Operating Policy
Statement Regarding Treasury Securities Small Value Exercise
October 15, 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 Treasury sale operation, which will occur on Thursday, October 18, 2018, beginning around 10:15 AM ET and ending at 11:00 AM ET. The sale will not exceed a face value of $50 million and will be limited to Treasury bills maturing between 3- and 4-weeks from the date of operation.

As previously announced, this test is one of three small value exercises to test operational readiness for transacting in the Treasury bill market.

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.