Reverse Repo Counterparties
The New York Fed Trading Desk (Desk) conducts reverse repo transactions to help keep the effective federal funds rate from falling below the target range set by the Federal Open Market Committee. In addition to primary dealers, participants in these transactions include reverse repo counterparties.

List of reverse repo counterparties
Current List, Additions, Removals & Name Changes

Reverse Repo Counterparties
Banks

Ally Bank

Bank of America, N.A.

Barclays Bank PLC, New York Branch

Citibank, N.A.

Credit Agricole Corporate and Investment Bank

Goldman Sachs Bank USA

HSBC Bank USA, N.A.

JPMorgan Chase Bank, N.A.

Mizuho Bank, Ltd., New York Branch

Morgan Stanley Bank, N.A.

Natixis New York Branch

Royal Bank of Canada

Sumitomo Mitsui Banking Corporation, NY Branch

The Northern Trust Company

UBS AG New York (Eleven Madison Avenue) Branch

Wells Fargo Bank, NA

Government-Sponsored Enterprises

AgFirst Farm Credit Bank

AgriBank FCB

CoBank, ACB

Farm Credit Bank of Texas

Federal Agricultural Mortgage Corporation (Farmer Mac)

Federal Home Loan Bank of Atlanta

Federal Home Loan Bank of Boston

Federal Home Loan Bank of Chicago

Federal Home Loan Bank of Cincinnati

Federal Home Loan Bank of Dallas

Federal Home Loan Bank of Des Moines

Federal Home Loan Bank of Indianapolis

Federal Home Loan Bank of New York

Federal Home Loan Bank of Pittsburgh

Federal Home Loan Bank of San Francisco

Federal Home Loan Bank of Topeka

Federal Home Loan Mortgage Corporation (Freddie Mac)

Federal National Mortgage Association (Fannie Mae)

Investment Manager Money Market Funds
AllianceBernstein L.P.

AB Fixed-Income Shares, Inc. - AB Government Money Market Portfolio

Allspring Funds Management, LLC

Allspring Government Money Market Fund

Allspring Money Market Fund

Allspring Treasury Plus Money Market Fund

BlackRock Advisors, LLC

BlackRock Liquidity Funds: FedFund

BlackRock Liquidity Funds: T-Fund

BlackRock Liquidity Funds: TempCash

BlackRock Fund Advisors

Money Market Master Portfolio

Treasury Money Market Master Portfolio

BNY Mellon Investment Adviser, Inc.

Dreyfus Government Cash Management

Dreyfus Institutional Preferred Government Money Market Fund

Dreyfus Treasury and Agency Liquidity Money Market Fund

Dreyfus Treasury Obligations Cash Management

Capital Research and Management Company

American Funds U.S. Government Money Market Fund

Capital Group Central Fund Series, Capital Group Central Cash Fund

Cavanal Hill Investment Management, Inc.

Cavanal Hill Government Securities Money Market Fund

Cavanal Hill U.S. Treasury Fund

Charles Schwab Investment Management, Inc.

Schwab Government Money Fund

Schwab Retirement Government Money Fund

Schwab Treasury Obligations Money Fund

Schwab US Treasury Money Fund

Schwab Value Advantage Money Fund

Columbia Management Investment Advisers, LLC

Columbia Short-Term Cash Fund, a series of Columbia Funds Series Trust II

DWS Investment Management Americas, Inc.

DWS Government & Agency Fund

Government Cash Management Portfolio

Federated Investment Management Company

Edward Jones Money Market Fund

Federated Hermes Capital Reserves Fund

Federated Hermes Government Obligations Fund

Federated Hermes Government Obligations Tax-Managed Fund

Federated Hermes Government Reserves Fund

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Municipal Obligations Fund

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Treasury Obligations Fund

Federated Hermes Trust for U.S. Treasury Obligations

Fidelity Management & Research Company LLC

Fidelity Colchester Street Trust: Government Portfolio

Fidelity Colchester Street Trust: Money Market Portfolio

Fidelity Colchester Street Trust: Treasury Portfolio

Fidelity Hereford Street Trust: Fidelity Government Money Market Fund

Fidelity Hereford Street Trust: Fidelity Money Market Fund

Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund

Fidelity Phillips Street Trust: Fidelity Government Cash Reserves

Fidelity Revere Street Trust: Fidelity Cash Central Fund

Fidelity Revere Street Trust: Fidelity Securities Lending Cash Central Fund

Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund

Variable Insurance Products Fund V: VIP Government Money Market Portfolio

Franklin Advisers, Inc.

