local area network, herein referred to as a LAN. Enhanced embodiments of the system contemplate a wide area network, herein referred to as a WAN, in which remotely situated trader customers can communicate across a digital network with a central brokerage house. An alternative embodiment of the invention is to register the municipal bond trading system as a licensed exchange with the Securities and Exchange Commission, hereinafter referred to as SEC. Pursuant to the invention, the broker (brokers broker or municipal bond specialist) compiles records of all offers received from various traders and firms into a central listing of offerings. Offerings which have not traded (because they did not receive their ask price) or low bids made against those offerings can be easily marked for inclusion in a silent auction pursuant to the invention as bid wanteds. Such a silent auction is a novel and beneficial feature of the invention, not heretofore known in the industry. Traders participate in silent auctions, with secret bidding, and rely on brokers to run these silent auctions. Referring to FIG. 1, in a preferred embodiment such as that shown in the drawings, the invention comprises a software-enabled, computer-implemented municipal bond trading system 10 for use by SEC-registered municipal bond brokers firms to serve the community of SEC-registered securities brokerage firms who deal with the public, such as selling traders 14 and buying traders 12, for executing transactions in unlisted securities, especially municipal bonds, without disclosing the seller to the prospective buyer. The municipal bond trading system 10 of the invention enables a broker who deploys it to perform a centralized market-making function in a manner providing many of the advantages of a live exchange such as the New York Stock Exchange, without, in preferred embodiments, requiring an exchange license. Although the municipal bond trading system 10 is shown in FIG. 1 as occupying a central function between sellers such as selling trader 14 and buying traders 12, it is to be understood that this is a schematic representation, and as will be further explained hereinbelow, preferred embodiments of the municipal bond trading system 10 include components running at the premises of buying traders 12, and optionally, also at the premises of selling traders 14 to integrate both sellers and prospective buyers into a coherent market-making system. Unlike, for example, the J J Kenny-Drake McGraw Hill screen system, which places a dedicated printer or terminal in the office of a trader, the municipal bond trading system 10 of this invention can be implemented in PC-compatible software running on a traders existing computer hardware employing major operating systems such as DOS (available in several versions, for example, from Microsoft Corp, IBM Corporation, Novell, Inc.), Windows (trademark, Microsoft Corp.), Apple Computer Corp. s operating systems, and possibly IBM Corporations OS2 (trademark). This avoids interposing additional hardware into a traders crowded work area, and permits a user to multi-task the municipal bond trading system 10 with other applications at the same workstation. Preferably, the municipal bond trading system 10 uses operating system interrupts for the temporary insertion of time-sensitive screen messages or overlays when the user has other applications on-screen. A job lot 16 comprises a list of one or more bond lots, each of which is a bid wanted, offering or a dollar bond quote. For sale is an industry phrase which means that a seller has accepted a bid at a level reasonably close to the lots value and will execute on the bid. A selling trader 14, who may be an owning institution or individual but is preferably an SEC-registered securities broker dealer, transmits one or more job lots 16 of bonds for sale to the municipal bond trading system 10 maintained by a broker, who functions as a market-maker, at any time convenient to the selling trader 14. Transmission of job lots 16 to the municipal bond trading system 10 can be accomplished in any conventional manner written, faxed, telephoned, or the equivalent, but is preferably electronically effected in a file that can be directly processed by the municipal bond trading system 10, for example, via confidential e-mail, as are communications from the market-maker to the seller, over data lines 15. Most preferably, the seller is computer-linked to the municipal bond trading system 10 on a LAN or a WAN. After appropriate central processing employing the municipal bond trading system 10, bid wanteds are circulated to buying traders 12 in order to solicit bids 18. These functions are described in greater detail herein below. Bids 18 are received from one or more buying traders 12 and transmitted to the seller by any suitable means, such as fax or computer network, as described above, for further processing. If the selling trader 14 accepts the bid 18, the brokers broker marks the lot for sale and completes the execution, preferably with the assistance of the municipal bond trading system 10, and then transmits customary buy and sell tickets 20 to the selling trader 14 for their internal processing. If traders are utilizing the system on their workstations, they will execute a buy utilizing the program while the broker executes a sell. In a modified embodiment, subject to compliance with licensing requirements, the system can be operated as an exchange, providing a direct transaction between a selling trader 14 and a bidding trader 12, conducted through the intermediary of the trading system 10. The double step required in conducting a buy-sell transaction with both the selling trader 14 and the buying trader 12, can be eliminated. Alternatively, trading system 10 may receive bid wanteds in electronic form, without vocal communication, and system-select the best bid for entry and referral to the selling trader 14 for acceptance, which electronic non-vocal automated trading procedure currently requires an exchange license. The system can be tailored to transmit