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.
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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
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Reverse Repo Counterparties
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| Banks |
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Ally Bank Bank of America, N.A. Bank of Montreal (Chicago Branch) Barclays Bank PLC - New York Branch Citibank, N.A. Credit Agricole Corporate and Investment Bank Discover Bank Goldman Sachs Bank USA 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 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 Treasury Money Market Master Portfolio |
| Capital Research and Management Company | American Funds U.S. Government Money Market Fund |
| Charles Schwab Investment Management, Inc. | Schwab Cash Reserves Schwab Government 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 |
| 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 Treasury & Agency Cash Management General Money Market Fund |
| Federated Investment Management Company |
Edward Jones Money Market Fund 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 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 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 Funds - U.S. Government Money Market Fund Northern Institutional Funds - Government Portfolio Northern Institutional Funds - Government Select Portfolio Northern Institutional Funds - Treasury Portfolio |
| OFI Global Asset Management, Inc. | Oppenheimer Institutional Government Money Market Fund |
| PFM Asset Management LLC | PFM Funds Government Select Series |
| PNC Capital Advisors, LLC | PNC 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 U.S. Treasury Money Fund |
| UBS Asset Management (Americas) Inc. |
Government Master Fund Limited Purpose Cash Investment Fund Prime Master 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 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 |
| Wilmington Funds Management Corp. | Wilmington U.S. Government Money Market Fund |
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Additions and Removals
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| 2018 | |
December 20, 2018 |
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October 2, 2018 |
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August 14, 2018 |
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August 13, 2018 |
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May 29, 2018 |
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Jan 11, 2018 |
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| 2017 | |
Dec 18, 2017 |
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Nov 29, 2017 |
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Nov 13, 2017 |
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Nov 6, 2017 |
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Oct 11, 2017 |
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Sep 22, 2017 |
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Aug 16, 2017 |
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Jul 31, 2017 |
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Jun 16, 2017 |
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Feb 6, 2017 |
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Jan 23, 2017 |
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| 2016 | |
Dec 27, 2016 |
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Oct 14, 2016 |
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Oct 11, 2016 |
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Oct 5, 2016 |
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Sep 26, 2016 |
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Aug 30, 2016 |
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Aug 29, 2016 |
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Aug 15, 2016 |
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Aug 10, 2016 |
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Jun 24, 2016 |
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May 4, 2016 |
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Apr 18, 2016 |
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Mar 30, 2016 |
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Mar 28, 2016 |
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Feb 2, 2016 |
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| 2015 | |
Dec 30, 2015 |
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Dec 7, 2015 |
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Nov 13, 2015 |
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Nov 9, 2015 |
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Aug 12, 2015 |
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Aug 3, 2015 |
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Jun 1, 2015 |
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May 21, 2015 |
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Mar 20, 2015 |
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Jan 16, 2015 |
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Jan 16, 2015 |
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| 2014 | |
Nov 24, 2014 |
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| 2013 | |
Apr 18, 2013 |
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Apr 5, 2013 |
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Jan 15, 2013 |
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Jan 15, 2013 |
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| 2012 | |
Apr 30, 2012 |
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Apr 30, 2012 |
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| 2011 | |
Dec 1, 2011 |
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Dec 1, 2011 |
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Dec 1, 2011 |
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Jul 27, 2011 |
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Jul 27, 2011 |
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May 23, 2011 |
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May 23, 2011 |
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Jan 31, 2011 |
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Jan 31, 2011 |
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| 2010 | |
Aug 18, 2010 |
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Name Changes
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| 2018 | |
Mar 23, 2018 |
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| 2017 | |
Jan. 27, 2017 |
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| 2016 | |
Nov. 4, 2016 |
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Oct 6, 2016 |
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Oct 3, 2016 |
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Aug 11, 2016 |
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Aug 1, 2016 |
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May 2, 2016 |
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Jan 5, 2016 |
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Jan 5, 2016 |
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| 2015 | |
Dec 18, 2015 |
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Dec 1, 2015 |
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Nov 20, 2015 |
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Oct 1, 2015 |
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| 2014 | |
Jun 23, 2014 |
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| 2013 | |
Jul 1, 2013 |
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| 2011 | |
Jan 20, 2011 |
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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.
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.
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