The Money Market Portfolio

Goldman Sachs Asset Management

Goldman Sachs Financial Square Government Fund

Goldman Sachs Financial Square Treasury Obligations Fund

Goldman Sachs Financial Square Treasury Solutions Fund

Goldman Sachs Investor Money Market Fund

HSBC Global Asset Management (USA), Inc.

HSBC U.S. Government Money Market Fund

Invesco Advisers, Inc.

Invesco Government & Agency Portfolio

Invesco Government Money Market Fund

Invesco Premier U.S. Government Money Portfolio

Invesco Treasury Portfolio

Jackson National Asset Management, LLC

JNL Government Money Market Fund

JNL/WMC Government Money Market Fund

J. P. Morgan Investment Management Inc.

JPMorgan Liquid Assets Money Market Fund

JPMorgan Prime Money Market Fund

JPMorgan Tax Free Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

Legg Mason Partners Fund Advisor, LLC

Western Asset/Government Portfolio

Western Asset/Liquid Reserves Portfolio

Western Asset/U.S. Treasury Reserves Portfolio

Morgan Stanley Investment Management, Inc.

Morgan Stanley Institutional Liquidity Funds Government Portfolio

Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio

Morgan Stanley Institutional Liquidity Funds Prime Portfolio

Morgan Stanley Institutional Liquidity Funds Treasury Portfolio

Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio

Northern Trust Investments, Inc.

NTAM Treasury Assets Fund

Northern Funds - U.S. Government Money Market Fund

Northern Funds - U.S. Government Select Money Market Fund

Northern Institutional Funds - Government Portfolio

Northern Institutional Funds - Government Select Portfolio

Northern Institutional Funds - Treasury Portfolio

Pacific Investment Management Company LLC

PIMCO Funds: PIMCO Government Money Market Fund

PGIM Investments LLC

Prudential Government Money Market Fund, Inc. - PGIM Core Government Money Market Fund

Prudential Investment Portfolios 2 - PGIM Institutional Money Market Fund

Principal Global Investors, LLC

Principal Funds, Inc. - Government Money Market Fund

RBC Global Asset Management (U.S.) Inc.

RBC Funds Trust, U.S. Government Money Market Fund

SSgA Funds Management, Inc.

Institutional Liquid Reserve Portfolio

Institutional US Gov. Money Market Fund, a series of the State Street Master Funds

State Street Navigator Securities Lending Government Money Market Portfolio

State Street Treasury Plus Money Market Portfolio

T. Rowe Price Associates, Inc.

T. Rowe Price Cash Reserves Fund

T. Rowe Price Government Money Fund, Inc.

T. Rowe Price Government Reserve Fund

T. Rowe Price Treasury Reserve Fund

T. Rowe Price U.S. Treasury Money Fund

UBS Asset Management (Americas) LLC

Government Master Fund

Limited Purpose Cash Investment Fund

Treasury Master Fund

U.S. Bancorp Asset Management, Inc.

First American Government Obligations Fund

First American Treasury Obligations Fund

The Vanguard Group, Inc.

Vanguard Admiral Funds - Vanguard Treasury Money Market Fund

Vanguard CMT Funds - Vanguard Market Liquidity Fund

Vanguard Money Market Reserves - Vanguard Cash Reserves Federal Money Market Fund

Vanguard Money Market Reserves - Vanguard Federal Money Market Fund

Vanguard Variable Insurance Funds - Vanguard Money Market Portfolio

Wilmington Funds Management Corp.

