Press Release

New York Fed Selects Additional Firms To Broaden its Counterparty Base for CPFF and SMCCF

November 06, 2020

NEW YORK—The Federal Reserve Bank of New York today announced the selection of additional counterparties to support, as applicable, the Commercial Paper Funding Facility (CPFF) and the Secondary Market Corporate Credit Facility (SMCCF). By widening the eligibility criteria for counterparties and agents for these 13(3) facilities, the New York Fed is furthering its commitment to support diversity, inclusion, and opportunity as we increase these programs’ operational capacity and reach. The selected firms represent a diverse range of market participants in terms of firm size, business model, and ownership, including Minority, Women, and Veteran Business Enterprises (MWVBEs).

The addition for CPFF dealers is:

  • BNY Mellon Capital Markets, LLC

The additions for SMCCF eligible sellers are:

  • CastleOak Securities, L.P.
  • Great Pacific Securities
  • SMBC Nikko Securities America, Inc.
  • U.S. Bancorp Investments, Inc.

The New York Fed has an open and continuing application process for these roles and intends to name additional firms as counterparties and agents for agency CMBS, CPFF, SMCCF, and the Term Asset-Backed Securities Loan Facility (TALF) in the weeks ahead. Expression of Interest (EOI) materials can be found on the New York Fed’s website. Any questions about this process can be directed to facility.counterparty@ny.frb.org

Applications are limited to firms meeting designated eligibility requirements, including size restrictions, transaction capabilities, financial condition, compliance controls, and equal opportunity and diversity efforts. Selected participants will only be able to act as counterparty or agent for the specific program for which they have been chosen, and not for any other 13(3) facilities or for other market operations of the New York Fed.

Contact
Andrea Priest
(212) 720-6139
Andrea.Priest@ny.frb.org

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