RBC Capital Markets has been designated a primary dealer by the Federal Reserve Bank of New York, effective tomorrow, July 8, 2009.
This is a logical extension of our global rates franchise, where we are already making markets as the equivalent of a primary dealer in both the UK and Canada, says Mark Standish, president and co-CEO of RBC Capital Markets.
Primary dealers are banks and securities broker dealers that are bidders in U.S. treasury auctions and trade in U.S. Government securities and select other securities with the Federal Reserve Bank of New York.
RBC has been aggressively growing its fixed income franchise in the United States, so becoming a primary dealer is a natural next step for us, says Jonathan Hunter, RBC Capital Markets co-head, Fixed Income & Currencies.
Based in New York, RBCs U.S. Government bond trading business is headed by managing director Thomas Tucci, a two-decade veteran of the bond industry. Darren Lowe is RBCs head of rates and MBS sales.
D.C.