Repurchase Agreement Operational Details

In accordance with the most recent Federal Open Market Committee (FOMC) directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct a series of overnight and term repurchase agreement operations (repos) to support effective policy implementation and the smooth functioning of short-term U.S. dollar funding markets.

Securities eligible as collateral for both overnight and term operations include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type per operation at rates equal to or greater than the operation minimum bid rate, which is set at the rate of interest on excess reserves (IOER) plus a spread. The operation calendar and parameters are subject to change.

Monthly Schedule of Overnight and Term Repurchase Agreement Operations
Current Period Summary Next Schedule Release
Tuesday, 9/15/2020 - Wednesday, 10/14/2020 The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. Wednesday, 10/14/2020
Overnight Operations Date(s) Time Minimum Bid Rate
Tuesday, 9/15/2020 - Wednesday, 10/14/2020 1:30 - 1:45 p.m. IOER + 5 basis points
Term operation date maturity date term Time Minimum Bid Rate
Tuesday, 9/15/2020 Tuesday, 10/13/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 9/22/2020 Tuesday, 10/20/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 9/29/2020 Tuesday, 10/27/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 10/6/2020 Tuesday, 11/3/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 10/13/2020 Tuesday, 11/10/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Note: This calendar was last updated on 9/14/2020

Data
Historical Repurchase Operation Schedule & Parameters

previous periods
Current Period Summary Next Schedule Release
Friday, 8/14/2020 - Monday, 9/14/2020 The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. Monday, 9/14/2020
Overnight Operations Date(s) Time Minimum Bid Rate
Friday, 8/14/2020 - Monday, 9/14/2020 1:30 - 1:45 p.m. IOER + 5 basis points
Term operation date maturity date term Time Minimum Bid Rate
Tuesday, 8/18/2020 Tuesday, 9/15/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 8/25/2020 Tuesday, 9/22/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 9/1/2020 Tuesday, 9/29/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 9/8/2020 Tuesday, 10/6/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Note: This calendar was last updated on 8/13/2020

Current Period Summary Next Schedule Release
Tuesday, 7/14/2020 - Thursday, 8/13/2020 The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. Thursday, 8/13/2020
Overnight Operations Date(s) Time Minimum Bid Rate
Tuesday, 7/14/2020 - Thursday, 8/13/2020 1:30 - 1:45 p.m. IOER + 5 basis points
Term operation date maturity date term Time Minimum Bid Rate
Tuesday, 7/14/2020 Tuesday, 8/11/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 7/21/2020 Tuesday, 8/18/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 7/28/2020 Tuesday, 8/25/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 8/4/2020 Tuesday, 9/1/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points
Tuesday, 8/11/2020 Tuesday, 9/8/2020 28-days 8:15 - 8:30 a.m. IOER + 10 basis points

Current Period Summary Next Schedule Release
Friday, 6/12/2020 – Monday, 7/13/2020 The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. Monday, 7/13/2020
Overnight Operations Date(s) Time Minimum Bid Rate
Friday, 6/12/2020 & Monday, 6/15/2020 8:15 - 8:30 a.m. IOER + 0 basis points
Tuesday, 6/16/2020 8:30 - 8:45 a.m. IOER + 5 basis points
Wednesday, 6/17/2020 - Friday, 6/19/2020 8:15 - 8:30 a.m. IOER + 5 basis points
Monday, 6/22/2020 - Monday, 7/13/2020* 1:30 - 1:45 p.m. IOER + 5 basis points
Term operation date maturity date term Minimum Bid Rate
Tuesday, 6/16/2020 Tuesday, 7/14/2020 28-days IOER + 10 basis points
Tuesday, 6/23/2020 Tuesday, 7/21/2020 28-days IOER + 10 basis points
Tuesday, 6/30/2020 Tuesday, 7/28/2020 28-days IOER + 10 basis points
Tuesday, 7/7/2020 Tuesday, 8/4/2020 28-days IOER + 10 basis points
*Due to the Securities Industry and Financial Markets Association’s recommended market close on Friday, 7/3/2020, the overnight repo on Thursday, 7/2/2020 will mature on Monday, 7/6/2020. No repo operation will be conducted on Friday, 7/3/2020.
Note: This calendar was last updated on 6/19/2020

