Mortgage Operations Counterparty Pilot Program
Between December 2014 and December 2015, the Federal Reserve Bank of New York conducted a pilot program with three small firms that acted as counterparties in New York Fed agency mortgage-backed securities (MBS) operations, along with primary dealers. The New York Fed’s intent in conducting this pilot program was to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond the Primary Dealer community can augment the New York Fed’s operational capacity and resiliency in its monetary policy operations.
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