the subprime mortgage crisis and to the collapse of Bear Stearns, on March 19, 2008, the Federal Reserve set up the Primary Dealers Credit Facility (PDCF), whereby primary dealers could borrow at the Fed's discount window using several forms of collateral including mortgage-backed loans. The PDCF was closed on February 1, 2010. History The current system of primary dealers was set up in 1960 with 18 dealers. The number of primary dealers grew to 46 in 1988, declined to 21 by 2007 and stands at 24 in July 2019. The most recent addition to the list of primary dealers was Amherst Pierpont Securities LLC on May 6, 2019. The last previous addition was Wells Fargo Securities LLC on April 18, 2016. Name changes of the firms are fairly common as are withdrawals due to mergers; for example, when Merrill Lynch was taken over by Bank of America, the Merrill Lynch name was at first withdrawn but the Bank of America dealer firm was later renamed Merrill Lynch. Current primary dealers with the Federal Reserve Bank of New York As of May 6, 2019, according to the Federal Reserve Bank of New York the list includes: Amherst Pierpont Securities LLC Bank of Nova Scotia, New York Agency BMO Capital Markets Corp. BNP Paribas Securities Corp. Barclays Capital Inc. BofA Securities Cantor Fitzgerald & Co. Citigroup Global Markets Inc. Credit Suisse AG, New York Branch Daiwa Capital Markets America Inc. Deutsche Bank Securities Inc. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. Jefferies LLC J.P. Morgan Securities LLC Mizuho Securities USA LLC Morgan Stanley & Co. LLC NatWest Markets Securities Inc. Nomura Securities International, Inc. RBC Capital Markets, LLC Societe Generale, New York Branch TD Securities (USA) LLC UBS Securities LLC. Wells Fargo Securities LLC. References External links NY Federal Reserve - Primary Dealers Federal Reserve System