Monday, November 1, 2010

Fed Updates Primary Dealer List

These are the ultimate insiders. They are cleared to trade directly with the Federal Reserve Bank of NY. I am told that the Fed shoveled money to at least some of the Primary Dealers, after the peak in the financial crisis, by buying and selling with the PD's at huge spreads which allowed the PD's to book huge $$$$.

 BNP Paribas Securities Corp.

Barclays Capital Inc.

Cantor Fitzgerald & Co.

Citigroup Global Markets Inc.

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

HSBC Securities (USA) Inc.

Jefferies & Company, Inc.

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mizuho Securities USA Inc.

Morgan Stanley & Co. Incorporated

Nomura Securities International, Inc.

RBC Capital Markets Corporation

RBS Securities Inc.

UBS Securities LLC

THE CHANGE: Effective November 1, 2010, Banc of America Securities LLC merged with Merrill Lynch, Pierce, Fenner & Smith Incorporated, with the latter the surviving entity. The primary dealer is now Merrill Lynch, Pierce, Fenner & Smith Incorporated.

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