Foreign Exchange Counterparties
Australia and New Zealand Banking Group Limited
Bank of America, N.A.
Barclays Bank Plc
Commonwealth Bank of Australia, New York
Credit Agricole Corporate and Investment Bank London
Credit Suisse AG, London Branch
Deutsche Bank AG London Branch
Goldman, Sachs & Co.
HSBC Bank USA, National Association
JP Morgan Chase Bank, N.A.
Morgan Stanley & Co. LLC
Royal Bank of Canada
Standard Chartered Bank
State Street Bank and Trust Company
Sumitomo Mitsui Banking Corporation
The Bank of New York Mellon
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The Northern Trust Company
The Royal Bank of Scotland Plc
Additions and Removals
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Role of foreign exchange counterparties in New York Fed market operations
Foreign exchange (FX) counterparties are trading counterparties of the New York Fed in its FX operations on behalf of the Federal Reserve and the U.S. Treasury. They are also expected to make reasonable markets for Desk transactions that relate to currency needs of the New York Fed’s official accountholders and agencies of the U.S. government, as needed. The Desk also relies on its FX counterparties for ongoing insight into global financial market developments in its daily market monitoring activities, to support the formulation and implementation of policy by the U.S. monetary authorities. FX counterparties are expected to provide competitive two-way pricing as needed to support the Desk’s periodic foreign exchange operations.
In order to be eligible as a foreign exchange counterparty, a firm must:
Once onboarded, FX counterparties are expected to continue to meet these expectations and eligibility requirements on an ongoing basis.
Firms should contact the New York Fed at email@example.com before formally expressing interest in becoming a foreign exchange counterparty and providing the requested information.
1 A market maker is a firm that continuously provides prices to both buyers and sellers in the market, and stands ready to transact at those prices in various market environments.