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NatWest Leaves New York Fed Primary-Dealer List, Proposes US and Europe Withdrawal

Jackson Moreland
Published Oct 16, 2026
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Summary:
  • Effective Friday, NatWest Group Plc removed its markets securities unit from the Federal Reserve Bank of New York's primary dealer roster.
  • The New York Fed's notice matches a Bloomberg report indicating NatWest intended to halt primary dealing in those markets while remaining a primary dealer in the UK.
  • Last week, NatWest said it was streamlining its markets operations and intended to withdraw from primary-dealer roles across the US and Europe.

What happened

The New York Fed said NatWest's markets securities unit is no longer on its primary dealer list, effective Friday. That update backs last week's Bloomberg reporting that the bank planned to cease primary dealing in those markets while continuing as a primary dealer in the UK government bond market.

The bank's explanation and response

According to a NatWest spokesperson last week, the Edinburgh-based lender is paring back its markets unit and intended to leave primary-dealer arrangements in both the US and Europe. A representative did not return a request for comment immediately on Friday. Earlier, a person familiar with the decision told Bloomberg the move was not related to recent bond market volatility.

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Why it matters for investors

NatWest plans to maintain its primary dealer role in the UK. The markets unit has been shrinking since the Royal Bank of Scotland era, and in 2020 the group cut it further to prioritize UK retail and commercial lending. The bottom line: a smaller capital markets footprint and a tilt toward domestic lending can reshape earnings mix and risk for anyone tracking UK bank exposure.

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