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Foreign Exchange Counterparties
Foreign exchange counterparties are trading counterparties of the New York Fed in its foreign exchange operations on behalf of the Federal Reserve and the U.S. Treasury. They are also expected to make reasonable markets for New York Fed Trading Desk (Desk) transactions that relate to currency needs of the New York Fed’s official accountholders and agencies of the U.S. government, as needed.
List of Foreign Exchange Counterparties
Current List, Additions, Removals & Name Changes
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Foreign Exchange Counterparties
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ANZ Group Holdings Limited Bank of America Corp. Barclays Plc Citigroup Inc. Commonwealth Bank of Australia Credit Agricole S.A. Deutsche Bank AG Goldman Sachs Group, Inc. HSBC Holdings Plc JPMorgan Chase & Co. Morgan Stanley Mitsubishi UFJ Group, Inc. NatWest Group Plc Royal Bank of Canada Standard Chartered Plc State Street Corp. Sumitomo Mitsui Financial Group, Inc. Bank of New York Mellon Corp. Northern Trust Corp. UBS Group AG Trades may occur with domestic or foreign branches, subsidiaries, or other affiliates of these entities. |
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Additions and Removals
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| 2023 | |
Sep 22, 2023 |
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Name Changes
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July 31, 2023 |
The following have changed their names, effective July 31, 2023.
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| 2018 | |||||||||||||||||||||||||||||||||||||||||||
April 30, 2018 |
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April 30, 2018 |
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| 2017 | |||||||||||||||||||||||||||||||||||||||||||
May 19, 2017 |
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Expectations & Requirements
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 foreign exchange counterparties in New York Fed market operations
Foreign exchange (FX) counterparties are trading counterparties of the New York Fed in its FX operations on behalf of the Federal Reserve and the U.S. Treasury. They are also expected to make reasonable markets for Desk transactions that relate to currency needs of the New York Fed’s official accountholders and agencies of the U.S. government, as needed. The Desk also relies on its FX counterparties for ongoing insight into global financial market developments in its daily market monitoring activities, to support the formulation and implementation of policy by the U.S. monetary authorities. FX counterparties are expected to provide competitive two-way pricing as needed to support the Desk’s periodic foreign exchange operations.
Eligibility criteria
In order to be eligible as a foreign exchange counterparty, a firm must:
- Demonstrate a substantial presence as a market maker that provides two-way liquidity in foreign exchange, in more than one market center/time zone.1
- Have, or have arrangements for another party to provide services of, a "back office" of sufficient size and experience to be able to (1) confirm and arrange settlement of transactions with the New York Fed and (2) manage trading at the volume levels expected by the New York Fed.
Once onboarded, FX counterparties are expected to continue to meet these expectations and eligibility requirements on an ongoing basis.
Firms should contact the New York Fed at fxcounterparty.info@ny.frb.org before formally expressing interest in becoming a foreign exchange counterparty and providing the requested information.
Expression of Interest Form for FX Counterparties
1 A market maker is a firm that continuously provides prices to both buyers and sellers in the market, and stands ready to transact at those prices in various market environments.
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