The small value exercises will be conducted on Friday, January 24, 2025, with the overnight repo operation taking place from 10:00 AM ET to 10:15 AM ET and the overnight reverse repo operation taking place from 10:30 AM ET to 11:00 AM ET.
All counterparties in each small value exercise will be limited to one $1 million proposition per eligible security type. Following the completion of each operation, repurchase operation results will be posted on the New York Fed’s repo website, and reverse repurchase operation results will be posted on the New York Fed’s reverse repo website. The details for these small value operations are as follows:
Repurchase Agreement Operation:
| OPERATION TENOR/TYPE | ELIGIBLE COUNTERPARTIES | OPERATION DATE | SETTLEMENT DATE | MATURITY DATE | SECURITY TYPE | MINIMUM BID RATE | MAXIMUM VALUE OF OPERATION |
| Overnight Repo | Primary dealers and SRF counterparties, which include depository institutions | Fri, Jan 24, 2025 | Fri, Jan 24, 2025 | Mon, Jan 27, 2025 | Multi-tranche: U.S. Treasury, Agency, Agency MBS | SRF Minimum Bid Rate on Jan 24 | $250 million |
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 RRP counterparties, which include 2a-7 money market funds, banks, and government-sponsored enterprises | Fri, Jan 24, 2025 | Fri, Jan 24, 2025 | Mon, Jan 27, 2025 | U.S. Treasury | ON RRP Offering Rate on Jan 24 | $200 million |
