The Solari Report / 2018 Annual Wrap Up / Part One P r i ma r y D e a l e r s o f U . S . G o v e r n me n t S e c u r i t i e s The f o l l o w i n g t a b l e s h o w s t h e p r i m a r y d e a l e r s o f U . S . g o v e r n m e n t s e c u r i t i e s . A c c o r d i n g t o t h e F e d e r a l R e s e r v e B a n k o f N e wY o r k , “ P r i m a r y d e a l e r s a r e t r a d i n g c o u n t e r p a r t i e s o f t h e N e wY o r k F e d i n i t s i m p l e m e n t a t i o n o f m o n e t a r y p o l i c y . The y a r e a l s o e x p e c t e d t o m a k e m a r k e t s f o r t h e N e wY o r k F e d o n b e h a l f o f i t s o ffi c i a l a c c o u n t h o l d e r s a s n e e d e d , a n d t o b i d o n a p r o - r a t a b a s i s i n a l l T r e a s u r y a u c t i o n s a t r e a s o n a b l y c o m p e t i t i v e p r i c e s . ” Company Headquarters Market Cap ($Ms) LTM Revenue ($Ms) Trailing P/E Bank of Nova Scotia, New York Agency Canada-Halifax $65,977 $21,247 10.4x BMO Capital Markets Corp Canada-Montreal $44,700 $17,219 11.3x BNP Paribas Securities Corp EU-France-Paris $58,895 $89,627 7.1x Barclays Capital UK-London $34,737 $27,086 20.2x Cantor Fitzgerald & Co USA-NY-New York N/A N/A N/A Citigroup Global Markets USA-NY-New York $138,445 $72,240 14.7x Credit Suisse AG, New York Branch EU-Switzerland-Zurich $30,169 $20,082 N/A Daiwa Capital Markets America Asia-Japan-Tokyo $8,398 $5,216 9.1x 2 0 4