Statement Regarding Repurchase Agreement Small Value Exercise

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Operating Policy

Statement Regarding Repurchase Agreement Small Value Exercise

October 13, 2026

The Open Market Trading Desk (the Desk) at the New York Fed 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 directs the Desk to conduct these exercises to test its operational readiness in the Authorizations and Continuing Directives for Open Market Operations.

In connection with these directives, the Desk intends to conduct a small value forward start term repo operation with Primary Dealers. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Tuesday, October 20, 2026. All counterparties will be limited to one $1 million proposition per tranche during the operation. Results will be posted on the New York Fed’s website following the completion of the operation. The operation 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
Forward Start Overnight Repo	Primary Dealers	Tues Oct 20, 2026	Wed, Oct 21, 2026	Fri, Oct 23, 2026	Multi-tranche: Treasury, Agency, Agency MBS	SRP Rate on Oct 20, 2026	$100 million

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