Term Securities Lending Facility
The Term Securities Lending Facility was created in March 2008 to promote liquidity in Treasury and other collateral markets and thus foster the functioning of financial markets more generally.

TSLF auctions offered Treasury general collateral held by the System Open Market Account for loan over a one-month term against program-eligible general collateral. Securities loans were awarded to primary dealers based on competitive single-price auctions. The facility expired on February 1, 2010.

The TSLF Options Program (TOP), created in July 2008 and suspended in October 2009, offered options to borrow Treasury securities against program-eligible collateral over a short term that crossed key financing dates.

The TSLF commenced on March 27, 2008 and expired on February 1, 2010.

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