More bidders are using a website to place orders for Treasury notes instead of primary dealers. Of the $538 billion of notes auctioned this year, more than 20% were purchased through the website, up from 5.6% in 2009. "You'll see clients do a lot more things in a self- sufficient manner than they used to do before," said Richard Prager of BlackRock. "It's just the realities of today."

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