The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The Federal Reserve Bank of New York's Open Market Trading Desk is making the following change to the System Open Market Account (SOMA) securities lending program:
Effective June 1, 2010, the New York Fed will collect all SOMA securities lending related fees on a daily basis. Previously, fees associated with failure to return borrowed securities at original maturity were typically collected upon settlement of the loan return. All other terms and conditions remain unchanged.