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.
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Standing Repo Facility Counterparties
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.
List of Standing Repo Facility Counterparties
Current List, Additions & Removals
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Standing Repo Facility Counterparties
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Bank of America, National Association 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 Wells Fargo Bank, N.A. |
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Additions and Removals
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| 2022 | ||||
Dec 9, 2022 |
The following have been added to the list of Standing Repo Facility Counterparties, effective December 9.
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Sep 30, 2022 |
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Aug 5, 2022 |
The following have been added to the list of Standing Repo Facility Counterparties, effective August 5.
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Jul 1, 2022 |
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May 13, 2022 |
The following have been added to the list of Standing Repo Facility Counterparties, effective May 13.
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Mar 22, 2022 |
The following have been added to the list of Standing Repo Facility Counterparties, effective March 22.
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Feb 18, 2022 |
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| 2021 | ||||
Dec 17, 2021 |
The following have been added to the list of Standing Repo Facility Counterparties, effective December 17.
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Expectations & Requirements
Effective April 8, 2022
These expectations supplement those outlined in the Federal Reserve Bank of New York Policy on Counterparties for Market Operations.
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 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
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