436:
are also primary dealers, and between them account for almost 73% of foreign exchange trading volume. Arguably, this group's members are the most influential and powerful non-governmental institutions in global financial markets. Group membership changes slowly, with the current list available from
27:
of government securities. The government may regulate the behaviour and number of its primary dealers and impose conditions of entry. Some governments sell their securities only to primary dealers; some sell them to others as well. Governments that use primary dealers include
Australia, Belgium,
410:
The current system of primary dealers was set up in 1960 with 18 dealers. The number of primary dealers grew to 46 in 1988, declined to 21 by 2007, increased to 24 by July 2019, then to 25 in April 2022. In
December 2021, three of the 24 primary dealers were employing a woman
464:
distribute the debt to
European buyers. Goldman Sachs, and Citigroup account for many American buyers. Nevertheless, most of these firms compete internationally and in all major financial centers.
419:
426:(T-bills, T-notes, and T-bonds) sold at auction, and resell them to the public. Their activities extend well beyond the Treasury market. For example, according to the
28:
Brazil, Canada, China, France, Hong Kong, India, Ireland, Hungary, Italy, Japan, Pakistan, Singapore, Spain, Sweden, the United
Kingdom, and the United States.
1276:
403:. Many former employees of primary dealers work at the Treasury because of their expertise in the government debt markets, though the Fed avoids a similar
703:
806:
101:
782:
422:
and the Fed's operating policy "Administration of
Relationships with Primary Dealers." Primary dealers purchase the vast majority of the U.S.
727:
1264:
23:
is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a
684:
770:
1270:
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1200:
288:
1195:
1303:
585:
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53:
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1190:
1066:
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1006:
1046:
535:
428:
870:
565:
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The primary dealers form a worldwide network that distributes new U.S. government debt. For example,
404:
1298:
1205:
525:
468:
433:
227:
172:
1139:
1041:
545:
510:
415:, which dwindled, in 2023, to one woman chief economist among the 24 primary dealer companies.
388:
384:
1185:
1149:
986:
945:
822:
335:
247:
identifies the following 10 primary dealers, with two-year terms, ending 30 September 2023:
78:
395:
securities auctions. They consult with both the U.S. Treasury and the Fed about funding the
391:, provide information to the Fed's open market trading desk, and to participate actively in
863:
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167:
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8:
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42:
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445:
310:
746:
620:
1228:
1099:
1071:
1011:
996:
605:
441:
217:
58:
834:
387:("the Fed"). Such firms are required to make bids or offers when the Fed conducts
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530:
484:
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412:
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73:
716:"Appointment of Primary Dealers under the Institutional Bond Issuance Programme"
1144:
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1056:
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897:
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396:
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46:
783:
Opensecrets.org: Revolving Door search result for
Treasury (executive offices)
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325:
132:
112:
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Hong Kong
Monetary Authority. September 30, 2023. Retrieved August 31, 2023.
494:
418:
The relationship between the Fed and the primary dealers is governed by the
1159:
1104:
1051:
981:
907:
730:
National
Treasury Management Agency (Ireland). Retrieved September 6, 2023.
500:
472:
197:
24:
640:
491:
including mortgage-backed loans. The PDCF was closed on
February 1, 2010.
1215:
1154:
1114:
1089:
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933:
923:
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520:
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Opensecrets.org: Revolving Door search result for
Federal Reserve System
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232:
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127:
91:
83:
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Federal Reserve Bank of New York:Primary Dealer Credit Facility FAQ
453:
295:
222:
63:
807:"Women Chief US Economists Have Gotten Even Rarer on Wall Street"
177:
117:
825:, Federal Reserve, January 11, 2010. Retrieved October 5, 2011
706:
European Commission, European Union. Retrieved August 22, 2023.
