New York City, June 29, 2023 – In a significant development in the US financial landscape, Credit Suisse AG, New York Branch, one of the esteemed primary dealers, will be removed from the list of primary dealers effective June 30.
Primary Dealers’ Role in Monetary Policy and Treasury Auctions: As primary dealers, financial institutions play a crucial role in supporting the implementation of monetary policy by the New York Federal Reserve. They serve as key trading counterparties, assisting the central bank in conducting open market operations to manage interest rates and the money supply. Additionally, primary dealers are instrumental in Treasury auctions, participating in the competitive bidding process for US government securities on a pro-rata basis.