Statement Regarding U.S. Dollar Liquidity Swap Small Value Exercise - FEDERAL RESERVE BANK of NEW YORK

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Operating Policy

Statement Regarding U.S. Dollar Liquidity Swap Small Value Exercise

December 12, 2013

The Federal Reserve Bank of New York’s Open Market Trading Desk (the Desk) will conduct small value U.S. dollar liquidity swap operations with some foreign central banks that have liquidity swap arrangements with the Federal Reserve Bank of New York. The purpose of these pre-arranged small value operations is to test the operational readiness of the swap arrangements. Such testing has been authorized by the Federal Open Market Committee (FOMC), as noted in the FOMC’s Authorization for Foreign Currency Operations.

The first of these exercises will occur on December 12, 2013. The Desk intends to conduct similar periodic exercises in the future.

As an operational readiness exercise, these operations are a matter of prudent advance planning by the Federal Reserve.

The results of each exercise will be published on the Federal Reserve Bank of New York’s website.