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 a small value term repo operation with Primary Dealers. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Thursday, August 21, 2025. All counterparties will be limited to one $1 million proposition per security type during the operation. Results will be posted on the New York Fed’s website following the completion of the operation. The operation details 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 |
| Term Repo | Primary Dealers | Thu, Aug 21, 2025 | Thu, Aug 21, 2025 | Tue, Aug 26, 2025 | Multi-tranche: Treasury, Agency debt, Agency MBS | At or Above Aug 21 Minimum Bid Rate | $75 million |
