Statement Regarding the Publication of Reference Rates on Friday, April 7, 2023

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Operating Policy

Statement Regarding the Publication of Reference Rates on Friday, April 7, 2023

March 8, 2023

There will be no publication of the Tri-Party General Collateral Rate (TGCR), the Broad General Collateral Rate (BGCR), the Secured Overnight Financing Rate (SOFR), or the SOFR Averages and Index on Friday, April 7, 2023.

Due to the release of the March Employment Situation report, the Securities Industry and Financial Markets Association (SIFMA) is not recommending a full closure for secondary market trading of U.S. government securities for Good Friday. However, repo market participants are broadly expected to observe the holiday. In particular, settlement of cleared Treasury repo is not scheduled to be available, which would eliminate two of the three market segments used to calculate and differentiate the Treasury repo reference rates. As a result, on Monday, April 10, 2023, the TGCR, BGCR, and SOFR will be published, reflecting same-day settling Treasury repo transactions that settle on Thursday, April 6, 2023 and mature on Monday, April 10. The SOFR Averages and Index published on April 10 will have a value date of April 10.

Publication of the Effective Federal Funds Rate (EFFR) and Overnight Bank Funding Rate (OBFR) follow the New York Fed’s holiday schedule and will be published on Friday, April 7, 2023. For more information regarding publication arrangements, please see the Additional Information about Reference Rates Administered by the New York Fed page.

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