Learn about prior market-related activities conducted by the New York Fed below.
Response to the Global Financial Crisis
The New York Fed implemented the following programs to support the liquidity of financial institutions and foster improved conditions in financial markets as part of the Federal Reserve's aggressive response to the financial crisis that emerged in the summer of 2007. For additional information, see the Board of Governors website
Actions related to AIG
The intent of the New York Fed's actions related to AIG was to preserve the stability of an already fragile U.S. economy and to protect the U.S. taxpayer from the potentially devastating consequences of the company's disorderly failure. Learn more.
Created in November 2008, Maiden Lane II LLC
(ML II) alleviated capital and liquidity pressures on AIG associated with the securities lending portfolio of several regulated U.S. insurance subsidiaries of AIG. ML II sold all remaining securities on Feb. 28, 2012, providing a net gain of about $2.8 billion for the benefit of the U.S. public. Learn more.
Created in November 2008, Maiden Lane III LLC
(ML III) alleviated capital and liquidity pressures on AIG associated with credit default swap contracts written by AIG Financial Products (AIGFP). ML III sold all remaining securities on Aug. 23, 2012, providing a net gain of about $6.6 billion for the benefit of the U.S. public. Learn more.
actions related to bear stearns
Maiden Lane was created in 2008 to facilitate the merger of JP Morgan Chase & Co. and Bear Stearns Companies, Inc. and prevent the contagion effects of Bear Stearns's collapse to the U.S. economy. On June 14, 2012, the $28.82 billion loan made by the New York Fed to Maiden Lane was repaid with interest, and the $1.15 billion loan made by JP Morgan Chase & Co. was repaid later that year. On Sept. 18, 2018, Maiden Lane sold all remaining securities, providing a net gain of approximately $2.5 billion for the benefit of the U.S. public. Learn more.
agency discount note purchases
Agency discount note purchases in September 2008 involved the purchase of short-term debt obligations issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks to support market functioning. The program was announced on Sept. 19, 2008, and the last purchase was executed on Sept. 26, 2008. Learn more.
central bank liquidity swap lines
In December 2007, the FOMC authorized the New York Fed to establish temporary dollar liquidity swap lines with the European Central Bank and Swiss National Bank to address strained liquidity conditions in dollar funding markets. In September and October 2008, the FOMC authorized temporary dollar liquidity swap lines with an additional number of foreign central banks. These facilities expired on Feb 1, 2010.
December 12, 2007
- European Central Bank
- Swiss National Bank
September 18, 2008
- Bank of Canada
- Bank of England
- Bank of Japan
September 24, 2008:
- Reserve Bank of Australia
- Sveriges Riksbank
- Danmarks Nationalbank
- Norges Bank
October 28, 2008:
- Reserve Bank of New Zealand
October 29, 2008:
- Banco Central do Brasil
- Banco de Mexico
- Bank of Korea
- Monetary Authority of Singapore
The FOMC reintroduced these facilities with the European Central Bank, Swiss National Bank, Bank of Canada, Bank of England, and Bank of Japan in May 2010 in response to the re-emergence of strains in short-term global funding markets and converted them into standing agreements on Oct. 31, 2013. Learn more.
commercial paper funding facility (CPFF)
Created in October 2008, the CPFF provided liquidity in short-term funding markets, contributing to greater availability of credit for businesses and households. The CPFF commenced operations on Oct. 27, 2008 and expired on Feb. 1, 2010. Learn more.
Large-scale asset purchases
Between 2008 and 2014, the New York Fed conducted a series of large-scale purchases of longer-term assets—U.S. Treasury securities, agency mortgage-backed securities, and agency debt. These purchases were made to put downward pressure on longer-term interest rates, support mortgage markets, and make broader financial market conditions more accommodative. Learn more.
Money market investor funding facility (MMIFF)
Created in October 2008, the MMIFF supported a private-sector initiative to provide liquidity to U.S. money market investors. The MMIFF commenced operations on Nov. 24, 2008 and expired on Oct. 30, 2009. Learn more.
Primary Dealer Credit Facility (PDCF)
Created in March 2008, the PDCF provided overnight funding to primary dealers in exchange for a specified range of eligible collateral. The PDCF commenced operations on March 17, 2008 and expired on Feb. 1, 2010. Learn more.
Term asset-backed securities loan facility (TALF)
Created in November 2008, the TALF helped market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) and improving the market conditions for ABS more generally. The facility commenced operations in March 2009 and closed for new loan extensions against all types of collateral except for newly-issued commercial mortgage-backed securities (CMBS) on March 31, 2010. The facility was closed for new loan extensions against newly-issued CMBS on June 30, 2010. Learn more.
Term securities lending facility (TSLF)
Created in March 2008, the TSLF provided general collateral financing to promote liquidity in Treasury and other collateral markets. The TSLF commenced operations on March 27, 2008 and expired on Feb. 1, 2010.
The TSLF Options Program (TOP), created in July 2008 and suspended in October 2009, offered options to borrow Treasury securities against program-eligible collateral over a short term that crossed key financing dates. Learn more.
These pilot programs were created to explore ways to broaden access to open market operations.
mortgage operations counterparty pilot program
Between December 2014 and December 2015, the New York Fed conducted a pilot program with three small firms that acted as counterparties in the New York Fed's agency mortgage-backed securities (MBS) operations, along with primary dealers. Its intent in conducting this pilot program was to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond primary dealers can augment the New York Fed's operational capacity and resiliency in its monetary policy operations. Learn more.
treasury operations counterparty pilot program
Between July 2013 and July 2014, the New York Fed conducted a pilot program with four small firms that acted as counterparties in the New York Fed's operations to conduct secondary market outright purchases of U.S. Treasury securities, along with primary dealers. Its intent in conducting this pilot program was to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond primary dealers can augment the New York Fed's operational capacity and resiliency in its monetary policy operations. Learn more.
Foreign Exchange rates
From Oct. 5, 1993 through Dec. 31, 2008, the New York Fed published foreign exchange rates daily at 10 a.m. The daily 10 a.m. spot rates were midpoints of the prevailing market bids and offers and did not necessarily reflect rates at which actual transactions occurred.
This publication was discontinued due to the availability of alternative market-based sources for these rates. Learn more: Historical Search
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