NEW YORK, July 8 /PRNewswire-Asia/ -- RBC Capital Markets today announced that it has been designated a primary dealer by the Federal Reserve Bank of New York, effective today, 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," said 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," said Jonathan Hunter, RBC Capital Markets' co-head, Fixed Income & Currencies.
Based in New York, RBC's U.S. Government bond trading business is headed by managing director Thomas Tucci, a two-decade veteran of the bond industry. Darren Lowe is RBC's head of rates and MBS sales.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of RBC and is active globally in debt origination, sales and trading, foreign exchange, infrastructure finance, structured products, metals and mining, and energy. Its North American platform includes a significant U.S. investment banking franchise and leading equity, underwriting, sales, trading and research businesses. In the U.S., RBC Capital Markets conducts it primary dealer activities and offers securities and investment banking services through its U.S. registered broker-dealer, RBC Capital Markets Corporation. Mark Standish is chairman, Jonathan Hunter is head of Fixed Income & Currencies, Thomas Tucci is managing director, Fixed Income Rates Trading, and Darren Lowe is managing director, Rates and Mortgage-Backed Securities Sales, of RBC Capital Markets Corporation.
