CIBC Wood Gundy Securities Corp. Gets Primary Dealer Status.NEW YORK--(BUSINESS WIRE)--March 27, 1996--The Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. (FRBNY FRBNY Federal Reserve Bank of New York ) has granted primary dealer status to CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Corp., the U.S. Section 20 investment dealer affiliate of Toronto-based Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). (CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company ), it was announced today. "This enables us to join 37 other primary dealers that act as counter-parties to the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Fed," said Jim Beqaj, managing director and CIBC Wood Gundy Executive Committee member, who is head of the organization's trading rooms globally. "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 counter-parties in the secondary market." Like the organization's expansion into high yield debt underwriting and financing as well as its expansion into global derivatives, the hiring last summer of S.G. Warburg's U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. team and its designation now as a primary dealer are part of CIBC Wood Gundy's overall strategy of generating significant client benefits by increasing its product base and expanding its presence in the United States. Once acquired, Warburg's U.S. Treasury team became known as the CIBC Wood Gundy U.S. Government Securities Group. It is responsible for building a U.S. government securities business for CIBC Wood Gundy, the marketing banner under which CIBC and its CIBC Wood Gundy Securities investment dealer affiliates offer credit and capital market services globally. Part of CIBC Wood Gundy's Global Trading & Sales Group, the U.S. Government Securities Group combines all of the organization's U.S. government securities repo Repo An agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price. See: Repurchase agreement. repo See repurchase agreement (RP). business with a trading desk in U.S. Treasury securities U.S. Treasury securities Interest-bearing obligations if the U.S. government issued by the U.S. Department of the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. , futures and options. It is headed by Robert Giordano, managing director, who reports to David Crammond, managing director and head of U.S. Fixed Income. "We're already trading and selling U.S. government securities through our affiliates in Toronto, London and Tokyo," Crammond said. "As a primary dealer, our global U.S. dollar capability is significantly enhanced." Noting that some clients insist on trading through primary dealers, Crammond added, "Now that we've been designated a primary dealer, we can provide all our clients with this service directly." As a primary dealer, CIBC Wood Gundy Securities Corp. has a number of responsibilities, including making and maintaining good markets for U.S. government securities and continuing to commit to long-term participation in these markets; participating meaningfully at U.S. Treasury auctions; and providing the Federal Reserve trading desk with market information and analyses of market developments and trends, as well as cooperating with the FRBNY in improving the efficiency, effectiveness and safety of the U.S. government securities market. With assets of U.S.$132 billion, CIBC is one of the 10 largest banks in North America and the second largest financial institution in Canada. It maintains its U.S. headquarters in New York and has offices in Atlanta, Chicago, Houston, Los Angeles and San Francisco. In 1988, CIBC acquired a majority interest in Wood Gundy Inc., a leading Canadian investment dealer now known as CIBC Wood Gundy Securities Inc. Headquartered in Toronto, CIBC Wood Gundy Securities Inc. has offices or subsidiaries in the United Kingdom, Hong Kong, Japan and the United States. Its U.S. subsidiary, CIBC Wood Gundy Securities Corp., has offices in New York and Boston. Canadian Imperial Bank of Commerce (CIBC) is licensed to do business in the United States and is affiliated with CIBC Wood Gundy Securities Corp., a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. member formerly known as Wood Gundy Corp. The CIBC and Wood Gundy trademarks are used under license. CIBC Wood Gundy Securities Corp. is solely responsible for its contractual obligations and commitments. CONTACT: Kitty Griffith 212-856-4029 |
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