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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
38:
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,
421:
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
475:
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.
1287:
437:(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
112:
39:
Brazil, Canada, China, France, Hong Kong, India, Ireland, Hungary, Italy, Japan, Pakistan, Singapore, Spain, Sweden, the United
Kingdom, and the United States.
414:. 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
1275:
714:
1281:
403:
817:
793:
433:
and the Fed's operating policy "Administration of
Relationships with Primary Dealers." Primary dealers purchase the vast majority of the U.S.
888:
1211:
738:
299:
34:
is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a
1206:
695:
781:
1314:
491:
168:
64:
1201:
1077:
213:
1017:
1057:
546:
439:
881:
576:
430:
415:
805:
726:
1309:
1216:
536:
479:
444:
238:
183:
1150:
1052:
556:
521:
399:
395:
1196:
1160:
997:
956:
346:
89:
874:
499:
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The primary dealers form a worldwide network that distributes new U.S. government debt. For example,
178:
158:
966:
606:
434:
218:
53:
1042:
426:, which dwindled, in 2023, to one woman chief economist among the 24 primary dealer companies.
1249:
1175:
1027:
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601:
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identifies the following 10 primary dealers, with two-year terms, ending 30 September 2023:
1239:
1110:
1082:
1022:
1007:
616:
452:
406:
securities auctions. They consult with both the U.S. Treasury and the Fed about funding the
402:, provide information to the Fed's open market trading desk, and to participate actively in
228:
69:
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1037:
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316:
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153:
84:
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361:
173:
57:
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1120:
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336:
143:
123:
757:
1170:
1115:
1062:
992:
918:
511:
483:
208:
35:
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398:("the Fed"). Such firms are required to make bids or offers when the Fed conducts
1226:
1165:
1125:
1100:
976:
944:
934:
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727:"Appointment of Primary Dealers under the Institutional Bond Issuance Programme"
631:
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460:
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133:
117:
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79:
17:
794:
Opensecrets.org: Revolving Door search result for
Treasury (executive offices)
671:
526:
913:
729:
Hong Kong
Monetary Authority. September 30, 2023. Retrieved August 31, 2023.
551:
429:
The relationship between the Fed and the primary dealers is governed by the
356:
326:
255:
243:
223:
163:
138:
102:
94:
741:
National
Treasury Management Agency (Ireland). Retrieved September 6, 2023.
651:
502:
including mortgage-backed loans. The PDCF was closed on
February 1, 2010.
1180:
1135:
464:
306:
233:
74:
782:
Opensecrets.org: Revolving Door search result for
Federal Reserve System
188:
128:
846:
Federal Reserve Bank of New York:Primary Dealer Credit Facility FAQ
818:"Women Chief US Economists Have Gotten Even Rarer on Wall Street"
571:
387:
351:
148:
870:
836:, Federal Reserve, January 11, 2010. Retrieved October 5, 2011
717:
European Commission, European Union. Retrieved August 22, 2023.
27:
Purchaser of government securities directly from the government
866:
494:(PDCF), whereby primary dealers could borrow at the Fed's
506:
Primary dealers with the Federal Reserve Bank of New York
806:
Federal Reserve Bank of New York: Additions and Removals
770:
Federal Reserve Bank of New York:Primary Dealer Policies
443:(2/9/06 p. 20), all of the top ten dealers in the
302:
of Ireland identifies the following 14 primary dealers
1288:
Securities Industry and Financial Markets Association
283:
The Hongkong and Shanghai Banking Corporation Limited
1268:
1225:
1189:
1091:
985:
927:
219:Royal Bank of Canada Capital Markets (Europe) GmbH
113:Credit Agricole Corporate and Investment Bank S.A.
758:Federal Reserve Bank of New York: Primary Dealers
179:MPS Capital Services Banca per le Imprese S.p.A.
672:"Dealers - Artigo Dívida Pública Federal - STN"
607:RBC Capital Markets, LLC (Royal Bank of Canada)
129:DZ Bank AG Deutsche Zentral-Genossenschaftsbank
882:
514:identifies the following 24 primary dealers:
394:that is permitted to trade directly with the
274:Credit Agricole Corporate and Investment Bank
60:identifies the following 37 primary dealers:
8:
289:Standard Chartered Bank (Hong Kong) Limited
1276:Commercial Mortgage Securities Association
889:
875:
867:
824:, May 2, 2023. Retrieved August 17, 2023.
1282:International Capital Market Association
739:"Government Bonds Primary Dealer System"
459:distribute the debt to Japanese buyers.
753:
751:
749:
747:
643:
265:Bank of Communications Company, Limited
224:Skandinaviska Enskilda Banken AB (SEB)
602:Nomura Securities International, Inc.
372:Nomura Financial Products Europe GmbH
199:Nomura Financial Products Europe GmbH
7:
862:NY Federal Reserve - Primary Dealers
527:Bank of Nova Scotia, New York Agency
65:Banco Bilbao Vizcaya Argentaria S.A.
1212:Commercial mortgage-backed security
300:National Treasury Management Agency
239:TD Global Finance Unlimited Company
52:As of 1 August 2023, the
1207:Collateralized mortgage obligation
557:Daiwa Capital Markets America Inc.
