Operating Policy
Statement Regarding Securities Lending Small Value Exercise
February 12, 2018

The New York Fed undertakes certain small value open market transactions from time to time for the purpose of testing operational readiness to implement existing and potential policy directives from the Federal Open Market Committee (FOMC). The FOMC authorizes the New York Fed's Open Market Trading Desk (the Desk) to conduct these exercises to test its operational readiness in the Authorization for Domestic Open Market Operations and Authorization for Foreign Currency Operations.

In connection with these authorizations, the Desk intends to conduct a small value contingency securities lending operation for the purpose of testing its contingency operation infrastructure. The small value contingency operation will be conducted in addition to the regularly scheduled securities lending operation, and will occur on Wednesday, February 14, 2018, beginning at 12:30 PM ET and ending at 12:45 PM ET. The exercise will have a maximum size of $115 million.

Results will be posted on the New York Fed’s website following the completion of the operation. The results will include the securities and total amounts accepted and submitted.