information of the transaction to the traders in-house processing system for proper recordkeeping and accounting and to maintain an inventory of bond lots in position for the trader. It is the brokers responsibility to attempt, in a timely manner, to find a buyer for each lot in the job. Some institutions, for example, unit investment trusts, are required by regulation or their own constitutions, to have gone to every reasonable extent to have offered bonds to numerous brokers before completing a sale to the highest bidder. The novel municipal bond trading system 10 of the invention described herein facilitates fulfillment of this requirement by enabling rapid distribution of job lots 16 to a wide base of customers, selling traders 12, and by providing quick and efficient means for evaluating, collating and transmitting even a large number of bids 18 to the seller for further action. Before a trade is executed, a municipal bond lot must be identified with a Central Unified Security Identification Process number, herein referred to as CUSIP (trademark) issue identification number. CUSIP is a registered trademark of the American Bankers Association (ABA). The bond lot must also have an authentic description and a par value, usually some thousands of dollars, describing the size of the lot. Unlisted bond descriptions are subject to change at any time. For example, bond ratings are continually changed by rating agencies, and a bond may be called in for repayment on as little as thirty days notice. Ratings and calls are an essential part of the description of a security and can dramatically affect the character of the investment. It is accordingly highly desirable to include such changes of description in each bid wanted before distributing it, which presents a problem. Failure to use a current and authentic description may require a disconcerting disclaimer to be included in the description, for example, Not all calls may be listed. Such disclaimers are very undesirable sales characteristics and create uncertainties regarding completion of a trade to a high bidder. Authentic descriptions are available from a reference database, such as the KENNYBASE (trademark) database maintained by Kenny Information Systems, Inc. which is often identified by the shorthand term KIS. Reference herein to a KIS database or to KIS is to the KENNYBASE (trademark) database. However, the online access of such a reference database during a transaction is impractical due to its slow download time, the unwieldiness of the volume of data and the potential for incorrectly copied data. To provide contemporaneous descriptions rapidly, in a manner suitable for processing lots in volume, the invention employs a security master database 24, wherein bond descriptions are stored cumulatively, whenever the municipal bond trading system 10 encounters them, to be available for future use. The security master database 24 can be primed or supplemented with preferred lists of bond descriptions and has no particular limits, but it is much smaller than the reference database 22, thus enabling a faster search and access capability. For municipal bond trading, the reference database 22 is preferably the KIS database. In a preferred embodiment, the structure of the security master database 24 is substantially matched to the fields in the reference database 22 and contains no additional fields, so that it may be purged of aged, inactive records without losing any historical transactional data or other useful data not available from the reference database 22. The security master database 24 can be updated nightly from the reference database 22, to keep it within a day of the latest developments. Alternatively, other means may be used to maintain synchronicity of common data fields between the in-house security master database 24 and the remote reference database 22. Each lot of a new job lot 16 is supplied with a description from the security master database 24, which can be rapidly retrieved over a LAN, WAN or similar network. If no description is present on the security master database 24, the description is pulled down directly from the reference database 22, which process is slower because of the relative database sizes, the time taken to make a remote connection, and possible queuing delays if the reference database 22 server is busy. Similarly, identification numbers such as CUSIP (trademark) numbers, if not supplied by the seller, are furnished or verified from the security master database 24 based upon the sellers description, or, if not present on the house-controlled security master database 24, are obtained from the remote reference database 22 by searching on whatever descriptive parameters are furnished by the selling trader 14. These features of the municipal bond trading system 10 ensure that each bid wanted can be properly identified and authentically and contemporaneously described for distribution to customers, buying traders 12, in a bid wanted form 26. Once prepared, the bid wanted form 26 is distributed to the buying traders 12 to enable them to bid in a timely manner. Bids are first solicited, and if necessary, collected centrally, and then evaluated to determine the high bidder. Following this process, a compilation of bids is transmitted to the selling trader 14 for action. According to the invention, these steps are accomplished in a silent auction, conducted electronically or on paper without the necessity of voiced person-to-person communication modes, such as telephone calls. In this silent auction, each bid wanted is provided with a bidding deadline and is broadcast to reach multiple buying traders 12 prior to that bidding deadline. Traders 12 wishing to bid on the lot offered are required to return a completed bid wanted form 28 to the central municipal bond trading system 10 prior to the deadline if the bid is to be considered. Bidding closes when the deadline passes. After acceptance of a high bid by the selling trader 14 and the completion of any closing formalities, a bought-from ticket 34 is system-prepared