Reverse Repo Counterparties
Reverse repo counterparties only operate with the New York Fed as cash providers in reverse repo operations. As such, they play a much more limited role in the New York Fed Trading Desk’s (Desk's) operations than primary dealers, which may serve as counterparties in all of the Desk’s domestic open market operations.

List of reverse repo counterparties
Current List, Additions, Removals & Name Changes
Reverse Repo Counterparties
Banks

Ally Bank

Bank of America, N.A.

Bank of Montreal (Chicago Branch)

Barclays Bank PLC - New York Branch

Citibank, N.A.

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch

Credit Agricole Corporate and Investment Bank

Credit Suisse AG, New York Branch

Discover Bank

Goldman Sachs Bank USA

HSBC Bank USA, National Association

JPMorgan Chase Bank, N.A.

Mizuho Bank, Ltd.

Morgan Stanley Bank, N.A.

Natixis New York Branch

Royal Bank of Canada

Sumitomo Mitsui Banking Corporation, NY branch

Svenska Handelsbanken AB (publ) New York Branch

The Northern Trust Company

Wells Fargo Bank, NA

Government-Sponsored Enterprises

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

BlackRock Advisors, LLC

BlackRock Liquidity Funds: FedFund

BlackRock Liquidity Funds: T-Fund

BlackRock Liquidity Funds: TempCash

BlackRock Liquidity Funds: TempFund

Master Treasury Strategies Institutional Portfolio

Master Money LLC

Master Premier Government Institutional Portfolio

BlackRock Fund Advisors

Money Market Master Portfolio

Prime Money Market Master Portfolio

Charles Schwab Investment Management, Inc.

Schwab Advisor Cash Reserves

Schwab Cash Reserves

Schwab Government Money Fund

Schwab Money Market Fund

Schwab Value Advantage Money Fund

Columbia Management Investment Advisers, LLC

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

Deutsche Investment Management Americas, Inc.

Government Cash Management Portfolio

Dimensional Fund Advisors LP

The DFA Short Term Investment Fund of The DFA Investment Trust Company

The Dreyfus Corporation

Dreyfus Cash Management

Dreyfus Government Cash Management

Dreyfus Institutional Preferred Government Money Market Fund

Dreyfus Institutional Preferred Money Market Fund

Dreyfus Treasury & Agency Cash Management

General Money Market Fund

Federated Investment Management Company

Federated Capital Reserves Fund

Federated Government Obligations Fund

Federated Government Obligations Tax-Managed Fund

Federated Government Reserves Fund

Federated Institutional Money Market Management

Federated Prime Cash Obligations Fund

Federated Prime Obligations Fund

Federated Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Treasury Obligations Fund

Federated U.S. Treasury Cash Reserves

Fidelity Investments Money Management, Inc.

Fidelity Revere Street Trust: Fidelity Cash Central Fund

Fidelity Revere Street Trust: Fidelity Securities Lending Cash Central Fund

Fidelity Management & Research Company

Fidelity Colchester Street Trust: Government Portfolio

Fidelity Colchester Street Trust: Money Market Portfolio

Fidelity Colchester Street Trust: Prime 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 Money Market Trust: Retirement Government Money Market II Portfolio

Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund

Fidelity Phillips Street Trust: Fidelity Government Cash Reserves

Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund

Franklin Advisers, Inc.

The Money Market Portfolio

Goldman Sachs Asset Management

Goldman Sachs Financial Square Government Fund

Goldman Sachs Financial Square Money Market Fund

Goldman Sachs Financial Square Prime Obligations Fund

Goldman Sachs Financial Square Treasury Obligations Fund

Goldman Sachs Financial Square Treasury Solutions Fund

Goldman Sachs Investor Tax-Exempt Money Market Fund

HSBC Global Asset Management (USA), Inc.

HSBC U.S. Government Money Market Fund

Invesco Advisers, Inc.

Premier Portfolio, a series of the AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)

STIT Government and Agency Portfolio

STIT Liquid Assets Portfolio

STIT Treasury Portfolio

J. P. Morgan Investment Management Inc.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

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

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

Northern Trust Investments, Inc.

Northern Institutional Funds - Government Assets Portfolio

Northern Institutional Funds - Government Portfolio

Northern Institutional Funds - Government Select Portfolio

Northern Institutional Funds - Treasury Portfolio

Northern Funds - Money Market Fund

Passport Research, Ltd.

Edward Jones Money Market Fund

PFM Asset Management LLC

PFM Funds Government Select Series

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 Trust

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

UBS Asset Management (Americas) Inc.

Government Master Fund

Prime Master Fund

Treasury Master Fund

U.S. Bancorp Asset Management, Inc.

First American Government Obligations Fund

First American Prime Obligations Fund

First American Treasury Obligations Fund

The Vanguard Group, Inc.

Vanguard Federal Money Market Fund

Vanguard Market Liquidity Fund

Vanguard Prime Money Market Fund

Wells Fargo Funds Management

Wells Fargo Cash Investment Money Market Fund

Wells Fargo Government Money Market Fund

Wells Fargo Heritage Money Market Fund

Wells Fargo Money Market Fund

Wells Fargo Treasury Plus Money Market Fund

Additions and Removals
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
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 applied to be an eligible RRP counterparty under the criteria and application 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 & Requirements
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

Reverse repo (RRP) counterparties only operate with the New York Fed as cash providers in the Desk's reverse repo operations. As such, they play a much more limited role in the Desk’s operations than primary dealers, which may serve as counterparties in all of the Desk’s domestic open market operations.

RRP counterparties are expected to bid in an operation at least twice every six months.

Eligibility criteria

In order to be eligible as 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 reports are available;1 or
  • A government-sponsored enterprise that either has an average daily outstanding amount of RRP transactions of no less than $1 billion for the past three months, or has an average daily amount outstanding of overnight money market transactions of no less than $100 million over the past three months; 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 $5 billion or an average outstanding amount of RRP transactions of no less than $1 billion.

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).

Once onboarded, RRP counterparties are expected to continue to meet these expectations and eligibility criteria on an ongoing basis.

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 FFIEC form 031 for domestic banks, FFIEC form 002 for U.S. branches and agencies of foreign banks, Thrift Financial Report for savings associations.