LeoGlossary: Primary Dealer - Federal Reserve Bank of NY

How to get a Hive Account

Primary dealers are trading counterparties of the New York Fed in its implementation of monetary policy. They are also expected to make markets for the New York Fed on behalf of its official accountholders as needed, and to bid on a pro-rata basis in all Treasury auctions at reasonably competitive prices.

  • Amherst Pierpont Securities LLC
  • ASL Capital Markets Inc.
  • Bank of Montreal, Chicago Branch
  • Bank of Nova Scotia, New York Agency
  • BNP Paribas Securities Corp.
  • Barclays Capital Inc.
  • BofA Securities, Inc.
  • Cantor Fitzgerald & Co.
  • Citigroup Global Markets Inc.
  • Credit Suisse AG, New York Branch
  • Daiwa Capital Markets America Inc.
  • Deutsche Bank Securities Inc.
  • Goldman Sachs & Co. LLC
  • HSBC Securities (USA) Inc.
  • Jefferies LLC
  • J.P. Morgan Securities LLC
  • Mizuho Securities USA LLC
  • Morgan Stanley & Co. LLC
  • NatWest Markets Securities Inc
  • Nomura Securities International, Inc.
  • RBC Capital Markets, LLC
  • Societe Generale, New York Branch
  • TD Securities (USA) LLC
  • UBS Securities LLC.
  • Wells Fargo Securities, LLC

Primary dealers report their trading activities and their cash and financing positions in Treasury and other securities on a weekly basis. Though the New York Fed expects primary dealers to report accurately, the New York Fed itself does not audit the data.

The current system of primary dealers was set up in 1960 with 18 dealers. The relationship between the Fed and the primary dealers is governed by the Primary Dealers Act of 1988 and the Fed's operating policy "Administration of Relationships with Primary Dealers."

New York Fed Website

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