In connection with this authorization, the FRBNY’s Open Market Trading Desk intends to conduct a series of four small value repo and reverse repo operations during the month of May. Each operation will begin around 9:40 AM ET, and end at 10:00 AM ET and be open to Primary Dealers and/or Reverse Repo Counterparties. All counterparties will be limited to one $1 million proposition per tranche during each operation. The planned schedule, including operation details, follows below:
Repurchase Agreement Operations:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | COLLATERAL TYPE | MAXIMUM VALUE OF OPERATION |
| Term Repo | Primary Dealers | Wed, May 10, 2017 | Wed, May 10, 2017 | Fri, May 12, 2017 | Multi-tranche: Treasury, Agency, Agency MBS | $75 million |
| Overnight Repo | Primary Dealers | Wed, May 24, 2017 | Wed, May 24, 2017 | Thu, May 25, 2017 | Multi-tranche: Treasury, Agency, Agency MBS | $75 million |
Reverse Repurchase Agreement Operations:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | COLLATERAL TYPE | MAXIMUM OFFERING RATE | MAXIMUM VALUE OF OPERATION |
| Term Reverse Repo | Primary Dealers and Reverse Repo Counterparties | Tue, May 16, 2017 | Tue, May 16, 2017 | Thu, May 18, 2017 | Single-tranche: Treasury-only | ON RRP Offering Rate on May 16 | $175 million |
| Overnight Reverse Repo | Primary Dealers | Mon, May 22, 2017 | Mon, May 22, 2017 | Tue, May 23, 2017 | Single-tranche: Agency MBS-only | ON RRP Offering Rate on May 22 | $25 million |
Announcements and results will be posted on the FRBNY's website at the start and following the completion of each operation.
