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In April 1969, the primary dealer community came together to form the Association of Primary Dealers in United States Government Securitieshereafter, "the Primary Dealers Association," or, more simply, "the Association." The Association is most important for its pivotal role in a 1982 revision of contracting conventions for repurchase agreements. 1 More broadly, the Association provided an important channel of communication between the Desk and the government securities market. This chapter examines the circumstances that prompted the formation of the Primary Dealers Association. The discussion begins with a brief summary of changes in the primary dealer community in the 1960s, continues with a review of Treasury and Federal Reserve thinking about a dealer association, and then describes the episode that triggered the formation of the Association. ## ARRIVALS AND DEPARTURES During the 1960s, the Federal Reserve Bank of New York designated six new primary dealers; three dealers withdrew from participation, leaving twenty primary dealers at the end of the decade. The first two additions, Second District Securities Co., and First National City Bank, were designated in mid-1961. 2 Seco

Publisher

Cambridge University Press

Published

2021

Language

EN