REVISED SOMA SECURITIES LENDING PROGRAM TERMS AND CONDITIONS
Effective September 11th, the Desk relaxed the following terms of the SOMA securities lending program (previously revised 9/7/99):
Note: : following the initial operation on 9/11 that commenced at 12:00 p.m. and closed at 12:15 p.m., the desk conducted a second securities lending operation between 1:00 p.m. and 2:00 p.m.
Effective September 13th through September 17th, the Desk continued to extend the relaxed securities lending program terms, with the following modification: minimum bid size raised to $25 million (from $1 million) to temporarily ease operational burdens.
Note: On September 13th and 14th, the securities lending operation was conducted between 1:30 p.m. and 2:15 p.m.; and on September 17th, the operation was conducted between 11:30 a.m. and 12:15 p.m.
Effective September 18th :
Effective September 25th, the fail penalty fee was reverted to general collateral. All other terms of the program as set on September 18th remained effective.
Effective September 27th through October 3rd :
On October 3rd, the Desk extended the relaxed securities lending program terms (in effect since 9/27) to October 10th and further relaxed the per issue limit by raising it on the 4 ¼% 11/15/03 to $250 million.
On October 18th, the Desk returned to its standard SOMA securities lending program terms, dated as September 7, 1999, except with respect to the minimum fee rate, which remained at 1.00%.
For more information on the standard SOMA securities lending program terms, please see:
August 26, 1999 - Announcement of Change in Lending Limits for SOMA Securities Lending Program,
September 7, 1999 - Revised SOMA Securities Lending Program FAQs, and
September 7, 1999 - Revised SOMA Securities Lending Program Terms and Conditions.