Wilmington U.S. Government Money Market Fund


Additions and Removals
2024
Sep 17, 2024
Sep 9, 2024
Aug 26, 2024
Aug 19, 2024
Aug 2, 2024
Jul 29, 2024
May 17, 2024
2023
Oct 6, 2023
Aug 8, 2023
Jun 2, 2023
May 5, 2023
2022
Nov 14, 2022
Sep 30, 2022
Jun 29, 2022
Apr 15, 2022
Mar 22, 2022
Jan 14, 2022
2021
Dec 13, 2021
Dec 3, 2021
Oct 22, 2021
Aug 26, 2021
May 27, 2021
Feb 3, 2021
2020
Sep 3, 2020
Aug 27, 2020
Aug 14, 2020
Jun 15, 2020
Mar 2, 2020
Feb 13, 2020
2019
Dec 20, 2019
Nov 18, 2019
Nov 15, 2019
Oct 8, 2019
Jul 19, 2019
Jun 21, 2019
Jun 7, 2019
Jun 6, 2019
May 3, 2019
2018
Dec 20, 2018
Oct 2, 2018
Aug 14, 2018
Aug 13, 2018
May 29, 2018
Jan 11, 2018
2017
Dec 18, 2017
Nov 29, 2017
Nov 13, 2017
Nov 6, 2017
Oct 11, 2017
Sep 22, 2017
Aug 16, 2017
Jul 31, 2017
Jun 16, 2017
Feb 6, 2017
Jan 23, 2017
2016
Dec 27, 2016
Oct 14, 2016
Oct 11, 2016
Oct 5, 2016
Sep 26, 2016
Aug 30, 2016
Aug 29, 2016
Aug 15, 2016
Aug 10, 2016
Jun 24, 2016
May 4, 2016
Apr 18, 2016
Mar 30, 2016
Mar 28, 2016
Feb 2, 2016
2015
Dec 30, 2015
Dec 7, 2015
Nov 13, 2015
Nov 9, 2015
Aug 12, 2015
Aug 3, 2015
Jun 1, 2015
May 21, 2015
Mar 20, 2015
Jan 16, 2015
Jan 16, 2015
2014
Nov 24, 2014
2013
Apr 18, 2013
Apr 5, 2013
Jan 15, 2013
Jan 15, 2013
2012
Apr 30, 2012
Apr 30, 2012
2011
Dec 1, 2011
Dec 1, 2011
Dec 1, 2011
Jul 27, 2011
Jul 27, 2011
May 23, 2011
May 23, 2011
Jan 31, 2011
Jan 31, 2011
2010
Aug 18, 2010

Name Changes
2024
May 31, 2024
Mar. 8, 2024
Mar. 1, 2024
2022
Nov 14, 2022
Aug 5, 2022
Jul 1, 2022
Jan 14, 2022
2021
Dec 6, 2021
Nov 1, 2021
2020
Sep 29, 2020
Jun 26, 2020

The following Federated funds changed their names, effective June 26.

Old Name New Name
Federated Capital Reserves Fund Federated Hermes Capital Reserves Fund
Federated Government Obligations Fund Federated Hermes Government Obligations Fund
Federated Government Obligations Tax-Managed Fund Federated Hermes Government Obligations Tax-Managed Fund
Federated Government Reserves Fund Federated Hermes Government Reserves Fund
Federated Institutional Money Market Management Federated Hermes Institutional Money Market Management
Federated Prime Cash Obligations Fund Federated Hermes Prime Cash Obligations Fund
Federated Prime Obligations Fund Federated Hermes Institutional Prime Obligations Fund
Federated Prime Value Obligations Fund Federated Hermes Institutional Prime Value Obligations Fund
Federated Tax-Free Obligations Fund Federated Hermes Tax-Free Obligations Fund
Federated Treasury Obligations Fund Federated Hermes Treasury Obligations Fund
Federated U.S. Treasury Cash Reserves Federated Hermes U.S. Treasury Cash Reserves