and transmitted to the buyer for their records and processing, preferably electronically. An optional but valuable feature of the silent municipal bond auction according to this invention is the provision of timed alerts to warn of the approaching deadline. Preferably, bidding traders 12 are linked to the municipal bond trading system 10 over a computer network so that bidding deadline alerts can be overlaid, or otherwise displayed on a buying traders screen at various times throughout the auction process to advise of the approaching commencement of an auction on a particular lot, to warn of expiration of the time limit, and to provide interim advisories as the auction proceeds. Such alerts are preferably displayed on a system-wide basis on all selected and operational networked screens including those of brokers working with other applications on-screen at the time. If desired, bidding trader modules of the municipal bond trading system 10 software can include switches or filters permitting the user to choose which alerts should be flashed on-screen or which should be allowed to interrupt other applications. Preferably, an on-screen bidding advisory message requires action by the bidding trader 12 to remove it, such as pressing a particular key, and the advisory may include options, for example, Display bid wanted form, if the form is not already on-screen. Audible signals or messages may accompany or replace the displayed alerts. For example, distinctive musical chords may signify different stages of the bidding process and voiced messages may be sent to traders having digital sound capabilities. Sound alone is probably not satisfactory since an audible signal will not be received by traders who are away from their screens. A small residual screen box, for example, can give a trader the opportunity to playback a missed audible message to which they had failed to provide a requested response. In a preferred display protocol, by way of example, an alerting message is distributed fifteen minutes before the commencement of an auction when bids are due. Then, fifteen minutes after an auction commences, if no bids have been reported to the selling trader 14, a message such as Bids Not Up can be distributed. Other similar messages can be distributed at fifteen and five minutes prior to a deadline. Such alerts can be accompanied by full or abbreviated descriptions of the offered lot for which a bid is wanted. The invention also enables a seller to place a job on Hold by setting it up in advance for bid wanteds. Such preparation could take as long as one-half hour or more for large jobs. This advance preparation enables the seller to wait for favorable market conditions and quickly respond to changes in conditions with a timely transmission of bid wanteds to the trading system 10. The novel bond-lot auction procedure described herein provides a separate, quick, economical and efficient auction for each bid wanted or job lot offered. The process of disseminating bid wanteds and soliciting and collecting bids can be confined to a well-defined time frame. The onscreen bid deadline alerts command a traders attention, have immediacy and focus a traders attention on the bid wanted particulars. The invention significantly improves the volume and quality of responses received to a bid wanted and thence their profitability because traders can enter bids with their own equipment: a concept which is unique in the industry. The municipal-bond marketing process is very competitive. Brokers compete for the time and attention of buying traders 12 and compete to produce results for the selling traders 14. The same trader may be a selling trader 14 on one trade and a bidding trader 12 on the next. Delays in distributing a bid wanted to a buying trader may lead to missed opportunities for the seller if the trader buys a different lot with comparable financials in the interim. Many selling traders 14 are sophisticated traders with ways and means of comparing the performance of the specialist municipal bond brokers to whom they entrust their bond lots for marketing. A market-making municipal bond brokers performance is greatly enhanced by employing the inventive municipal bond trading system 10, because the broker can instantly transmit a complete and accurate bid wanted to a large number of traders simultaneously. Some advantages of using the municipal bond trading system 10 are readily apparent in terms of more bids, shorter turnaround times between a sellers listing of a job lot with a broker using the municipal bond trading system 10 and receiving back an ordered list of bids received, fewer completion problems, and possibly better prices. The problem of distributing bid wanteds to a specified number of buying traders 12 in a short time frame can be solved in various ways, but a particularly preferred solution utilizes fax transmissions of bid wanted forms 26 to a specified group of buying traders 12 who can receive the bid wanted form 26 on paper, by computer or in both ways. This method of transmission is also suitable for distributing bid wanted forms 26 to any individual buying trader 12. In preparing job lots 16 for fax broadcasting, the municipal bond trading system 10 organizes all active job lots 16 in a queue so that the broker can designate, or tag, selected lots for faxing. The system sorts tagged lots for faxing by auction time, and sends them to a fax service 30 at a predetermined interval before the auction commences. Fax distribution of job lots 16 can be effected by transmitting bid wanted forms 26 to a fax service 30, which then transmits appropriate fax messages to the specified list of buying traders 12 across data lines 32. Of course, in the case of fax transmissions, data lines 32 are telephone lines or telephone signal pathways. Most bid wanted forms 26 will be transmitted to at least tens, and more probably, hundreds of buying traders 12. In 1994, one list of such prospective buyers comprises nearly eight hundred names. Preferably, to be functional in the municipal bond industry