RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, has been designated a primary dealer in Germany and France, effectively immediately.
Harry Samuel, global co-head of fixed income and currencies, RBC Capital Markets, says: “In the UK, we have been a gilt-edged market maker for over a decade and in the US, we were designated as a primary dealer to the Federal Reserve of New York in July 2009. We are now looking to build on our success in these markets and are focused on establishing a trading capability across multiple jurisdictions in Europe.”
Primary dealers are the chosen counterparty of a country’s debt management office. They participate in auctions of government debt, place treasury securities and liquidity in the secondary market, and report on market developments and transaction volumes.
RBC Capital Markets also acts as the equivalent of a primary dealer in Canada and Australia.
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