The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York 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 Desk to conduct these exercises in the Authorizations and Continuing Directives for Open Market Operations. In connection with these authorizations, the Desk intends to conduct overnight reverse repo and overnight repo small value operations to test its contingency infrastructure.
In connection with these directives, the Desk intends to conduct a small value term repo operation with Primary Dealers. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Tuesday, September 24, 2024. All counterparties will be limited to one $1 million proposition per tranche during the operation. Results will be posted on the New York Fed’s website following the completion of the operation. The operation details are as follows:
Repurchase Agreement Operation:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | SECURITY TYPE | OFFERING RATE | MAXIMUM VALUE OF OPERATION |
| Term Repo | Primary Dealers | Tue, Sep 24, 2024 | Tue, Sep 24, 2024 | Fri, Sep 27, 2024 | Multi-tranche: Treasury, Agency, Agency MBS | At or Above Sep 24, 2024 Minimum Bid Rate | $75 million |
