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Foreign Reserves Management Counterparties
The New York Fed Trading Desk (Desk) transacts with foreign reserves management (FRM) counterparties to invest the foreign currency reserves of the Federal Reserve and the U.S. Treasury.

List of FRM Counterparties
Current List, Additions, Removals & Name Changes
Foreign Reserves Management Counterparties


Barclays Bank Plc

Barclays Securities Japan Limited

BNP Paribas, Paris

Citigroup Global Markets Inc.

Citigroup Global Markets Japan Inc.

Citigroup Global Markets Ltd.

Daiwa Securities Co., Ltd.

Danske Bank A/S

Deutsche Bank AG Frankfurt

Deutsche Bank AG London Branch

Goldman Sachs International

Goldman Sachs Japan Co., Ltd.

JP Morgan Securities Japan Co., Ltd.

J.P. Morgan Securities Plc

Merrill Lynch International

Merrill Lynch Japan Securities Co., Ltd.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Mizuho Securities Co., Ltd.

Morgan Stanley and Co. International Plc

NatWest Markets Plc

Nomura International Plc

Nomura Securities Co., Ltd.

Société Générale, Paris

Expectations & Requirements
These expectations supplement those outlined in the Federal Reserve Bank of New York Policy on Counterparties for Market Operations.
Specific expectations & eligibility requirements
The Federal Reserve Bank of New York's relationships with private sector counterparties described in this policy are business, not regulatory, relationships entered into by the New York Fed for the purposes described herein. That a firm is a New York Fed counterparty is not an endorsement of the firm by the New York Fed and should not be used as a substitute for independent analysis and due diligence by other parties considering a business relationship with the firm.

Role of foreign reserves management counterparties in New York Fed market operations

The Desk transacts with foreign reserves management (FRM) counterparties to invest the foreign currency reserves of the Federal Reserve and the U.S. Treasury. The Desk also relies on its FRM 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.

FRM counterparties are expected to participate consistently and competitively in the Desk’s periodic reinvestment operations.

Eligibility criteria

In order to be eligible as a foreign reserves management counterparty, a firm must:

  • Demonstrate a substantial presence as a market maker that provides two-way liquidity in one or more of the foreign-currency-denominated sovereign bond markets the Desk is seeking to transact in.1
    • For euro bond purchases and sales, counterparties must have the capacity to buy and sell foreign sovereign debt and must be a member of the TradeWeb trading platform.
    • For euro reverse repo and euro repo transactions, counterparties must have the capacity to execute repos and reverse repos against foreign sovereign debt securities, and must have established tri-party repo arrangements with Euroclear to support settlement of these transactions.
  • Have and maintain settlement procedures that are acceptable to the New York Fed.

Once onboarded, FRM counterparties are expected to continue to meet these expectations and eligibility requirements on an ongoing basis.

Firms should contact the New York Fed at FRMInfo@ny.frb.org before formally expressing interest in becoming a foreign reserves management counterparty and providing the requested information.

Expression of Interest Form for FRM Counterparties

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.

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