environment, a fax broadcast of bid wanteds should be completed within at least one hour and preferably in less time, for example, twenty or thirty minutes at the most in order to effectuate a timely auction and to be competitive with traditional distribution methods. Such traditional methods include individually calling and faxing bid wanted forms 26 to preferred customers broadcasting printouts to dedicated print terminals and, other, similar methods. Such time constraints for fax broadcasting are presently prohibitive even for large offices with electronic access to multiple fax lines, when due allowance is made for individual connect and transmission times, data transfer rates over phone lines and for redialing busy numbers. The use of a commercial, external fax service, according to the invention, which employs one or more fax servers driving banks of outcalling modems to make many fax calls simultaneously, enables even small firms to compete more effectively by fax broadcasting. For example, MCI Communications, Inc. provides a fax service which is believed to have access to as many as four or five thousand modems and associated telecommunications network facilities. Such services can transmit large numbers of faxes more or less simultaneously and can, for example, meet a target for fax transmission of a one page message to five hundred traders within half an hour. The fax broadcast method of bid wanted distribution described herein has multiple advantages of particular value to the sponsoring market-maker. No special equipment is required in the customers office every trader and broker has fax facilities. Faxed bid wanteds can be processed in hard copy or electronically, at the customers discretion. fax broadcasting is the fastest available means of broadcasting bid wanteds to traders without making prior arrangements. And, most importantly, a faxed bid wanted form 26 with blank bid entry areas provides an ideal vehicle for returning completed bids, also by fax. Use of fax broadcasting greatly enhances the efficiency and commercial viability of the bid wanted auction system of the invention. Preferably, and in addition to receiving faxed bid wanteds, a number of regular clients are computer networked with the municipal bond trading system 10 to receive bid wanted forms 26 in compatible computer-processable format. If the network is used for returning a completed bid wanted form 28 to the central market-maker, it is preferred that a manual signature be entered on the completed bid wanted form 28 to authorize the bid. Preferably, the bid wanted form 26 contains the full particulars of each bid wanted lot, including its CUSIP (trademark) number and description, state of origin, maturity, par amount, and coupon values (yield and concession particulars, net yields, and dollar, gross and net dollar price) if appropriate. For use in a fax-broadcast marketing system, the form preferably also includes blanks completable by a bidding trader with bid particulars, yield, dollar or other amount, as appropriate, and bidder identifiers, including the name of the bidding trader. Yields and other calculable numericals can of course be system-calculated and automatically posted from base data. A buying trader 12 can quickly write minimal bid information on a hard copy of such a bid wanted form 26, sign it, and fax it back to the market-maker, who receives a signed bid with full and accurate lot particulars complying with regulatory requirements and which does not need to be checked, verified or completed. Conventionally received bids are often incomplete, or inaccurate, and require confirmation. The command menu screen shown in FIG. 2 comprises a conventional ribbon bar 40 across the top (or, if desired, the bottom) of a users screen 42, from which drop-down menus can be activated, as shown. In general, the menu descriptions are customary ones for a database application edit menu 46, record menu 48, utility menu 50, and window menu 52 all list conventional functions which are known to anyone familiar with database management programs. File menu 54, history menu 56, and archive selection menu 58 list choices of files and functions that are specific to the municipal bond trading system 10 of the invention. The bid wanteds selection highlighted on the file menu 54 initiates a procedure that associates lot records with their bidding status. Utility menu 50 utilizes an overlaid archive sub-menu 58 to present one or more archive functions. Referring to archive submenu 58, transaction activity is classified for storage in several different ways, as shown by the menu of selections such as Lots Bids and so on. Archive functions permit historical records to be copied to tape, or other remote or backup permanent storage, enabling system storage capacity to be maintained by purging old records. Provision is made for storage (typically to hard disk) and archival of the host bond brokers daily system-generated transactions by selection of the Lots Bids option, or to update the brokerage firms home office records or the security master database 24 records, and to store a record of all outgoing faxes and E-mail using the outgoing EB function of archive submenu 58, which refers to outgoing e-mail broadcasts. The e-mail legend in e-mail window 44 describes a capability to send bid wanted forms 26 by e-mail, in automated mode to a predetermined destination list, which may be selected from multiple lists of buying traders 12, grouped according to their buying preferences, and networked with the municipal bond trading system 10. The remaining functions shown in FIG. 2 are standard or self-explanatory and will not be further described. As indicated in menu box 44, the preferred embodiment shown employs an auto-open feature so that a time-sensitive bid wanted form sent via e-mail using this menu selection is promptly displayed on a buying traders 12 screen, interrupting other applications if necessary. Exemplary database structures for exemplary databases usable in practicing the invention, including structures for the files