Knowledge (XXG)

Primary dealer

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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
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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,
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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
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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.
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is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a
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The primary dealers form a worldwide network that distributes new U.S. government debt. For example,
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identifies the following 10 primary dealers, with two-year terms, ending 30 September 2023:
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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: 1254: 1244: 1047: 1037: 1032: 961: 611: 596: 541: 495: 487: 423: 411: 371: 366: 316: 198: 193: 153: 84: 861: 769: 1155: 1140: 1105: 1092: 1067: 971: 939: 908: 626: 591: 581: 407: 361: 173: 57: 1303: 1259: 1234: 1145: 1130: 1120: 1072: 1012: 1002: 621: 566: 561: 472: 468: 391: 383: 341: 336: 143: 123: 757: 1170: 1115: 1062: 992: 918: 511: 483: 208: 35: 845: 398:("the Fed"). Such firms are required to make bids or offers when the Fed conducts 1226: 1165: 1125: 1100: 976: 944: 934: 897: 727:"Appointment of Primary Dealers under the Institutional Bond Issuance Programme" 631: 531: 460: 331: 311: 203: 133: 117: 107: 79: 17: 794:
Opensecrets.org: Revolving Door search result for Treasury (executive offices)
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Hong Kong Monetary Authority. September 30, 2023. Retrieved August 31, 2023.
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The relationship between the Fed and the primary dealers is governed by the
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National Treasury Management Agency (Ireland). Retrieved September 6, 2023.
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including mortgage-backed loans. The PDCF was closed on February 1, 2010.
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Opensecrets.org: Revolving Door search result for Federal Reserve System
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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.
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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
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Federal Reserve Bank of New York: Additions and Removals
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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
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Securities Industry and Financial Markets Association
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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 1322: 1240:Convertible bond 1083:Zero-coupon bond 1023:Convertible bond 1008:Commercial paper 891: 884: 877: 868: 849: 843: 837: 834:Operating Policy 831: 825: 815: 809: 803: 797: 791: 785: 779: 773: 767: 761: 755: 742: 736: 730: 724: 718: 712: 706: 705: 703: 702: 692: 686: 685: 683: 682: 668: 662: 661: 659: 658: 648: 453:Daiwa Securities 286:Societe Generale 124:Deutsche Bank AG 80:BNP Paribas S.A. 21: 1330: 1329: 1325: 1324: 1323: 1321: 1320: 1319: 1310:Primary dealers 1300: 1299: 1298: 1293: 1264: 1255:Extendible bond 1245:Embedded option 1221: 1185: 1087: 1048:High-yield debt 1038:Fixed rate bond 1033:Extendible bond 981: 962:Government bond 957:Distressed debt 923: 900: 895: 858: 853: 852: 844: 840: 832: 828: 820:Reade Pickert, 816: 812: 804: 800: 792: 788: 780: 776: 768: 764: 756: 745: 737: 733: 725: 721: 713: 709: 700: 698: 694: 693: 689: 680: 678: 670: 669: 665: 656: 654: 650: 649: 645: 640: 542:BofA Securities 508: 496:discount window 488:Federal Reserve 424:chief economist 412:monetary policy 380: 296: 252: 204:Nordea Bank Abp 50: 45: 28: 23: 22: 18:Primary dealers 15: 12: 11: 5: 1328: 1326: 1318: 1317: 1312: 1302: 1301: 1295: 1294: 1292: 1291: 1285: 1279: 1272: 1270: 1266: 1265: 1263: 1262: 1257: 1252: 1247: 1242: 1237: 1231: 1229: 1223: 1222: 1220: 1219: 1214: 1209: 1204: 1199: 1193: 1191: 1187: 1186: 1184: 1183: 1178: 1173: 1168: 1163: 1158: 1156:Risk-free bond 1153: 1148: 1143: 1141:Mortgage yield 1138: 1133: 1128: 1123: 1118: 1113: 1108: 1103: 1097: 1095: 1093:Bond valuation 1089: 1088: 1086: 1085: 1080: 1075: 1070: 1068:Perpetual bond 1065: 1060: 1055: 1050: 1045: 1040: 1035: 1030: 1025: 1020: 1015: 1010: 1005: 1000: 995: 989: 987: 983: 982: 980: 979: 974: 972:Municipal bond 969: 964: 959: 954: 953: 952: 947: 940:Corporate bond 937: 931: 929: 