Michelle Neal (bio)
Group Head

Roberto Perli (bio)
SOMA Manager
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The Markets Group comprises many business lines that fulfill a range of responsibilities, including planning and executing open market operations, monitoring and analyzing global financial market developments, executing lender of last resort operations, providing financial services for foreign official institutions (central banks) and official international organizations, determining valuation and margin practices for collateral pledged throughout the Federal Reserve System, and serving in a fiscal agent capacity for the U.S. Treasury. During periods of market stress, the Markets Group may also be directed to implement emergency lending facilities to support the continued flow of credit to businesses and households, as it did in 2008 and again in 2020. The five main business areas are:

Market Operations, Monitoring, and Analysis
  • Implements domestic open market and foreign currency operations for the System Open Market Account (SOMA) in a manner that is consistent with the Federal Open Market Committee (FOMC) authorization and directives.
  • Monitors and analyzes global financial markets to inform the formulation and implementation of monetary and financial stability policy.
  • Provides capital markets-related fiscal agency and other services to the U.S. Treasury.
  • Publishes reference rates for the U.S. money markets.
  • Manages the U.S. foreign currency reserves on behalf of the Federal Reserve and U.S. Treasury.
  • Transacts on behalf of foreign and international monetary authorities.
Central Bank and International Account Services
  • Provides securities clearing, custody, funds transfer, and other support services for the FOMC’s domestic and foreign monetary policy operations through the System Open Market Account (SOMA).
  • Offers a range of correspondent and custodial banking services to Foreign and International Monetary Authorities (FIMAs).
Discount Window and Collateral Valuation
  • Provides lending and collateral services to depository institutions in the Second Federal Reserve District under the terms of the Primary, Secondary or Seasonal Credit Facilities.
  • Values and estimates the risk of collateral pledged to the Second District’s Discount Window lending facilities, the SOMA portfolio, and temporary liquidity facilities.
Group Shared Services
  • Provides a range of centralized non-IT support services to the Markets Group, including facilities management, financial management, operational risk management, workforce administration, data administration and project management.
  • Houses pooled Group resources, including administrative assistants and the rotational analyst program.
Business Technology
  • Provides technology strategy and solutions, in addition to supporting the smooth functioning operations and analytical work of the Markets Group, complementing services provided by the Bank’s central IT and Federal Reserve System’s national IT services.
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