But the facility is only for primary dealers, which do not always pass on the liquidity.

但这项工具只供一级交易商使用，它们并不总是释放流动性。

Trading is carried out by primary dealers, designated institutions which are mostly big banks-and regulatory requirements now constrain them.

交易是由一级交易商进行的，这些指定机构大多是大型银行--监管要求现在对它们进行了限制。

And just to name names, the primary dealers are banks people have heard of, right?

举个例子，一级交易商就是人们听说过的银行，对吧？