Statement Regarding Securities Lending Small Value Exercise

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Operating Policy

Statement Regarding Securities Lending Small Value Exercise

April 1, 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. Consistent with the Statement Regarding New FedTrade Platform, the Desk intends to conduct a Securities Lending small value lending operation using the new trading platform, FedTrade Plus.

The small value exercise will be conducted on Monday, April 6, 2026 from 12:30 PM ET to 12:45 PM ET. The exercise will have a maximum size of $130 million. 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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