Press Releases

Release Date: March 19, 2008
Contact:
Robin Francis, (212) 313-1168, rfrancis@sifma.org

SIFMA Commends The Federal Reserve’s Establishment of the Primary Dealer Credit Facility

Washington, D.C., March 19, 2008 – The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement about The Federal Reserve's Primary Dealer Credit Facility (Facility).

"SIFMA commends the recent actions of the Federal Reserve to address liquidity constraints in the financial markets, especially efforts to improve primary dealers' abilities to provide finance to participants in the securitization markets," said Tim Ryan, president and CEO of SIFMA.  "We note the timely creation of the Primary Dealer Credit Facility that allows the Federal Reserve Bank of New York to provide overnight funding to primary dealers in exchange for a specified range of collateral."  "SIFMA believes that the Facility will provide a significant, additional source of funding."  SIFMA member firms that access the facility consider it a useful supplement to current funding sources and recognize that it provides convenience and flexibility."

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.