16:
Purchaser of government securities directly from the government
855:
560:
376:
340:
137:
483:(PDCF), whereby primary dealers could borrow at the Fed's
495:
Primary dealers with the Federal Reserve Bank of New York
795:
Federal Reserve Bank of New York: Additions and Removals
759:
Federal Reserve Bank of New York:Primary Dealer Policies
432:(2/9/06 p. 20), all of the top ten dealers in the
291:
of Ireland identifies the following 14 primary dealers
1277:
Securities Industry and Financial Markets Association
272:
The Hongkong and Shanghai Banking Corporation Limited
208:Royal Bank of Canada Capital Markets (Europe) GmbH
102:Credit Agricole Corporate and Investment Bank S.A.
747:Federal Reserve Bank of New York: Primary Dealers
1290:
168:MPS Capital Services Banca per le Imprese S.p.A.
661:"Dealers - Artigo Dívida Pública Federal - STN"
596:RBC Capital Markets, LLC (Royal Bank of Canada)
118:DZ Bank AG Deutsche Zentral-Genossenschaftsbank
871:
503:identifies the following 24 primary dealers:
383:that is permitted to trade directly with the
263:Credit Agricole Corporate and Investment Bank
49:identifies the following 37 primary dealers:
31:
278:Standard Chartered Bank (Hong Kong) Limited
1265:Commercial Mortgage Securities Association
878:
864:
813:, May 2, 2023. Retrieved August 17, 2023.
1271:International Capital Market Association
728:"Government Bonds Primary Dealer System"
448:distribute the debt to Japanese buyers.
752:
742:
740:
738:
736:
254:Bank of Communications Company, Limited
1291:
213:Skandinaviska Enskilda Banken AB (SEB)
859:
591:Nomura Securities International, Inc.
361:Nomura Financial Products Europe GmbH
188:Nomura Financial Products Europe GmbH
851:NY Federal Reserve - Primary Dealers
828:
733:
516:Bank of Nova Scotia, New York Agency
54:Banco Bilbao Vizcaya Argentaria S.A.
1201:Commercial mortgage-backed security
289:National Treasury Management Agency
228:TD Global Finance Unlimited Company
41:As of 1 August 2023, the
13:
1196:Collateralized mortgage obligation
546:Daiwa Capital Markets America Inc.
499:As of June 30, 2022, the
92:Citigroup Global Markets Europe AG
14:
1315:
844:
606:Societe Generale, New York Branch
251:Bank of China (Hong Kong) Limited
36:
601:Santander US Capital Markets LLC
511:Bank of Montreal, Chicago Branch
366:
243:As of 1 October 2021,
203:Raiffeisen Bank International AG
885:
816:
800:
788:
776:
586:NatWest Markets Securities Inc.
481:Primary Dealers Credit Facility
316:Citigroup Global Markets Europe
1191:Collateralized debt obligation
1067:Reverse convertible securities
785:. Retrieved February 11, 2009.
773:. Retrieved February 11, 2009.
764:
721:
709:
697:
677:
653:
633:
1:
685:"Riksgalden: Primary dealers"
626:
551:Deutsche Bank Securities Inc.
541:Citigroup Global Markets Inc.
797:. Retrieved August 17, 2023.
749:. Retrieved August 16, 2023.
641:"How to Buy AGS | AOFM"
581:Morgan Stanley & Co. LLC
521:BNP Paribas Securities Corp.
266:DBS Bank (Hong Kong) Limited
238:
173:National Bank of Greece S.A.
158:Landesbank Baden-Württemberg
138:HSBC Continental Europe S.A.
133:Goldman Sachs Bank Europe SE
7:
1007:Contingent convertible bond
556:Goldman Sachs & Co. LLC
536:Cantor Fitzgerald & Co.
420:Primary Dealers Act of 1988
74:BofA Securities Europe S.A.
10:
1320:
1047:Inverse floating rate note
837:. Retrieved March 20, 2008
761:. Retrieved March 12, 2008
665:www.tesouro.fazenda.gov.br
621:Wells Fargo Securities LLC
571:J.P. Morgan Securities LLC
561:HSBC Securities (USA) Inc.
