BDA Calls on Fed to Include All Banks and Dealers Who Provide Liquidity in Emergency Programs – Bond Dealers of America 

These new programs rely on pre-2008 assumptions about market structure. The biggest financial players have a much smaller footprint in the markets than they once did, and the 24 Primary Dealers with whom the Fed currently trades make up a much smaller share of the trading market. The pulse of the financial markets now extends beyond the old Wall Street stalwarts