Participants in the system electronically indicate their desire to enter into specific transactions. Other dealers can accept a transaction, or they can send an electronic message suggesting possible changes in terms. Participants can execute trades only with other dealers for whom they have acceptable credit limits. The credit limits of all dealers vis-à-vis each other are loaded into the system before trading.
The Bank shares this operational independence with many other central banks around the world and this is now well understood to be essential for effective macroeconomic management. But independence requires accountability if it is to be politically sustainable in a democracy and accountability, in turn, requires transparency.