The New York Fed Trading Desk (Desk) conducts daily overnight repo transactions under a Standing Repo Facility to support the effective implementation of monetary policy and smooth market functioning. In addition to primary dealers, participants in these transactions include Standing Repo Facility counterparties.
Standing Repo Facility Counterparties
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Bank of America, National Association
Banco Popular de Puerto Rico
Barclays Bank PLC, New York Branch
Canadian Imperial Bank of Commerce, New York Branch
Charles Schwab Bank, SSB
Charles Schwab Premier Bank, SSB
Charles Schwab Trust Bank
Citibank, N.A.
Credit Agricole Corporate and Investment Bank
Goldman Sachs Bank USA
HSBC Bank USA, N.A.
Mizuho Bank, Ltd., New York Branch
Morgan Stanley Bank, N.A.
Morgan Stanley Private Bank, National Association
Natixis New York Branch
Sumitomo Mitsui Banking Corporation, NY Branch
The Bank of New York Mellon
Truist Bank
Wells Fargo Bank, N.A.
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Additions and Removals
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2023 |
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Jul 10, 2023 |
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Jun 21, 2023 |
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2022 |
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Dec 9, 2022 |
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Sep 30, 2022 |
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Aug 5, 2022 |
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Jul 1, 2022 |
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May 13, 2022 |
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Mar 22, 2022 |
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Feb 18, 2022 |
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2021 |
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Dec 17, 2021 |
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New Standing Repo Facility (SRF) 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 SRF counterparty under the criteria published by the New York Fed. Inclusion on this list simply means that, should the New York Fed conduct daily overnight repo transactions under a Standing Repo Facility, those listed would be eligible to participate. It does not mean that any listed eligible SRF counterparty is eligible for any other program or transactional relationship with the New York Fed.
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 repo counterparties in New York Fed market operations
The New York Fed Trading Desk conducts overnight repo transactions under a Standing Repo Facility to support the effective implementation of monetary policy and smooth market functioning. In addition to primary dealers, participants in these transactions include Standing Repo Facility counterparties.
Standing Repo Facility 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 Standing Repo Facility counterparty, a firm must be a state or federally chartered bank or savings association (or a state or federally licensed branch or agency of a foreign bank) with total U.S. Treasury, agency debt and agency mortgage-backed securities holdings equal to or greater than $2 billion, or total assets equal to or greater than $10 billion on the last quarter for which relevant FFIEC reports are available.
Firms must already have arrangements in place to receive cash in the triparty repo market in transactions collateralized by U.S. government debt, agency debt or agency mortgage-backed securities.
Firms should contact the New York Fed at RepoInfo@ny.frb.org before formally expressing interest in becoming a repo counterparty and providing the requested information.
Expression of Interest Form for Standing Repo Facility Counterparties