As referenced in the February 22
operating policy statement, the Federal Reserve Bank of New York (FRBNY) is permitted to undertake certain open market and foreign currency transactions for the purpose of testing operational readiness. These small value operations are a matter of prudent advance planning. The conduct of such exercises does not represent a change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future from them.
In connection with this authorization, the FRBNY’s Open Market Trading Desk intends to conduct a series of four small value repo and reverse repo operations during the month of November. Each operation will begin around 9:40 AM ET, and end at 10:00 AM ET and be open to Primary Dealers and/or Reverse Repo Counterparties. All counterparties will be limited to one 1ドル million proposition per tranche during each operation. The planned schedule, including operation details, follows below:
Repurchase Agreement Operations:
OPERATION TENOR/TYPE
ELIGIBLE COUNTERPARTIES
OPERATION DATE
SETTLEMENT DATE
MATURITY DATE
COLLATERAL TYPE
MAXIMUM VALUE OF OPERATION
Term Repo
Primary Dealers
Wed, Nov 8, 2017
Wed, Nov 8, 2017
Fri, Nov 10, 2017
Multi-tranche: Treasury, Agency, Agency MBS
75ドル million
Overnight Repo
Primary Dealers
Mon, Nov 20, 2017
Mon, Nov 20, 2017
Tue, Nov 21, 2017
Multi-tranche: Treasury, Agency, Agency MBS
75ドル million
Reverse Repurchase Agreement Operations:
OPERATION TENOR/TYPE
ELIGIBLE COUNTERPARTIES
OPERATION DATE
SETTLEMENT DATE
MATURITY DATE
COLLATERAL TYPE
MAXIMUM OFFERING RATE
MAXIMUM VALUE OF OPERATION
Term Reverse Repo
Primary Dealers and Reverse Repo Counterparties
Mon, Nov 13, 2017
Mon, Nov 13, 2017
Wed, Nov 15, 2017
Single-tranche: Treasury-only
ON RRP Offering Rate on Nov 13
175ドル million
Overnight Reverse Repo
Primary Dealers
Thu, Nov 16, 2017
Thu, Nov 16, 2017
Fri, Nov 17, 2017
Single-tranche: Agency MBS-only
ON RRP Offering Rate on Nov 16
25ドル million
Announcements and results will be posted on the FRBNY's website at the start and following the completion of each operation.