Amendments to Operating Circular No. 9: Changes to the TT&L Program to Implement Term Investments - Circulars

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Circular

Amendments to Operating Circular No. 9: Changes to the TT&L Program to Implement Term Investments

February 24, 2005

Circular No. 11684

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The Federal Reserve Bank of New York has amended Operating Circular No. 9, “Federal Tax Payments and Treasury Tax and Loan Depositaries” effective February 5, 2005. These amendments are primarily being made to incorporate provisions regarding Term Investments.

Term Investments are investments of excess Treasury funds that are placed for a specified period of time, up to 90 days. The rate of interest a depositary pays for Term Investments is normally determined by an auction. These provisions are substantially the same as those that were previously contained in separate agreements with Term Investment Participants. Those separate agreements are superseded by the revised Operating Circular. A new section 6.4 and new Appendices H and I have been added. Definitions related to Term Investments have also been added and appropriate references in other sections have been made to Term Investments. In addition, several clarifying and editorial changes have been made throughout the circular.

The current Operating Circular 9 has been posted on the Financial Services Web site and reflects these amendments. From this website, you may read, download, and print the Operating Circular. Any questions regarding the revised Operating Circular 9 or Term Investments may be directed to the National Customer Service Area (NCSA) at (888) 568-7343.

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