(Bloomberg) -- Amherst Pierpont Securities is playing in the Treasury big league now.
The broker-dealer on Monday was added to the list of U.S. primary dealers, a group of firms that transact directly with the Federal Reserve Bank of New York as it implements monetary policy. The company is also required to participate in all auctions of U.S. government debt along with peers such as Morgan Stanley, Citigroup and Goldman Sachs. Its addition brings the list to 24.
“We view this designation as a natural evolution of our commitment to provide our customers with the highest level of service and best market intelligence in the fixed income capital markets,” Amherst Pierpont Chief Executive Officer Joe Walsh said in a statement.
New York-based Amherst Pierpont was created in 2014 as a combination Pierpont Securities LLC and Amherst Securities Group.
The last substantial addition to the Fed's primary-dealer list took place in April 2016, with the addition of Wells Fargo Securities LLC, although there was also a change in November 2017, when Credit Suisse AG, New York Branch replaced Credit Suisse Securities (USA) LLC.
To contact the reporter on this story: Alexandra Harris in New York at aharris48@bloomberg.net
To contact the editor responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net
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