Statement Regarding Repurchase Agreement Small Value Exercise

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Operating Policy

Statement Regarding Repurchase Agreement Small Value Exercise

November 3, 2023

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York undertakes small value open market transactions for the purpose of testing operational readiness to implement existing and potential policy directives from the Federal Open Market Committee (FOMC). The FOMC directs the Desk to conduct these exercises to test its operational readiness in the Authorizations and Continuing Directives for Open Market Operations.

In connection with these authorizations, the Desk intends to conduct a small value overnight repo operation with Primary Dealers and Standing Repo Facility counterparties to test its contingency operation infrastructure. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Wednesday, November 15, 2023. Operation results will be posted on the New York Fed’s website following the completion of bid evaluation. All counterparties will be limited to one $1 million proposition per tranche during the operation. The operation details are as follows:

Repurchase Agreement Operation:

OPERATION TENOR/TYPE	ELIGIBLE COUNTERPARTIES	OPERATION DATE	SETTLEMENT DATE	MATURITY DATE	SECURITY TYPE	OFFERING RATE	MAXIMUM VALUE OF OPERATION
Overnight Repo	Primary Dealers and SRF counterparties, which include depository institutions	Wed, Nov 15, 2023	Wed, Nov 15, 2023	Thu, Nov 16, 2023	Multi-tranche: Treasury, Agency, Agency MBS	At or Above Nov 15, 2023 Minimum Bid Rate	$150 million

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