STAMFORD, Conn., Nov. 17, 2014 (GLOBE NEWSWIRE) -- The Federal Reserve Bank of New York ("FRBNY") announced today that Mischler Financial Group ("MFG"), the securities industry's oldest investment bank/institutional brokerage owned and operated by a service-disabled veterans business enterprise (SDVBE), has been selected to participate in the recently announced Agency Mortgage-Backed Counterparty Pilot Program. Mischler is 1 of 3 firms selected for this program, which is anticipated to extend for at least 1 year. In June 2013, Mischler had been appointed to participate in the New York Fed's Treasury Operations Pilot Program.
According to the New York Fed, the intent in conducting this pilot program is to explore ways to broaden access to open market operations and to determine the extent to which firms beyond the Primary Dealer community can augment the New York Fed's operational capacity and resiliency in its monetary policy operations.
Stated Dean Chamberlain, CEO of Mischler Financial Group, "We're honored to be named by the New York Federal Reserve to participate in this new program. This is a great tribute to our firm's capabilities and provides an important opportunity for our institutional clients who are active in the MBS marketplace."
Applicants for the pilot program were evaluated on the basis of their business capabilities and their ability to meet FRBNY's stated expectations of counterparties for agency mortgage-backed securities operations throughout the duration of the pilot program. The selection process included the ability to demonstrate a consistent and meaningful transaction presence (relative to the firm's size) in the secondary market for agency MBS securities, as both seller and buyer, acting as principal.
The New York Federal Reserve Bank formal announcement can be found at the NYFRB website.
About Mischler Financial Group
Headquartered in Newport Beach, California with regional offices in Stamford, CT, Boston, MA, Chicago, IL, and Detroit, MI, Mischler Financial is the financial industry's oldest minority investment firm owned and operated by Service-Disabled Veterans. The firm's clients include institutional investment managers, corporate treasurers, public plan sponsors, endowments and foundations by providing capital markets services and agency-only execution within the global equities and fixed income markets. The firm also provides asset management for liquid and alternative investment strategies. The firm's website is located at http://mischlerfinancial.com.