Broker-Dealer Professional Services
New Jersey Turnpike Authority
Original Solicitation Links
Submission Instructions
Description
The New Jersey Turnpike Authority is soliciting qualifications from investment broker-dealers to create a pool of up to ten qualified firms for its investment needs. The Authority manages a portfolio currently ranging from $3 billion to $4 billion, primarily consisting of U.S. Treasury and agency obligations, certificates of deposit, and commercial paper. Selected broker-dealers will provide pricing and execute trades by email, Bloomberg's BOOM platform, or telephone, with trade confirmations and portfolio reporting provided as required. The Authority will not pay direct transaction fees; broker-dealers will be compensated by transaction issuers under their independent agreements. Proposals must address the firm's regulatory status, financial strength, fixed-income trading experience, personnel, procedures, reporting capabilities, conflicts, references, and financial condition. The submission must include the Broker-Dealer Questionnaire, Certification of Understanding, required affidavits and disclosure forms, financial statements or tax returns for the past three years, proof of insurance or a broker letter, and other checklist items. Required insurance includes professional liability of at least $10 million, cyber liability of at least $10 million, and a financial institution, broker-dealer blanket, or fidelity bond of at least $10 million, along with specified general liability, automobile liability, and workers' compensation coverage.
Classification Codes
Smart Codes
Specifications
Timeline
Requirements
- Commercial General Liability — $2,000,000.00
- Commercial Automobile Liability — $2,000,000.00
- Workers' Compensation and Employers' Liability — $1,000,000.00
- Professional Liability — $10,000,000.00
- Cyber Liability — $10,000,000.00
- Financial Institution Bond/Broker-Dealer Blanket Bond/Fidelity Bond — $10,000,000.00
- Financial Institution Bond/Broker-Dealer Blanket Bond/Fidelity Bond Bond — $10,000,000.00
- Minimum 3 references
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