listed in file menu 54 are set forth in the accompany Appendix. Menu bar 40 can be present on some or all screens of the municipal bond trading system 10 software to provide users with a wide range of viewing and administrative functionality at any time. Following traditional database management practice, not all functions may be available from all software screens and available capabilities may be adjusted according to a users status so that, for example, only an administrator can access utility menu 50. Referring to FIG. 3, multiple options are displayed when the municipal bond trading system 10 is opened, enabling a brokers broker to conduct normal day-to-day municipal bond trading functions with the advantages described herein. The ORDER through SELECT functions across the top of FIG. 3 can be presented as a menu or a button bar of user selections or in any other convenient way. Each selection provides an input window or screen as will now be described. The Order button 60 sets the order in which lots are viewed. Lot data is either electronically transmitted from a seller 14 or can be manually entered in a program button (not shown) or elsewhere. The New Job button 62 provides for job creation, lot data entry and verification, and permits selected actions to be taken on a newly created job. The On-Hold button 64 permits jobs to be put on hold during the new job entry procedure, and later returned to active status. The Lot Action button 66 opens a new Lot Action Button Bar 68, or menu, which enables a user to perform multiple actions on a lot. The Bid Entry button 70 provides for entry of bid details received from a buying trader 12 and for action on a bid. Duplicate Bid Action button 72 provides options in case multiple bids for the same lot are received from the same buying trader 12. The Find button 74 enables a trader to search all available lots in the database on a variety of user-selected criteria, for example, yield, maturity, issuer, geography and the like. The PrintFax button 76 permits selected lots information to be output from the system and can include formats, filters, styles and addresses to facilitate output, especially to provide a quick response to a buying trader 12. The Select button 78 enables a trader to create one or more private filters for use with the Find button 74 or the PrintFax button 76. Activating the New Job button 62 opens window 80, which enables a seller to post job data such as customer information identifying and describing the selling organization, as desired, trader information identifying the individual selling trader, the number of lots in the job, and time qualifiers for entry of the new job into a bid wanted auction. To facilitate data-entry, this information can be system-provided by selection from lists or by using defaults. Window 82 provides for the entry of lot data including an identification number, notably, for municipal bonds, a CUSIP (trademark) number, and a par amount for each lot, representing the value of the lot at par, typically, for example, on the order of five or ten thousand dollars. Window 84 permits the user to verify, complete, and update the lot data as necessary, and, if necessary, interrogates the remote reference database 22, in this case, the KIS server, for completion or authentification of data. Employing an issue-identifying CUSIP (trademark) number, the user or system checks the house-maintained security master database 24 and retrieves a full, authenticated issue description as down-loaded (or updated or checked) the previous night from the reference database 22, the KIS server, and incorporates this description into the new job for itemizing in a bid wanted. Description retrieval can be effected with the usual speed of direct client access to a locally networked file server. If the CUSIP (trademark) description is found in the security master database 24, processing proceeds to the job complete window 86. If the CUSIP (trademark) number is not in the security master database 24, an inquiry is placed in a lookup queue of the reference database 22, branch 88, to obtain an identification number using available bond issue description, and the full, up-to-date particulars including calls and ratings are received, logic block 90, returning to the job complete window 86. A complete job can be acted on by the user in a number of ways, depending upon the nature of the job, as shown in the bottom row of buttons 92-98 in FIG. 3. If the job is a bid wanted, an auction is created specifically for that job, using the Bid Wanted button 92. If the job is a completed offering, dollar bond or auctionable bid wanted, ready for distribution, it can be dispatched for broadcast via the Send button 94 to the fax server, or to proprietary information services, for example, Kenny SPs Blue List Bond Ticker, currently broadcast over Telerate, Reuters, and Bloomberg Information Services. Activating the Off-the-wire button 96 ensures that the relevant job lot 16 is not broadcast. Activating the Hold button 98 puts the job on hold for changes to be made or information to be added. Bid wanteds broadcast to outside information services such as Kenny SPs Blue List Bond Ticker can be indexed chronologically for delivery to customers or prospects with the latest lots listed first. Offerings and dollar bonds, which may not be time-sensitive, can be listed in any desired order. Referring to the Lot-action-button Bar 68, the Bid-entry button 100 accesses the bid entry screen of FIG. 5. The bid entry screen is accessible from both button bars because some users will not have access to the lot action bar, such as administrative assistants, clerks, and the like. The Bid-up button 102 marks the record of a job lot 16 as bid up to the seller meaning that one or more bids have been received and sent to seller 14 whose action is awaited. The Will Not Trade (WNT) button 104 marks the record as Will Not Trade when the seller has decided not to sell because bids received are too low, or for any other reason. Options marking the record as priced, that