The Federal Reserve Bank of New York has granted primary dealer status to CIBC Wood Gundy Securities Corp.
The company is the U.S. Section 20 investment dealer affiliate of Toronto-based Canadian Imperial Bank of Commerce.
"This enables us to join 37 other primary dealers that act as counterparties to the New York Fed," said Jim Beqaj, managing director and CIBC Wood Gundy executive committee member who is global head of the company's trading rooms.
"While any dealer can buy and sell or underwrite U.S. government bonds and T-bills, only primary dealers deal directly with the New York Fed as counterparties in the secondary market," he said.