Statement Regarding Reverse Repurchase Agreement and Repurchase Agreement Small Value Exercises

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Operating Policy

Statement Regarding Reverse Repurchase Agreement and Repurchase Agreement Small Value Exercises

May 2, 2024

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 authorizes the Desk to conduct these exercises in the Authorizations and Continuing Directives for Open Market Operations. In connection with these authorizations, the Desk intends to conduct overnight reverse repo and overnight repo small value operations to test its contingency infrastructure.

The small value overnight reverse repo operation will be conducted from 10:00 AM ET to 10:30 AM ET on Wednesday, May 8, 2024 with Primary Dealers and Reverse Repo Counterparties.

The small value overnight repo operation will be conducted from 10:00 AM ET to 10:15 AM ET on Thursday, May 9, 2024 with Primary Dealers and Standing Repo Facility counterparties.

Operation results for the small value operations will be posted on the New York Fed’s website following the completion of the Desk’s bid evaluation for each operation. All counterparties in each small value operation will be limited to one $1 million proposition per eligible security type. The small value operations’ details are as follows:

Reverse Repurchase Agreement Operation:

OPERATION TENOR/TYPE	ELIGIBLE COUNTERPARTIES	OPERATION DATE	SETTLEMENT DATE	MATURITY DATE	SECURITY TYPE	OFFERING RATE	MAXIMUM VALUE OF OPERATION
Overnight Reverse Repo	Primary Dealers and Reverse Repo Counterparties	Wed, May 8, 2024	Wed, May 8, 2024	Thu, May 9, 2024	U.S. Treasury	ON RRP Offering Rate on May 8, 2024	$200 million

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	Thu, May 9, 2024	Thu, May 9, 2024	Fri, May 10, 2024	Multi-tranche: Treasury, Agency, Agency MBS	At or Above May 9, 2024 Minimum Bid Rate	$250 million

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