Revised List
Jan 3, 2020
2019
Jul 1, 2019
Jun 3, 2019
2018
Mar 23, 2018
2017
Jan. 27, 2017
2016
Nov. 4, 2016
Oct 6, 2016
Oct 3, 2016
Aug 11, 2016
Aug 1, 2016
May 2, 2016
Jan 5, 2016
Jan 5, 2016
2015
Dec 18, 2015
Dec 1, 2015
Nov 20, 2015
Oct 1, 2015
2014
Jun 23, 2014
2013
Jul 1, 2013
2011
Jan 20, 2011

New reverse repurchase transaction counterparties will begin transacting with the New York Fed upon completion of legal, operational and technical setup. Each listed counterparty expressed an interest to be an eligible RRP counterparty under the criteria published by the New York Fed. Inclusion on this list simply means that, should the New York Fed conduct reverse repurchase agreements, those listed would be eligible to participate. It does not mean that any listed eligible RRP counterparty is eligible for any other program or transactional relationship with the New York Fed.


Expectations & Eligibility Requirements
Effective April 25, 2023

These expectations supplement those outlined in the Federal Reserve Bank of New York Policy on Counterparties for Market Operations.
Specific Expectations & Eligibility Requirements
Disclaimer
The Federal Reserve Bank of New York's relationships with private sector counterparties described in this policy are business, not regulatory, relationships entered into by the New York Fed for the purposes described herein. That a firm is a New York Fed counterparty is not an endorsement of the firm by the New York Fed and should not be used as a substitute for independent analysis and due diligence by other parties considering a business relationship with the firm.

Role of reverse repo counterparties in New York Fed market operations

The New York Fed Trading Desk conducts reverse repo transactions to help keep the effective federal funds rate from falling below the target range set by the Federal Open Market Committee. In addition to primary dealers, participants in these transactions include reverse repo counterparties.1

RRP counterparties are expected to bid in an operation at least twice every six months to ensure robust end-to-end testing of trading and settlement systems.

Eligibility criteria

In order to be eligible to become a reverse repo counterparty, a firm must be either:

  • A state or federally chartered bank or savings association (or a state or federally licensed branch or agency of a foreign bank) with total assets equal to or greater than $30 billion, or reserve balances equal to or greater than $10 billion on the last quarter for which relevant FFIEC reports are available; or
  • A government-sponsored enterprise; or
  • An SEC-registered 2a-7 fund that has, measured at each month-end for the most recent six consecutive months, either net assets of no less than $2 billion or an average outstanding amount of RRP transactions of no less than $500 million.
    • SEC-registered 2a-7 funds that, in the sole judgment of the New York Fed, are organized for a single beneficial owner, or exhibit sufficient similarities to a fund so organized, generally will be deemed ineligible to access reverse repo operations. Such arrangements would suggest that the single beneficial owner has direct and controlling access to reverse repo operations, which is inconsistent with the RRP counterparty eligibility criteria. These operations are only available to funds, which are generally more widely held, GSEs, banks, and primary dealers. This generally would not disqualify a fund that serves as the cash management vehicle for multiple funds or investment entities in an investment fund complex.
  • Firms must already have arrangements in place to operate in the triparty repo market, in transactions collateralized by U.S. government debt, agency debt and agency mortgage-backed securities.

    Firms must be able to execute RRPs with securities margined at 100% (i.e. the value of the securities provided by the New York Fed will equal the funds provided by the counterparty).

    Firms should contact the New York Fed at RRPInfo@ny.frb.org before formally expressing interest in becoming an RRP counterparty and providing the requested information.

    Expression of Interest Form for RRP Counterparties: Banks and Savings Associations

    Expression of Interest Form for RRP Counterparties: Government-Sponsored Enterprises

    Expression of Interest Form for RRP Counterparties: Money Funds



    1 Accessing reverse repo operations should be a natural extension of the existing business of any RRP counterparty. An RRP counterparty should not be organized for the purpose—in whole or in part—of accessing reverse repo operations.


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