Statement Regarding Treasury Securities Small Value Exercise

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Operating Policy

Statement Regarding Treasury Securities Small Value Exercise

February 23, 2026

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York undertakes small value 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 and directs the Desk to conduct these exercises in the Authorizations and Continuing Directives for Open Market Operations. As noted in the Statement Regarding New FedTrade Platform, the Desk intends to conduct a Treasury securities small value purchase operation using the new trading platform, FedTrade Plus.

The small value exercise will be conducted on Thursday, February 26, 2026 from 9:00 AM ET to 9:20 AM ET. The purchase operation will not exceed a face value of $75 million and will be limited to Treasury Bills maturing between 1 and 4 months from the date of the operation.

Results will be posted on the New York Fed's website following the completion of the operation. The results will include the securities and total amounts accepted and submitted.

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