Current Period Summary Next Schedule Release
Thursday, 5/14/2020 – Thursday, 6/11/2020 The desk plans to conduct overnight repo operations on each business day and a series of term repo operations. Thursday, 6/11/2020
Overnight Operations Dates Aggregate Operation Limit
Thursday, 5/14/2020 – Thursday, 6/11/2020 $500 billion
Term operation date maturity date term aggregate operation limit
Monday, 5/18/2020 Tuesday, 6/16/2020 29-days $500 billion
Tuesday, 5/26/2020 Tuesday, 6/23/2020 28-days $500 billion
Monday, 6/1/2020 Tuesday, 6/30/2020 29-days $500 billion
Monday, 6/8/2020 Tuesday, 7/7/2020 29-days $500 billion
Note: This calendar was last updated on 5/13/2020

Overnight Operations Dates Aggregate Operation Limit
Morning: Tuesday, 4/14/2020 - Wednesday, 5/13/2020 $500 billion
Afternoon: Tuesday, 4/14/2020 - Friday, 5/1/2020 $500 billion
Term operation date maturity date term aggregate operation limit
Monday, 4/20/2020 Monday, 5/18/2020 28-days $500 billion
Friday, 4/24/2020 Friday, 7/17/2020 84-days $500 billion
Monday, 4/27/2020 Tuesday, 5/26/2020 29-days $500 billion
Monday, 5/4/2020 Monday, 6/1/2020 28-days $500 billion
Friday, 5/8/2020 Friday, 7/31/2020 84-days $500 billion
Monday, 5/11/2020 Monday, 6/8/2020 28-days $500 billion
Note: This calendar was last updated on 4/13/2020

Overnight Operations Dates Aggregate Operation Limit
Morning: Thursday, 3/12/2020 - Monday, 3/16/2020 At least $175 billion
Afternoon: Monday, 3/16/2020 – Monday, 4/13/2020* $500 billion
Morning: Tuesday, 3/17/2020 – Monday, 4/13/2020* $500 billion
Term operation date maturity date term aggregate operation limit
Thursday, 3/12/2020** Monday, 4/6/2020 25-days At least $50 billion
Thursday, 3/12/2020 Thursday, 3/26/2020 14-days At least $45 billion
Thursday, 3/12/2020**, forward settlement repo*** Friday, 6/5/2020 84-days $500 billion
Friday, 3/13/2020** Friday, 6/5/2020 84-days $500 billion
Friday, 3/13/2020** Monday, 4/13/2020 31-days $500 billion
Monday, 3/16/2020** Monday, 4/13/2020 28-days $500 billion
Tuesday, 3/17/2020 Tuesday, 3/31/2020 14-days At least $45 billion
Thursday, 3/19/2020 Thursday, 4/2/2020 14-days At least $45 billion
Friday, 3/20/2020** Friday, 6/12/2020 84-days $500 billion
Monday, 3/23/2020** Monday, 4/20/2020 28-days $500 billion
Tuesday, 3/24/2020 Monday, 4/6/2020 13-days At least $45 billion
Thursday, 3/26/2020 Monday, 4/6/2020 11-days At least $45 billion
Friday, 3/27/2020** Friday, 6/19/2020 84-days $500 billion
Monday, 3/30/2020** Monday, 4/27/2020 28-days $500 billion
Tuesday, 3/31/2020 Monday, 4/13/2020 13-days At least $45 billion
Thursday, 4/2/2020 Monday, 4/13/2020 11-days At least $45 billion
Friday, 4/3/2020** Friday, 6/26/2020 84-days $500 billion
Monday, 4/6/2020** Monday, 5/4/2020 28-days $500 billion
Thursday, 4/9/2020** Friday, 7/3/2020 85-days $500 billion
Monday, 4/13/2020** Monday, 5/11/2020 28-days $500 billion
*Due to the Securities Industry and Financial Markets Association’s recommended market close on Friday, 4/10/2020, the overnight repos on Thursday, 4/9/2020 will mature on Monday, 4/13/2020.
**The minimum bid rate for these longer-maturity term repo operations will be set at the greater of: (1) the prevailing market rate that reflects market expectations for the path of the federal funds rate over a similar tenor plus a spread of 5 basis points for one-month repo operations and 10 basis points for three-month repo operations, or (2) the minimum bid rate for the overnight repo operation on the same day. These are a technical parameters and no inference should be drawn about the Federal Reserve’s views on the current or future stance of monetary policy based on the minimum bid rates for repo operations. These parameters are subject to change.
***This forward settlement operation will be conducted at 1:30 p.m. ET on 3/12/2020. It will settle on 3/13/2020 and mature on 6/5/2020.
Note: This calendar was last updated on 3/16/2020