510:As of June 30, 2022, the
103:Citigroup Global Markets Europe AG
25:
617:Societe Generale, New York Branch
262:Bank of China (Hong Kong) Limited
612:Santander US Capital Markets LLC
522:Bank of Montreal, Chicago Branch
254:As of 1 October 2021,
214:Raiffeisen Bank International AG
597:NatWest Markets Securities Inc.
492:Primary Dealers Credit Facility
327:Citigroup Global Markets Europe
1202:Collateralized debt obligation
1078:Reverse convertible securities
796:. Retrieved February 11, 2009.
784:. Retrieved February 11, 2009.
1:
696:"Riksgalden: Primary dealers"
562:Deutsche Bank Securities Inc.
552:Citigroup Global Markets Inc.
808:. Retrieved August 17, 2023.
760:. Retrieved August 16, 2023.
652:"How to Buy AGS | AOFM"
592:Morgan Stanley & Co. LLC
532:BNP Paribas Securities Corp.
277:DBS Bank (Hong Kong) Limited
184:National Bank of Greece S.A.
169:Landesbank Baden-Württemberg
149:HSBC Continental Europe S.A.
144:Goldman Sachs Bank Europe SE
1018:Contingent convertible bond
567:Goldman Sachs & Co. LLC
547:Cantor Fitzgerald & Co.
431:Primary Dealers Act of 1988
85:BofA Securities Europe S.A.
1331:
1058:Inverse floating rate note
848:. Retrieved March 20, 2008
772:. Retrieved March 12, 2008
676:www.tesouro.fazenda.gov.br
632:Wells Fargo Securities LLC
582:J.P. Morgan Securities LLC
572:HSBC Securities (USA) Inc.
440:Wall Street Journal Europe
43:Primary dealers by country
904:
587:Mizuho Securities USA LLC
486:, on March 19, 2008, the
342:Goldman Sachs Bank Europe
322:Cantor Fitzgerald Ireland
75:Barclays Bank Ireland Plc
1217:Mortgage-backed security
986:Types of bonds by payout
928:Types of bonds by issuer
715:"Primary Dealer Network"
518:ASL Capital Markets Inc.
480:subprime mortgage crisis
386:, a primary dealer is a
174:Morgan Stanley Europe SE
622:TD Securities (USA) LLC
498:using several forms of
482:and to the collapse of
445:foreign exchange market
337:Deutsche Bank Frankfurt
1315:Federal Reserve System
1151:Option-adjusted spread
1053:Inflation-indexed bond
400:open market operations
396:Federal Reserve System
332:Danske Bank Copenhagen
317:BofA Securities Europe
298:As of April 2021, the
280:Hang Seng Bank Limited
268:BNP Paribas, Hong Kong
154:Intesa Sanpaolo S.p.A.
1197:Asset-backed security
1161:Weighted-average life
998:Auction rate security
537:Barclays Capital Inc.
362:Morgan Stanley Europe
347:Goodbody Stockbrokers
307:Barclays Bank Ireland
229:Societe Generale S.A.
90:Bred Banque Populaire
1190:Securitized products
367:Natwest Markets N.V.
194:Natwest Markets N.V.
70:Banco Santander S.A.
967:Infrastructure bond
627:UBS Securities LLC.
478:In response to the
435:Treasury securities
357:JP Morgan Frankfurt
134:Erste Group Bank AG
54:European Commission
1043:Floating rate note
448:the New York Fed.
1297:
1296:
1250:Exchangeable bond
1176:Yield to maturity
1028:Exchangeable bond
950:Subordinated debt
457:Mizuho Securities
410:and implementing
312:BNP Paribas Paris
244:UniCredit Bank AG
209:Piraeus Bank S.A.
16:(Redirected from
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1240:Convertible bond
1083:Zero-coupon bond
1023:Convertible bond
1008:Commercial paper
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453:Daiwa Securities
286:Societe Generale
124:Deutsche Bank AG
80:BNP Paribas S.A.
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1033:Extendible bond
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957:Distressed debt
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488:Federal Reserve
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412:monetary policy
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204:Nordea Bank Abp
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164:KBC Bank N.V.
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99:Cecabank S.A.
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1269:Institutions
1227:Bond options
1171:Yield spread
1063:Lottery bond
993:Accrual bond
919:Fixed income
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699:. Retrieved
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484:Bear Stearns
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189:Natixis S.A.
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36:market maker
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1166:Yield curve
1126:Dirty price
1101:Clean price
977:Global bond
945:Senior debt
935:Agency bond
898:Bond market
490:set up the
461:BNP Paribas
352:HSBC France
234:Swedbank AB
118:Danske Bank
1304:Categories
701:2023-01-15
681:2017-01-03
657:2019-04-04
638:References
500:collateral
1106:Convexity
914:Debenture
256:Hong Kong
250:Hong Kong
1181:Z-spread
1136:I-spread
1131:Duration
465:Barclays
418:policy.
1290:(SIFMA)
382:In the
294:Ireland
56:of the
1284:(ICMA)
1278:(CMSA)
1111:Coupon
1013:Consol
909:Bond
471:and
455:and
388:bank
120:A/S
1306::
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467:,
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30:A
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20:)
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