Bloomberg: PIMCO suggests Fed to open up primary dealer system to asset managers

Bond giant Pacific Investment Management Co. argues that asset managers should be included [as a primary dealer]. That could benefit the Newport Beach, California-based firm and would add trillions of dollars to the collective firepower of primary dealers, further boosting the influence of these investing behemoths.

“Certainly increasing the number of primary dealers would be useful. Instead of increasing it to smaller dealer financial institutions, widening it out to larger asset managers seems a better bang for your buck,” Pimco economist Tiffany Wilding said in an interview. “The Fed’s programs and policies will be more efficiently transmitted throughout the financial system if it opens up its operations to a broader set of counterparties.”

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