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.
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
Nomura International Plc
Nomura Securities Co., Ltd.
Société Générale, Paris
The Royal Bank of Scotland Plc
Additions and Removals
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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.
In order to be eligible as a foreign reserves management counterparty, a firm must:
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.
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.