is, offered, or not priced, or traded away, if the lot has been sold through other channels, can be added if desired. For Sale button 106 marks the job lot record accordingly whenever a bid is accepted and execution will take place. Sell button 108 executes a trade, marks a record as sold to the buying trader 12, and initiates routines to make a bought-from ticket for faxing to the buying trader 12 for their internal processing to report the transaction to transaction files, for example, in a nightly recap of activity to display SELL and to cancel a SELL instruction and, finally, the updated record can be copied to a new offerings file, with a query as to the price, to be re-offered. Button 110 is a cancel-sell button enabling a trade to be canceled or bought back from a buying trader 12. Buy button 112 marks a job lot record as bought makes buy and sell tickets for fax to the seller for sending to their back office. Transaction records are updated. The Cancel-buy button 114 enables a buy to be canceled. All buys and sells file records can be exported to the brokers back office for processing and delivery of records. Re-offer button 116 enables recently sold lots to automatically posted as a duplicate offering item with a reoffering price. History button 118 displays a history of items or lots by any desired parameters, for example, by CUSIP (trademark) number and trade date. Calc button 120 provides a calculator for trial calculations on a bond lot. Fax Seller button 122 sends a fax of auction results to seller 14 and Menu button 124 returns to command menu 40. The screens of FIGS. 4-6 show possible embodiments of user interfaces for a slightly modified version of trading system 10. In common with other developmental technical projects, software undergoes various changes and revisions as it evolves from concept to realization. Thus, the screens of FIGS. 4-6 exhibit minor variations from the system as described with reference to FIGS. 2 and 3. Other possible variations will be apparent to those skilled in the art. The lot entry screen of FIG. 4 can be considered as a modified form of window 80 called down by new job button 62 (FIG. 3). The screen shown has a system header 130 identifying the system loaded, the version number, todays date and a settlement date. Directly beneath system header 130 is a menu bar 132 which differs slightly from ribbon bar 40 of FIG. 2 in that E-mail is not directly available from this screen and a database selection menu is added to permit the use to access various system databases, such as traders, offerings, and so on. With the lot entry screen displayed, only edit, window and help functions are available. these menus are not available. In the FIG. 4 lot entry screen, the broker can select a trader 134 and brokerage firm 136, referenced on the screen as a satellite, by setting the respective radio button indicated generally at 138 to sort the selected list. The broker can also select both a selling trader to receive the order and the lot type desired, that is, either a bid wanted, an offering or a dollar bond, via lot-type button 140. The Not in CompIn Comp option 142 allows the broker to notify the trader of the lot to make a higher, that is, more competitive, bid in order to trade or execute the bond lot. In Comp means the bid is in competition with a prior bid that the seller of the lot already has. The default for this function is set to Not in Comp.. The individual broker responsible for the lot is identified by name via Choose Broker window 144. Bid wanteds received back from bidding traders 12 by fax or other means are posted to the trading system 10 using a screen such as that shown in FIG. 5. A new record is created in a bids database which is relational to a lots database, keying on a unique record number (not shown). Referring to FIG. 5, a new bid by bidding trader 12, in this case Jeff Clark, from a hypothetical brokerage firm 136, 1st Albany Corp, is being entered on a lot identified in lot selection box 146 by the host brokerage (brokers broker) as lot A-1-VA. Jeff Clark is bidding a yield 148 of 4.500 and a concession 150 of 5.000, that is, 12 point, on the lot. If desired, the concession can be selected in concession box 152. The buttons to the left of the trader and brokerage list window provides helpful data entry functions, as indicated by their labels, which are self-explanatory. Re-enter button 154 recalls the latest record for changes. Other bottom row buttons 154 save the newly created bid to an internal database record unless a cancel option is selected after quit. The Will Bid and Pass buttons 154 tag the record accordingly with its current status. An upper row of buttons 156 permits existing bid records to be reviewed or acted upon, as indicated by the button labels, are also self-explanatory. Data changes in the will bidpass records will automatically generate and transmit messages to the traders to that effect reminding them to take appropriate action within the relevant time limit. The lot CUSIP (trademark) number and description appear along the bottom of the screen. The Add CUSIP (trademark) screen of FIG. 6 can be called up from any desired point in the system when it is desired to consult original reference database records, remotely, or locally, for example from lot data entry window 82 shown in the flowchart in FIG. 3. This screen allows the broker, or brokers clerk, to locate and add a CUSIP (trademark) number and the par amount to incomplete lot information provided that the lot description is adequate to be uniquely matched. The check lot data 84 function shown in FIG. 3 also calls this screen to allow modifications to the data. Referring to the Add CUSIP (trademark) screen shown in FIG. 6, buttons with labels similar to buttons or menu selections described with reference to FIGS. 2 or 3 provide the functions described thereat. The lower half of the screen displays lot information withdrawn from the local or remote reference database. Other functions will be self-explanatory from the button labels. The magnifying-glass icon