Speech
Reducing the size of the Federal Reserve’s balance sheet: the benefits of moving gradually and predictably: remarks to the National Association of Securities Professionals, New York City
Potter, Simon M. (2017-11-16)
Remarks to the National Association of Securities Professionals, New York City.
Speech , Paper 262

Discussion Paper
The 2022 Spike in Corporate Security Settlement Fails
Fleming, Michael J.; Shachar, Or; Van Tassel, Peter (2023-04-10)
Settlement fails in corporate securities increased sharply in 2022, reaching levels not seen since the 2007-09 financial crisis. As a fraction of trading volume, fails that involve primary dealers reached an all-time high in the week of March 23, 2022. In this post, we investigate the 2022 spike in settlement fails for corporate securities and discuss potential drivers for this increase, including trading volume, corporate issuance, fails in bond ETFs, and operational problems.
Liberty Street Economics , Paper 20230410

Discussion Paper
Primary Dealers’ Waning Role in Treasury Auctions
Fleming, Michael J.; Myers, Sean (2013-02-20)
In this post, we quantify the macroeconomic effects of central bank announcements about future federal funds rates, or forward guidance. We estimate that a commitment to lowering future rates below market expectations can have fairly strong effects on real economic activity with only small effects on inflation.
Liberty Street Economics , Paper 20130220

Speech
Recent developments in monetary policy implementation
Potter, Simon M. (2013-12-02)
Remarks before the Money Marketeers of New York University, New York City
Speech , Paper 127

Speech
The role of the New York Fed as administrator and producer of reference rates: remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City
Logan, Lorie (2018-01-09)
Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech , Paper 270

Report
The early years of the primary dealer system
Garbade, Kenneth D. (2016-06-01)
This paper presents a history of the primary dealer system from the late 1930s to the early 1950s. The paper focuses on two formal programs: the ?recognized? dealer program adopted by the Federal Reserve Bank of New York in 1939 and the ?qualified? dealer program adopted by the Federal Open Market Committee (FOMC) in 1944 and abandoned in 1953. Following his selection as Manager of the System Open Market Account (SOMA) in 1939, Robert Rouse formalized the New York Fed?s system of ?recognized? dealer counterparties. Although the Bank typically dealt with recognized dealers, it also did ...
Staff Reports , Paper 777

Report
Taking orders and taking notes: dealer information sharing in financial markets
Boyarchenko, Nina; Lucca, David O.; Veldkamp, Laura (2015-04-01)
The use of order flow information by financial firms has come to the forefront of the regulatory debate. Central to this discussion is whether a dealer who acquires information by taking client orders can share that information. We explore how information sharing affects dealers, clients, and issuer revenues in U.S. Treasury auctions. Because one cannot observe alternative information regimes, we build a model, calibrate it to auction results data, and use it to quantify counterfactuals. We estimate that yearly auction revenues with full information sharing (with clients and between dealers) ...
Staff Reports , Paper 726

Speech
The role of best practices in supporting market integrity and effectiveness: remarks at the 2016 Primary Dealers Meeting, Federal Reserve Bank of New York, New York City
Potter, Simon M. (2016-09-07)
Remarks at the 2016 Primary Dealers Meeting, Federal Reserve Bank of New York, New York City.
Speech , Paper 217