Jonathan Freed, a spokesman for the New York Fed, declined to comment.
BlackRock’s Prager said trading Treasuries eventually will become a more electronic market and that the role of primary dealers will change.
“Primary dealers play a critical role, but it’s much reduced,” said David Jones, 74, who rose to vice chairman during 30 years at Aubrey G. Lanston & Co., one of the original primary dealers before it closed in 2002. “The world has changed. The technology itself has changed so much.”