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Fed Seeks To Establish Roles For Non-Primary Dealer Counterparties

FED
The Fed will continue efforts to engage with small-to-midsize broker-dealers, including minority-, women-, and veteran-owned business enterprises on its 13(3) emergency facilities, the head of the New York Fed's markets group, Daleep Singh, said Thursday
  • Specifically, the New York Fed is seeking to establish roles for non-primary dealer counterparties to serve as commercial paper dealers, eligible sellers, and agents for the Commercial Paper Funding Facility (CPFF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF), Singh said.
  • The Fed intends to name additional counterparties in the weeks ahead, he said. Last week the New York Fed announced a parallel process last week whereby firms may apply to become agency CMBS dealers to support the Desk's purchases of agency CMBS.
  • New York Fed on Wednesday announced two additional commercial paper dealers for the CPFF and seven additional eligible sellers for the SMCCF.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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