Overnight Operations Dates Aggregate Operation Limit
Friday, 2/14/2020 - Friday, 3/6/2020 At least $100 billion
Monday, 3/9/2020 - Wednesday, 3/11/2020 At least $150 billion
Term operation date maturity date term aggregate operation limit
Tuesday, 2/18/2020 Tuesday, 3/3/2020 14-days At least $25 billion
Thursday, 2/20/2020 Thursday, 3/5/2020 14-days At least $25 billion
Tuesday, 2/25/2020 Tuesday, 3/10/2020 14-days At least $25 billion
Thursday, 2/27/2020 Thursday, 3/12/2020 14-days At least $25 billion
Tuesday, 3/3/2020 Tuesday, 3/17/2020 14-days At least $20 billion
Thursday, 3/5/2020 Thursday, 3/19/2020 14-days At least $20 billion
Tuesday, 3/10/2020 Tuesday, 3/24/2020 14-days At least $45 billion

Overnight Operations Dates Aggregate Operation Limit
Wednesday, 1/15/2020 - Thursday, 2/13/2020 At least $120 billion
Term operation date maturity date term aggregate operation limit
Thursday, 1/16/2020 Thursday, 1/30/2020 14-days At least $35 billion
Tuesday, 1/21/2020 Tuesday, 2/4/2020 14-days At least $35 billion
Thursday, 1/23/2020 Thursday, 2/6/2020 14-days At least $35 billion
Tuesday, 1/28/2020 Tuesday, 2/11/2020 14-days At least $35 billion
Thursday, 1/30/2020 Thursday, 2/13/2020 14-days At least $35 billion
Tuesday, 2/4/2020 Tuesday, 2/18/2020 14-days At least $30 billion
Thursday, 2/6/2020 Thursday, 2/20/2020 14-days At least $30 billion
Tuesday, 2/11/2020 Tuesday, 2/25/2020 14-days At least $30 billion
Thursday, 2/13/2020 Thursday, 2/27/2020 14-days At least $30 billion

