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Saturday, September 6, 2014
Current Events-Economic DYK's...
Primary dealers serve as trading counterparties of the New York Fed in its implementation of monetary policy. This role includes the obligations to: (i) participate consistently in open market operations to carry out U.S. monetary policy pursuant to the direction of the Federal Open Market Committee (FOMC); and (ii) provide the New York Fed's trading desk with market information and analysis helpful in the formulation and implementation of monetary policy. Primary dealers are also required to participate in all auctions of U.S. government debt and to make reasonable markets for the New York Fed when it transacts on behalf of its foreign official account-holders...
That's right. REQUIRED.
Here is the list:
Bank of Nova Scotia, New York Agency (Canada?)
BMO Capital Markets Corp.
BNP Paribas Securities Corp. (France)
Barclays Capital Inc.(England)
Cantor Fitzgerald & Co.(US)
Citigroup Global Markets Inc.(US)
Credit Suisse Securities (USA) LLC(Switzerland)
Daiwa Capital Markets America Inc.(Japan)
Deutsche Bank Securities Inc.(Germany)
Goldman, Sachs & Co.(US)
HSBC Securities (USA) Inc.
Jefferies LLC(US)
J.P. Morgan Securities LLC(US)
Merrill Lynch, Pierce, Fenner & Smith Incorporated(US, formerly B of A)
Mizuho Securities USA Inc.(Japan)
Morgan Stanley & Co. LLC(US)
Nomura Securities International, Inc.(Japan)
RBC Capital Markets, LLC(Canada)
RBS Securities Inc.(Scotland)
SG Americas Securities, LLC(US)
TD Securities (USA) LLC
UBS Securities LLC.(US)
Another interesting DYK...
http://www.ny.frb.org/markets/pridealers_current.html#tabs-3
Most members are becoming Limited LIABILITY Corporations....
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