The following table shows the primary dealers of U.S. government securities. According to the Federal Reserve Bank of New York, “Primary dealers are trading counterparties of the New York Fed in its implementation of monetary policy. They are also expected to make markets for the New York Fed on behalf of its official accountholders as needed, and to bid on a pro-rata basis in all Treasury auctions at reasonably competitive prices.”

CompanyHeadquartersMarket Cap ($Ms)LTM Revenue ($Ms)Trailing P/E
Bank of Nova Scotia, New York AgencyCanada-Halifax$65,977$21,24710.4x
BMO Capital Markets CorpCanada-Montreal$44,700$17,21911.3x
BNP Paribas Securities CorpEU-France-Paris$58,895$89,6277.1x
Barclays CapitalUK-London$34,737$27,08620.2x
Cantor Fitzgerald & CoUSA-NY-New YorkN/AN/AN/A
Citigroup Global MarketsUSA-NY-New York$138,445$72,24014.7x
Credit Suisse AG, New York BranchEU-Switzerland-Zurich$30,169$20,082N/A
Daiwa Capital Markets AmericaAsia-Japan-Tokyo$8,398$5,2169.1x
Deutsche Bank SecuritiesEU-Germany-Frankfort$17,676$28,950N/A
Goldman Sachs & Co LLCUSA-NY-New York$65,813$33,15012.5x
HSBC Securities (USA) Inc.UK-London$165,975$82,81215.5x
Jefferies LLCUSA-NY-New York$5,871$11,37035.4x
J.P. Morgan Securities LLCUSA-NY-New York$332,242$106,30012.4x
Merrill Lynch, Pierce, Fenner & Smith (BofA)USA-NC-Charlotte$255,464$88,95012.3x
Mizuho Securities USA LLCAsia-Japan-Tokyo$40,446$21,4479.0x
Morgan Stanley & Co LLCUSA-NY-New York$71,799$38,73010.0x
NatWest Markets SecuritiesUK-LondonN/AN/AN/A
Nomura Securities InternationalAsia-Japan-Tokyo$13,431$12,39114.7x
RBC Capital Markets LLCCanada-Toronto$104,731$32,04311.5x
Societe Generale, New York BranchEU-France-Paris$26,230$54,7358.1x
TD Securities (USA) LLCCanada-Toronto$94,924$29,00911.4x
UBS Securities LLCEU-Switzerland-Zurich$49,120$30,11927.9x
Wells Fargo Securities LLCUSA-CA-San Francisco$225,336$85,92011.3x

Financial data shown represent the valuation and revenue of the primary dealers’ parent company, which may be engaged in other lines of business besides the brokerage of government securities.
LTM stands for last twelve months.
All numbers are in (or have been converted to) U.S. dollars.
Cantor Fitzgerald & Co. is privately held.

Federal Reserve Bank of New York
Financial data from Morningstar Inc., as of January 11, 2019