Operating Policy
Statement Regarding Repurchase Agreement Small Value Exercise
August 30, 2022

The New York Fed undertakes small value open market transactions 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 overnight repo operation with Primary Dealers and Standing Repo Facility counterparties to test its contingency operation infrastructure. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Thursday, September 8, 2022. Operation results will be posted on the New York Fed’s website following the completion of bid evaluation.¬†All counterparties will be limited to one $1 million proposition per tranche during the operation. The operation details are as follows below:

Repurchase Agreement Operation:

OPERATION TENOR/TYPE ELIGIBLE COUNTERPARTIES OPERATION DATE SETTLEMENT DATE MATURITY DATE SECURITY TYPE OFFERING RATE MAXIMUM VALUE OF OPERATION
Overnight Repo Primary Dealers
and SRF counterparties,
which include depository institutions
Thu, Sep 8, 2022 Thu, Sep 8, 2022 Fri, Sep 9, 2022 Multi-tranche: Treasury, Agency, Agency MBS At or Above
Sep 8, 2022 Minimum Bid Rate
$100 million
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