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The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to provide intellectual leadership in the central banking community in the fields of macro and applied econometrics.
The Center for Microeconomic Data offers wide-ranging data and analysis on the finances and economic expectations of U.S. households.
The monthly Empire State Manufacturing Survey tracks the sentiment of New York State manufacturing executives regarding business conditions.
This ongoing Liberty Street Economics series analyzes disparities in economic and policy outcomes by race, gender, age, region, income, and other factors.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
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The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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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
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Foreign Reserves Management Counterparties
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ABN AMRO Bank N.V. 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 |
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Additions and Removals
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| 2019 | |
Feb 7, 2019 |
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| 2018 | |
Mar 29, 2018 |
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Name Changes
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| 2018 | |
Apr 30, 2018 |
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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
Disclaimer
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.
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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