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BRIEFLY

December 23, 1987

The New York Fed added subsidiaries of Nikko Securities Co. of Japan, Lloyds Bank PLC of Britain and Chicago Research & Trading Group to its list of primary dealers in U.S. government securities. Primary dealers--of which there now are 43--are authorized to buy and sell U.S. government bonds, notes and bills in direct dealings with the Federal Reserve Bank of New York in its execution of Fed open market operations, which are designed to regulate the money supply. The Fed said E. F. Hutton will cease operating as a primary dealer Jan. 6.

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