Pilot Survey of Market Participants

The Federal Reserve Bank of New York is conducting a pilot survey of market participants (pilot) to better understand the expectations of active investment decision makers.  As such, participants in the pilot will be comprised of a subset of members of the following New York Fed advisory and sponsored groups:

Investor Advisory Committee on Financial Markets »
Foreign Exchange Committee »
Treasury Market Practices Group »
Buyside General Counsel Committee »

Pilot surveys consist of a subset of questions taken directly from the Survey of Primary Dealers (SPD) and will be posted on the New York Fed website concurrent with the SPD. 

The pilot is initially expected to run for one year. After this initial period, the New York Fed will decide whether to continue the survey on a permanent basis.

Participation in the pilot is voluntary and participating firms are listed below.  This list will be updated if the composition of participants changes.


Apollo Management L.P.
Graham Capital Management
Appaloosa Management L.P.
Guggenheim Partners
Bessemer Investment Management
J.P. Morgan Asset Management
BlackRock, Inc.
Kynikos Associates
BlueMountain Capital Management, LLC
Mellon Capital
Brevan Howard
Microsoft Corporation
BTG Pactual
Millennium Management, LLC
Citadel LLC
Moore Capital Management LLC
Cowen Group, Inc.
NWI Management
Credit Suisse Group
Oppenheimer Funds
D. E. Shaw & Co., L.P.
QFR Capital Management
Fidelity Investments
Teacher Retirement System of Texas
Fischer Francis Trees & Watts
Tudor Investment Corporation
Fortress Investment Group LLC
General Electric Company
Wellington Management

All documents in PDF format PDF

*Results include subsequent updates from market participants on select survey questions. Market participants' updated responses are included in the appendix.