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) including testing trade execution platforms. The FOMC authorizes the Desk to conduct these exercises in the Authorizations and Continuing Directives for Open Market Operations. In connection with these authorizations and the Statement Regarding New FedTrade Platform, the Desk intends to conduct overnight repo and overnight reverse repo small value operations using the new auction platform, FedTrade Plus.
The small value exercises will be conducted on Wednesday, November 5, 2025, with the overnight repo operation taking place from 10:00 AM ET to 10:15 AM ET and the overnight reverse repo operation taking place from 10:30 AM ET to 11:00 AM ET. The trades are expected to settle in the afternoon.
All counterparties in each small value exercise 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, and reverse repurchase operation results will be posted on the New York Fed’s reverse repo website. The details for these small value operations 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, Nov 5, 2025 | Wed, Nov 5, 2025 | Thu, Nov 6, 2025 | Multi-tranche: U.S. Treasury, Agency, Agency MBS | SRF Minimum Bid Rate on Nov 5 | $250 million |
Reverse Repurchase Agreement Operation:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | SECURITY TYPE | OFFERING RATE | MAXIMUM VALUE OF OPERATION |
| Overnight Reverse Repo | Primary dealers and RRP counterparties, which include 2a-7 money market funds, banks, and government-sponsored enterprises | Wed, Nov 5, 2025 | Wed, Nov 5, 2025 | Thu, Nov 6, 2025 | U.S. Treasury | ON RRP Offering Rate on Nov 5 | $200 million |