925: 924: 922: 921: 916: 911: 905: 902: 901: 896: 894: 893: 886: 879: 871: 865: 864: 857: 856:External links 854: 851: 850: 838: 826: 810: 798: 786: 774: 762: 743: 731: 719: 707: 687: 663: 642: 641: 639: 636: 635: 634: 629: 624: 619: 614: 609: 604: 599: 594: 589: 584: 579: 574: 569: 564: 559: 554: 549: 544: 539: 534: 529: 524: 519: 507: 504: 416:revolving door 408:budget deficit 390:or securities 379: 376: 375: 374: 369: 364: 359: 354: 349: 344: 339: 334: 329: 324: 319: 314: 309: 295: 292: 291: 290: 287: 284: 281: 278: 275: 272: 269: 266: 263: 251: 248: 247: 246: 241: 236: 231: 226: 221: 216: 211: 206: 201: 196: 191: 186: 181: 176: 171: 166: 161: 159:J.P. Morgan SE 156: 151: 146: 141: 136: 131: 126: 121: 115: 110: 108:Commerzbank AG 105: 100: 97: 95:CaixaBank S.A. 92: 87: 82: 77: 72: 67: 58:European Union 49: 48:European Union 46: 44: 41: 32:primary dealer 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 1327: 1316: 1313: 1311: 1308: 1307: 1305: 1289: 1286: 1283: 1280: 1277: 1274: 1273: 1271: 1267: 1261: 1260:Puttable bond 1258: 1256: 1253: 1251: 1248: 1246: 1243: 1241: 1238: 1236: 1235:Callable bond 1233: 1232: 1230: 1228: 1224: 1218: 1215: 1213: 1210: 1208: 1205: 1203: 1200: 1198: 1195: 1194: 1192: 1188: 1182: 1179: 1177: 1174: 1172: 1169: 1167: 1164: 1162: 1159: 1157: 1154: 1152: 1149: 1147: 1146:Nominal yield 1144: 1142: 1139: 1137: 1134: 1132: 1129: 1127: 1124: 1122: 1121:Current yield 1119: 1117: 1116:Credit spread 1114: 1112: 1109: 1107: 1104: 1102: 1099: 1098: 1096: 1094: 1090: 1084: 1081: 1079: 1076: 1074: 1073:Puttable bond 1071: 1069: 1066: 1064: 1061: 1059: 1056: 1054: 1051: 1049: 1046: 1044: 1041: 1039: 1036: 1034: 1031: 1029: 1026: 1024: 1021: 1019: 1016: 1014: 1011: 1009: 1006: 1004: 1003:Callable bond 1001: 999: 996: 994: 991: 990: 988: 984: 978: 975: 973: 970: 968: 965: 963: 960: 958: 955: 951: 948: 946: 943: 942: 941: 938: 936: 933: 932: 930: 926: 920: 917: 915: 912: 910: 907: 906: 903: 899: 892: 887: 885: 880: 878: 873: 872: 869: 863: 860: 859: 855: 847: 842: 839: 835: 830: 827: 823: 822:Bloomberg Law 819: 814: 811: 807: 802: 799: 795: 790: 787: 783: 778: 775: 771: 766: 763: 759: 754: 752: 750: 748: 744: 740: 735: 732: 728: 723: 720: 716: 711: 708: 697: 691: 688: 677: 673: 667: 664: 653: 647: 644: 637: 633: 630: 628: 625: 623: 620: 618: 615: 613: 610: 608: 605: 603: 600: 598: 595: 593: 590: 588: 585: 583: 580: 578: 577:Jefferies LLC 575: 573: 570: 568: 565: 563: 560: 558: 555: 553: 550: 548: 545: 543: 540: 538: 535: 533: 530: 528: 525: 523: 520: 517: 516: 515: 513: 505: 503: 501: 497: 493: 489: 485: 481: 476: 474: 473:NatWest Group 470: 469:Deutsche Bank 466: 462: 458: 454: 449: 446: 442: 441: 436: 432: 427: 425: 419: 417: 413: 409: 405: 404:U.S. Treasury 401: 397: 393: 392:broker-dealer 389: 385: 384:United States 378:United States 377: 373: 370: 368: 365: 363: 360: 358: 355: 353: 350: 348: 345: 343: 340: 338: 335: 333: 330: 328: 325: 323: 320: 318: 315: 313: 310: 308: 305: 304: 303: 301: 293: 288: 285: 282: 279: 276: 273: 271:Citibank N.A. 270: 267: 264: 261: 260: 259: 257: 249: 245: 242: 240: 237: 235: 232: 230: 227: 225: 222: 220: 217: 215: 212: 210: 207: 205: 202: 200: 197: 195: 192: 190: 187: 185: 182: 180: 177: 175: 172: 170: 167: 165: 164:KBC Bank N.V. 162: 160: 157: 155: 152: 150: 147: 145: 142: 140: 139:Eurobank S.A. 137: 135: 132: 130: 127: 125: 122: 119: 116: 114: 111: 109: 106: 104: 101: 99:Cecabank S.A. 98: 96: 93: 91: 88: 86: 83: 81: 78: 76: 73: 71: 68: 66: 63: 62: 61: 59: 55: 47: 42: 40: 37: 33: 19: 1269:Institutions 1227:Bond options 1171:Yield spread 1063:Lottery bond 993:Accrual bond 919:Fixed income 841: 829: 821: 813: 801: 789: 777: 765: 734: 722: 710: 699:. Retrieved 690: 679:. Retrieved 675: 666: 655:. Retrieved 646: 512:New York Fed 509: 484:Bear Stearns 477: 450: 438: 428: 420: 381: 297: 253: 189:Natixis S.A. 51: 36:market maker 31: 29: 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:: 746:^ 674:. 467:, 463:, 30:A 890:e 883:t 876:v 704:. 684:. 660:. 20:)

Index

Primary dealers
market maker
European Commission
European Union
Banco Bilbao Vizcaya Argentaria S.A.
Banco Santander S.A.
Barclays Bank Ireland Plc
BNP Paribas S.A.
BofA Securities Europe S.A.
Bred Banque Populaire
CaixaBank S.A.
Citigroup Global Markets Europe AG
Commerzbank AG
Credit Agricole Corporate and Investment Bank S.A.
Danske Bank
Deutsche Bank AG
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
Erste Group Bank AG
Eurobank S.A.
Goldman Sachs Bank Europe SE
HSBC Continental Europe S.A.
Intesa Sanpaolo S.p.A.
J.P. Morgan SE
KBC Bank N.V.
Landesbank Baden-Württemberg
Morgan Stanley Europe SE
MPS Capital Services Banca per le Imprese S.p.A.
National Bank of Greece S.A.
Natixis S.A.
Natwest Markets N.V.

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