NatWest Markets Securities Inc. left the Federal Reserve Bank of New York’s roster of primary dealers on Oct. 16, ending its role as a primary-dealer counterparty in the Fed’s monetary-policy operations.
The New York Fed expects dealers to bid according to their pro-rata share in each Treasury auction and make reasonable markets for official account holders. Dealers are also expected to keep the Fed’s trading desk informed about market conditions and analysis.
The U.K. Debt Management Office (DMO) lists NatWest Markets plc in its wholesale tier of gilt market makers, which deal in British government bonds. NatWest Markets plc is a separate entity from the U.S. company that left the New York Fed’s list.
New York Fed records identify RBS Securities Inc. as the U.S. dealer’s previous name. NatWest Markets Securities Inc. became the firm’s name on April 30, 2018.
