Pilot Survey of Market Participants
January 16, 2014

The Federal Reserve Bank of New York is conducting a pilot survey of market participants (pilot). The pilot will be similar to the current Survey of Primary Dealers (SPD) but will aim to better understand the expectations of market participants beyond the New York Fed’s primary dealer counterparties, specifically those of active investment decision makers.  As such, participants in the pilot will be comprised of members of the following New York Fed advisory and sponsored groups

  • Investor Advisory Committee on Financial Markets
  • Foreign Exchange Committee
  • Treasury Market Practices Group
  • Buyside General Counsel Committee

Pilot surveys will consist of a subset of questions taken directly from the SPD and will be posted on the New York Fed website concurrent with the SPD, beginning this month.   

The pilot is expected to run for one year. It will then be determined if the survey continues on a permanent basis. 

Participation in the pilot is voluntary and participating firms are listed below.  This list will be updated if the composition of participants changes. 

Apollo Management L.P.
Appaloosa Management L.P.
BlackRock, Inc.
BlueMountain Capital Management, LLC
Brevan Howard
BTG Pactual
Citadel LLC
Cowen Group, Inc.
Credit Suisse Group
D. E. Shaw & Co., L.P.
Fidelity Investments
Fischer Francis Trees & Watts
Fortress Investment Group LLC
General Electric Company
Guggenheim Partners
J.P. Morgan Asset Management
Kynikos Associates
Mellon Capital
Microsoft Corporation
Millennium Management, LLC
Moore Capital Management LLC
QFR Capital Management
Tudor Investment Corporation
Wellington Management

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