Add as a preferred source on GoogleNatWest Markets Leaves New York Fed Primary-Dealer List
Primary dealers are expected to support Fed market operations and take part in U.S. government debt auctions. A separate NatWest entity remains listed as a UK government-bond dealer.
NatWest Markets Securities Inc. withdrew its name from the Federal Reserve Bank of New York’s primary-dealer roster effective Friday, Oct. 16, ending the firm’s formal place among counterparties that support the central bank’s U.S. market operations.
Primary dealers act as counterparties in the Fed’s monetary-policy operations and are expected to take part in open-market operations and provide market information and analysis to the trading desk. They are also expected to participate in every U.S. government debt auction. When the Fed trades for foreign official account holders, dealers are expected to make reasonable markets for them.
NatWest Markets plc separately remains listed in the UK as a Gilt-edged Market Maker, a primary-dealer role for UK government bonds. That listing belongs to a distinct NatWest entity from the U.S. firm that left the New York Fed’s roster.
The U.S. dealer was formerly known as RBS Securities Inc. before adopting the NatWest Markets Securities name effective April 30, 2018.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.