button 158 initiates a search of the local security master database 24 for records matching the loaded lot. If none is found, remote reference database 22 can be consulted by activating Scan KIS button 160, which may take time. Other functions include a Controlling Bkrs button 162 enabling a controlling broker to be designated or changed. A controlling broker organizes the bidders on the lot and ensures that past bidders have been contacted and advised of time limits for the bids. The program automatically selects the controlling broker based on the geographical location of the lot. Group option 164 enables a broker to reset a group code based on the geographical location of the lot. Job Entry button 166 enables the broker to modify the order in which lots from a job are displayed, by modifying the order of column headers in the listing. Hold job button 170 allows the broker to choose to put a hold on the current job until more suitable market conditions arise, or other delaying factors subside. This option also allows the broker to cancel a hold and resume active status on the job. FEIGE. 7 shows a sample system menu selection bar and a partial listing from an offerings database (sorted on maturity date) resident at the brokers office. The details of the listing will be apparent to those skilled in the art, having regard to the foregoing description, but of interest are the records for trader ABC, here marked as ABC-NY shown intermingled with records of other traders. The listing is sorted by maturity date. FEIGE. 8 shows a similar partial listing of the inventory of ABC including a different branch office, which could be resident at the office of ABC. Referring to FIG. 9, the bid wanted form 26 shown therein is suitable for rendering on standard paper, for example letter size, which can list of the order of seven bond lots for bid, of which two are shown. Form 26 comprises a source broker identifying header 172 under which an accreditation 174 of the bond description source (CUSIP) appears along with a disclaimer. Across the top of the form is an electronically posted fax address 176 of the bidding trader 12 to which the bid wanted form 26 is sent. This is useful as it identifies the bidder when the completed bid wanted form 26 is faxed back to the broker. The brokers lot identification number 178 appears to the left of a lot description 180 which is accompanied by complete lot information including CUSIP (trademark) number 182, rating 184, rating agency 186, call information 188, coupon 190 and maturity 192. As completed, a manual bid 194 has been entered in the space provided and the bid is authorized by the traders signature 196. Optionally, the municipal bond trading system of this invention can include, or be embodied in, a remote trader module, and allow buying or selling traders to maintain their own inventory records on their personal computers with bond lot information segregated between public and private information. The system maintains local area network inventory records for the trader, while reporting offers, via modem, to the brokers records, such as those shown in FIG. 8. The public information to be included in a street or publicized offering can comprise the par amount, description and an asking price expressed as a yield, concession or dollar price. In addition to the public information, a bond lot can be supplied with private information, using the trader module, which private information comprises items such as total position size or par amount, dollars at risk, a hedge price (a price at which to sell futures against the bond lot, an average cost, a profit or loss at the asking price and a sales credit (or commission, for in-house sales staff). Preferably, the trader is networked with the trading system 10 so that the municipal bond trading system offering database is automatically updated with the public information on a bond lot as this information is posted or updated at the traders personal computer. The bond lot description and CUSIP (trademark) number can be verified either from security master database 24 or reference database 22, at the brokers facility by the trading system 10, as described herein, and relevant additions or corrections can preferably also be transmitted to the remote trader. This process of maintaining duplicate records on the traders hardware, makes tagging an offering and requesting a bid wanted auction a much quicker process, which is another unique and beneficial feature of the invention. Furthermore, verification of bond lot descriptions against KIS source data by the central trading system 10 enables a trader to work with accurate, verified descriptions, without having to make their own KIS server access arrangements which would be slow and costly for a trader at a facility lacking a security master database which is refreshed nightly. The inventive municipal bond trading system 10 described herein provides a novel bond lot auction process and a novel bid wanted fax broadcasting process enabling buying traders to be brought together with sellers to trade bond lots in new and valuable ways. Authenticated bid wanteds can be rapidly broadcast to any number of buyers using the fax broadcasting system, according to a timetable specific to each bond lot. The auction process commands attention with its timetable and onscreen alerts and contains the solicitation of bid wanteds in a desired time frame and at the same time enabling any buying trader easily to bid on a lot. More traders are reached more effectively, leading to more and higher bids and quicker sales at better prices for sellers. In addition, full history information is readily available to facilitate future marketing and sales strategies, and in particular, individual traders can be tracked, and their buying or selling histories can be maintained independently of the brokerage firms with which they are associated, so that they can be more effectively serviced when they change firms. Furthermore, by providing a software means to deliver printed bid wanted forms to buying