RBC Capital Markets, the investment banking unit of Royal Bank of Canada, said it’s been designated a primary dealer in Germany.
The announcement follows yesterday’s appointment of the Toronto-based firm as a primary dealer for France. RBC Capital Markets has been a market maker in the U.K. for more than a decade and in the U.S. was designated a primary dealer to the Federal Reserve of New York in July 2009, the bank said.
“We are now looking to build on our success in these markets and are focused on establishing a trade capability across multiple jurisdictions in Europe,” Harry Samuel, RBC’s global co-head of fixed income currencies, said in an e-mailed statement.
Primary dealers participate in auctions of government debt, place treasury securities and liquidity in the secondary market and report on market developments and transaction volumes, the bank said. RBC also acts as the equivalent of a primary dealer in Canada and Australia. Royal Bank of Canada is the country’s biggest bank by assets.