Fed Will Now Consider Trading With Nonbanks; Firms Already At Work On Formal Applications
REGULATIONS
The Federal Reserve Bank of New York announced late last week that it will now consider trading with nonbank financial institutions. The news was greeted warmly by investment bank officials who have been encouraging the Fed to make such a change for some time, and those surveyed say that they are already hard at work on their applications.
"Obviously we're happy about it," says Joe Petri, a managing director at Merrill Lynch Capital Markets and a member of the Fed-sponsored U.S. Foreign Exchange
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