traders, any need for dedicated hardware can be avoided. It will be understood that the systems and software referenced herein include, either explicitly or implicitly, software implemented on computers or other appropriate hardware, including such other intelligent data processing devices having a processor, data storage means and the ability to support an operating system, with or without user interfaces, for example, file servers, as may be useful in achieving the objectives of this invention. Software components and applications embodying the invention can be distributed in electronic bit storage on magnetic, optical, bubble or other media, and optionally in transportable form to be interactive with an electronic reading device, for example, on computer or optical diskettes, or may be distributed over wired or wireless networks for storage by the recipient on such media. Preferred embodiments of the invention provide such media-stored software in a commercial package accompanied by instructions in printed book or booklet form, for deployment of the software on particular embodiments of a general purpose computer to cause same to operate as a special purpose computer, in accordance with the objectives of the invention. License agreements and registration as a means for updating may also be included. Alternatively, the instructions may also be provided as data files. It will further be appreciated that such media-stored software constitutes an electronic customizing machine which can interact with a magnetically or optically cooperative computer-based input device enabling the computer to be customized as a special purpose computer, according to the contents of the software. To cause a computer to operate in such customized, special-purpose mode, the software of the invention can be installed by a user or some other person, and will usually interact efficiently with the device on which it is resident to provide the desired special-purpose qualities, but only after the selection of a certain set of configuration parameters. When so configured, the special-purpose computer device has an enhanced value, especially to the professional users for whom it is intended. While some illustrative embodiments of the invention have been described above, it is, of course, understood that various modifications will be apparent to those of ordinary skill in the art. Such modifications are within the spirit and scope of the invention, which is limited and defined only by the appended claims. Also, different fields are maintained for each bond parameter providing the broker, and if so linked, the trader, with the ability to sort bond lots by any such desired parameter. While some illustrative embodiments of the invention have been described above, it is, of course, understood that various modifications will be apparent to those of ordinary skill in the art. Such modifications are within the spirit and scope of the invention, which is limited and defined only by the appended claims. APPENDIX SAMPLE DATABASE STRUCTURES USABLE IN THE MUNICIPAL BOND TRADING SYSTEM DESCRIBED HEREIN 1. Lots 1 CUS - - CHG C 1 2 JOBENTRY N 5 3 ITEMNO N 4 4 TIMELIMIT C 40 5 CUSIP C 9 6 PARAMT N 6 7 GROUP C 2 8 STATE C 2 9 STATUS C 15 10 ITEMSTAT C 4 11 COUPON N 7 12 MATURITY D 8 13 DESC C 40 Total 144 2. Bids 25 Yield N 5 26 Concession N 6 26a Concession Plus N 6 27 Dollar N 8 28 Gross Dollar Price N 9 29 Net Dollar Price N 9 30 Net Yield N 5 31 Net Yld To Call N 5 32 Net Yld To Par Option N 5 33 Net Yld To Sinkg Fund N 5 34 Specification C 15 36 Cover N 6 37 Posits Of Bidder N 2 38 Out By N 6 51 Bidder C 10 52 Trader At Bidder C 20 53 Posted C 6 54 Inputter C 6 3. Customer Master 1 Customer Code C 11 2 Security Dealer C 30 3 Addr1 C 30 4 Addr2 C 30 5 City C 30 6 State C 2 7 Zip C 10 8 Exchange Assoc. C 12 9 Clear through C 25 10 DTC C 4 11 NSCC C 4 12 Tax I. D. C 10 13 Tel C 14 14 Fax C 14 4. Trader Master 1 Trader Code C 6 2 First C 15 3 Last C 15 4 Title C 12 5 Sal C 12 6 Telno1 C 18 7 Telno2 C 18 8 Faxno1 C 18 9 Faxno2 C 18 10 Dept. C 12 11 Interests C 30 12 History C 20 13 Memo M 5 Firm Master 1 Customer code C 11 2 Firm C 30 3 Addr1 C 30 4 Addr2 C 30 5 City C 30 6 State C 2 7 Zip C 10 8 Exchange Assoc. C 12 9 Clear through C 25 10 DTC C 4 11 NSCC C 4 12 Tax I. D. C 10 13 Main Tel C 14 14 Main Fax C 14 15 PS Name C 30 16 PS Tel C 14 17 PS Fax C 14 15 PS Name C 30 16 PS Tel C 14 17 PS Fax C 14 18 Buy Contracts Name C 30 19 Buy Contracts Tel C 14 20 Buy Contracts Fax C 14 21 Sell Contracts Name C 30 22 Sell Contracts Tel C 14 23 Sell Contracts Fax C 14 24 Buy Delivery Name C 30 25 Buy Delivery Tel C 14 26 Buy Delivery Fax C 14 27 Sell Delivery Name C 30 28 Sell Delivery Tel C 14 29 Sell Delivery Fax C 14 30 Buy Xcontracts Name C 30 31 Buy Xcontracts Tel C 14 32 Buy Xcontracts Fax C 14 33 Sell Xcontracts Name C 30 34 Sell Xcontracts Tel C 14 35 Sell Xcontracts Fax C 14 6. Security Master 1 CUSIP C 9 2 GROUP C 2 3 COUPON N 7 4 MATURITY D 8 5 MOODYRATE C 5 6 S - - P - - RATE C 5 7 FITCHRATE C 6 8 STATE C 2 9 FULLDESC M 10 10 COUPDATE1 D 8 11 CALLCODE C 1 12 CALLDATE D 8 13 DATEDDATE D 8 14 CALLPRICE N 7 15 PARCALLCD C 1 16 PAROPTDATE D 8 17 PAROPTPR N 7 18 SINKFUND D 8 19 PUTFREQCD C 2 20 PUTTYPE C 1 21 PUTOPTDATE D 8 22 PUTOPTPR N 7 23 PUTFREQCD1 C 2 24 PUTTYPE1 C 1 25 PUTOPTDAT1 D 8 26 PUTOPTPR1 N 7 27 ELIGDELFRM C 2 28 DESC C 40 29 FEATURECD C 1 30 BONDFORM C 2 31 BONDTYPE C 1 32 INSURED C 2 33 SETTLESTAT C 1 34 SETTLEDATE D 8 35 CALLFREQCD C 1 36 REFUNDCD C 1 37 INTERPAYCD C 3 38 INTERPERCD C 2 39 INTACCDATE D 8 40 INTPAYFREQ C 2 41 ADJRATTYP C 5 42 ADJRATDATE D 8 43 ADJRATFREQ C 2 44 BONDTYPES C 3 45 OFFERYIELD C 6 46 COMPDYIELD C 6 47 REFUNDDATE D 8 48 ACCRETDATE D 8 49 ORIGCUSIND C 1 50 ORIGCUSIP C 8 51 OPTCUSIND C 1 52 OPTCUSIP C 8 53 PARREDCD C 2 54 PARCALLSEL C 1 55 PARREDDATE D 8 56 PARREDPR N 7 57 REOFFERPR N 7 58 PUTFSNOT C 3 59 PUTLSTNOT C 3 60 AMT C 1 61 BANKQ C 1 62 TAXABLE C 1 63 SECTYPE C 1 64 PARREDCD1 C 2 65 PARSEL C 1 66 PARREDDTE1 D 8 67 PARREDPR1 N 7 Total 338
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