Fixed Income Division

What We Do

DCMA’s Fixed Income Division is a market maker in U.S. treasuries, government-sponsored enterprises (GSEs: FNMA/FHLB/FHLMC/FFCB), agency mortgage-backed securities, investment grade corporate bonds, and repo and reverse repos.

As part of the Daiwa global network, we facilitate trading in sovereign and supranational ‘AAA’ bonds and non-USD denominated fixed income products as well as government bonds (JGB’s) and other JPY denominated fixed income products.

We are primarily a business focused on distribution to large institutional customers. Representative customers include state and local governments, central banks and sovereign wealth funds, money market and bond funds, pension funds and international banks.

A Primary Dealer in Treasuries

One of 24 primary dealers in U.S. government securities (treasuries), DCMA has served as a primary dealer uninterrupted since 1986. Primary dealers are trading counterparties of the New York Federal Reserve Bank (“New York Fed”). As such, they are expected to make markets, competitively bid in all treasury auctions, and provide analysis and market intelligence to trading desks at the New York Fed.

Only primary dealers are allowed to transact directly with the New York Fed. Primary dealer membership is an important designation that only very well-capitalized institutions achieve. Primary dealers must meet the regulatory expectations and requirements of the New York Fed.

Mission and Goals

We aim to add liquidity to fixed income markets by providing pricing, inventory, new issue, and market expertise to institutional customers, the New York Federal Reserve, and United States Treasury.




U.S. Government Securities (Treasuries)

  • Market makers in T-Bills, T-Notes, T-Bonds, FRN’s, and TIPs
  • Traders in New York, London, and Tokyo operating 24 hours


  • Membership in the FNMA, FHLMC, FHLB, and FFCB selling groups gives DCMA the ability to get new issues from these GSE’s
  • Market makers in discount notes, callables, step-ups, bullets, and floaters

Investment Grade Corporate Bonds

  • Market makers in all investment grade credit


  • Market makers in all agency MBS, TBA, pass thru, specified pools, and ARM’s
  • Market makers in agency CMOs, CMO derivatives, and new issue CMOs


  • Market makers in U.S. government securities, agency MBS, GSEs repos, and reverses
  • JGB repos

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