Statement Regarding Standing Overnight Repo Operations

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Operating Policy

Statement Regarding Standing Overnight Repo Operations

December 10, 2025

In accordance with the FOMC implementation note issued December 10, 2025, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will make the following adjustments to standing overnight repurchase agreement (repo) operations effective December 11, 2025.

Going forward, standing overnight repo operations will no longer have an aggregate operational limit and will be conducted in a full allotment format using the FedTrade Plus trading platform. Eligible counterparties may submit one proposition per security type during each of the twice daily operation times, with a maximum per-proposition amount of $40 billion. Propositions will be awarded at the standing overnight repo operation rate immediately following the operation close time. All other operational parameters are unchanged.

Additional information can be found at the Repo and Reverse Repo Agreements page or in Frequently Asked Questions.

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