Overnight Operations Dates Aggregate Operation Limit
Friday, 12/13/2019 – Monday, 12/30/2019 At least $120 billion
Monday, 12/30/2019 one-day forward settlement repo* At least $75 billion
Tuesday, 12/31/2019** – Thursday, 1/2/2020 At least $150 billion
Friday, 1/3/2020 – Tuesday, 1/14/2020 At least $120 billion
Term operation date maturity date term aggregate operation limit
Monday, 12/16/2019 Friday, 1/17/2020 32-days At least $50 billion
Tuesday, 12/17/2019 Monday, 12/30/2019 13-days At least $35 billion
Thursday, 12/19/2019 Thursday, 1/2/2020 14-days At least $35 billion
Monday, 12/23/2019 Tuesday, 1/7/2020 15-days At least $35 billion
Thursday, 12/26/2019 Thursday, 1/9/2020 14-days At least $35 billion
Monday, 12/30/2019 Tuesday, 1/14/2020 15-days At least $35 billion
Thursday, 1/2/2020 Thursday, 1/16/2020 14-days At least $35 billion
Tuesday, 1/7/2020 Tuesday, 1/21/2020 14-days At least $35 billion
Thursday, 1/9/2020 Thursday, 1/23/2020 14-days At least $35 billion
Tuesday, 1/14/2020 Tuesday, 1/28/2020 14-days At least $35 billion
*This one-day forward settlement operation will be conducted at 10:00 a.m. ET on 12/30/2019. It will settle on 12/31/2019 and mature on 1/2/2020.
**The overnight repo operation on 12/31/2019 will start at 7:45 a.m. ET and close at 8:00 a.m. ET.

Overnight operations dates Aggregate Operation Limit
Friday, 11/15/2019 - Thursday, 12/12/2019 At least $120 billion
Term operation date maturity date term aggregate operation limit
Tuesday, 11/19/2019 Tuesday, 12/3/2019 14-days At least $35 billion
Thursday, 11/21/2019 Thursday, 12/5/2019 14-days At least $35 billion
Monday, 11/25/2019 Monday, 1/6/2020 42-days At least $25 billion
Tuesday, 11/26/2019 Tuesday, 12/10/2019 14-days At least $35 billion
Wednesday, 11/27/2019 Thursday, 12/12/2019 15-days At least $35 billion
Monday, 12/2/2019* Monday, 1/13/2020 42-days At least $25 billion
Tuesday, 12/3/2019 Tuesday, 12/17/2019 14-days At least $35 billion
Thursday, 12/5/2019 Thursday, 12/19/2019 14-days At least $35 billion
Monday, 12/9/2019** Monday, 1/6/2020 28-days At least $25 billion
Tuesday, 12/10/2019 Monday, 12/23/2019 13-days At least $35 billion
Thursday, 12/12/2019 Thursday, 12/26/2019 14-days At least $35 billion
*This calendar was updated on 11/25/2019 to increase the Aggregate Operation Limit for the 42-day repo operation scheduled for 12/2/2019 from ‘At least $15 billion’ to ‘At least $25 billion’.
**This calendar was updated on 12/2/2019 to increase the Aggregate Operation Limit for the 28-day repo operation scheduled for 12/9/2019 from ‘At least $15 billion’ to ‘At least $25 billion’.

Overnight operations dates Aggregate Operation Limit
Tuesday, 10/15/2019 - Wednesday, 10/23/2019 At least $75 billion
Thursday, 10/24/2019 - Thursday, 11/14/2019 At least $120 billion
Term operation date maturity date term aggregate operation limit
Tuesday, 10/15/2019 Tuesday, 10/29/2019 14-days At least $35 billion
Thursday, 10/17/2019 Friday, 11/1/2019 15-days At least $35 billion
Tuesday, 10/22/2019 Tuesday, 11/5/2019 14-days At least $35 billion
Thursday, 10/24/2019 Thursday, 11/7/2019 14-days At least $45 billion
Tuesday, 10/29/2019 Tuesday, 11/12/2019 14-days At least $45 billion
Friday, 11/1/2019 Thursday, 11/14/2019 13-days At least $35 billion
Tuesday, 11/5/2019 Tuesday, 11/19/2019 14-days At least $35 billion
Thursday, 11/7/2019 Thursday, 11/21/2019 14-days At least $35 billion
Tuesday, 11/12/2019 Tuesday, 11/26/2019 14-days At least $35 billion
Thursday, 11/14/2019 Wednesday, 11/27/2019 13-days At least $35 billion