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 repo small value operations to test its contingency infrastructure.
The small value overnight repo operation will be conducted from 10:15 AM ET to 10:30 AM ET on Wednesday, October 8th, 2025 with Primary Dealers and Standing Repo Facility counterparties.
All counterparties will be limited to one $1 million proposition per eligible security type. Following the completion of each operation, repurchase operation results will be posted on the New York Fed’s repo website. The operations’ details are as follows:
Repurchase Agreement Operation:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | SECURITY TYPE | MINIMUM BID RATE | MAXIMUM VALUE OF OPERATION |
| Overnight Repo | Primary Dealers and SRF counterparties, which include depository institutions | Wed, Oct 8, 2025 | Wed, Oct 8, 2025 | Thu, Oct 9, 2025 | Multi-tranche: Treasury, Agency debt, Agency MBS | SRF Minimum Bid Rate on Oct 8, 2025 | $250 million |