429:Wall Street Journal Europe
282:
32:Primary dealers by country
1257:
1214:
1178:
1080:
974:
916:
893:
576:Mizuho Securities USA LLC
475:, on March 19, 2008, the
331:Goldman Sachs Bank Europe
311:Cantor Fitzgerald Ireland
64:Barclays Bank Ireland Plc
1206:Mortgage-backed security
975:Types of bonds by payout
917:Types of bonds by issuer
704:"Primary Dealer Network"
507:ASL Capital Markets Inc.
469:subprime mortgage crisis
375:, a primary dealer is a
163:Morgan Stanley Europe SE
611:TD Securities (USA) LLC
487:using several forms of
471:and to the collapse of
434:foreign exchange market
326:Deutsche Bank Frankfurt
1304:Federal Reserve System
1140:Option-adjusted spread
1042:Inflation-indexed bond
389:open market operations
385:Federal Reserve System
321:Danske Bank Copenhagen
306:BofA Securities Europe
287:As of April 2021, the
269:Hang Seng Bank Limited
257:BNP Paribas, Hong Kong
143:Intesa Sanpaolo S.p.A.
1186:Asset-backed security
1150:Weighted-average life
987:Auction rate security
526:Barclays Capital Inc.
351:Morgan Stanley Europe
336:Goodbody Stockbrokers
296:Barclays Bank Ireland
218:Societe Generale S.A.
79:Bred Banque Populaire
1179:Securitized products
356:Natwest Markets N.V.
183:Natwest Markets N.V.
59:Banco Santander S.A.
956:Infrastructure bond
616:UBS Securities LLC.
467:In response to the
424:Treasury securities
346:JP Morgan Frankfurt
123:Erste Group Bank AG
43:European Commission
1032:Floating rate note
437:the New York Fed.
1286:
1285:
1239:Exchangeable bond
1165:Yield to maturity
1017:Exchangeable bond
939:Subordinated debt
446:Mizuho Securities
399:and implementing
301:BNP Paribas Paris
233:UniCredit Bank AG
198:Piraeus Bank S.A.
1311:
1229:Convertible bond
1072:Zero-coupon bond
1012:Convertible bond
997:Commercial paper
880:
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823:Operating Policy
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442:Daiwa Securities
275:Societe Generale
113:Deutsche Bank AG
69:BNP Paribas S.A.
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1244:Extendible bond
1234:Embedded option
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1037:High-yield debt
1027:Fixed rate bond
1022:Extendible bond
970:
951:Government bond
946:Distressed debt
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531:BofA Securities
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477:Federal Reserve
413:chief economist
401:monetary policy
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193:Nordea Bank Abp
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1145:Risk-free bond
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1130:Mortgage yield
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961:Municipal bond
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1258:Institutions
1216:Bond options
1160:Yield spread
1052:Lottery bond
982:Accrual bond
908:Fixed income
830:
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688:. Retrieved
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501:New York Fed
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473:Bear Stearns
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242:
178:Natixis S.A.
40:
25:market maker
20:
18:
1155:Yield curve
1115:Dirty price
1090:Clean price
966:Global bond
934:Senior debt
924:Agency bond
887:Bond market
479:set up the
450:BNP Paribas
341:HSBC France
223:Swedbank AB
107:Danske Bank
1293:Categories
690:2023-01-15
670:2017-01-03
646:2019-04-04
627:References
489:collateral
1095:Convexity
903:Debenture
245:Hong Kong
239:Hong Kong
1170:Z-spread
1125:I-spread
1120:Duration
454:Barclays
407:policy.
1279:(SIFMA)
371:In the
283:Ireland
45:of the
1273:(ICMA)
1267:(CMSA)
1100:Coupon
1002:Consol
898:Bond
460:and
444:and
377:bank
109:A/S
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