ESM asks primary dealers to set up EU entities for post-Brexit auctions
The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.
As of the start of February, only those banks with entities within the EU-27 are allowed to participate in ESM and EFSF auctions, according to an ESM spokesperson.ESM sells bonds and bills by auction through the Deutsche Bundesbank, which can only the supranationals' market group can participate ...
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