|May 24, 2010|
The Federal Reserve Bank of New York's Open Market Trading Desk is making the following change to the System Open Market Account (SOMA) securities lending program:
Effective June 1, 2010, the New York Fed will collect all SOMA securities lending related fees on a daily basis. Previously, fees associated with failure to return borrowed securities at original maturity were typically collected upon settlement of the loan return. All other terms and conditions remain unchanged.