Down to 17 Primary Government Securities Dealers, 8 from the U.S.

With all of the changes in the banking industry over the past year, we are now down to only 17 Primary Government Securities Dealers who deal directly with the Federal Reserve through the Federal Reserve Bank of New York. Only 8 of them are U.S. firms, with Merrill Lynch likely to drop out as they are integrated with Bank of America:

• BNP Paribas Securities Corp.
• Banc of America Securities LLC
• Barclays Capital Inc.
• Cantor Fitzgerald & Co.
• Citigroup Global Markets Inc.
• Credit Suisse Securities (USA) LLC
• Daiwa Securities America Inc.
• Deutsche Bank Securities Inc.
• Dresdner Kleinwort Securities LLC
• Goldman, Sachs & Co.
• Greenwich Capital Markets, Inc.
• HSBC Securities (USA) Inc.
• J. P. Morgan Securities Inc.
• Merrill Lynch Government Securities Inc.
• Mizuho Securities USA Inc.
• Morgan Stanley & Co. Incorporated
• UBS Securities LLC.

The usual interaction with the Federal Reserve is the buying and selling of Treasury securities as part of the Fed's open market operations.

-- Jack Krupansky