Goldman and Morgan become bank holding companies

The Fed announced on Sunday it had approved the application, subject to a five-day antitrust waiting period.

During the transition period, the Federal Reserve Bank of New York will extend credit to the US broker-dealer subsidiaries of Goldman and Merrill against all types of collateral pledged at the Fed’s primary credit facility for depository institutions or at the existing primary dealer credit facility. The New York Fed will also extend credit to the two firms’ London-based broker-dealer

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