Statement Regarding Use of FedTrade Plus for Repurchase Agreement and Reverse Repurchase Operations

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Operating Policy

Statement Regarding Use of FedTrade Plus for Repurchase Agreement and Reverse Repurchase Operations

November 6, 2025

Beginning Friday, November 14, 2025, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct its daily domestic repurchase agreement (repo) and reverse repo operations using the new FedTrade Plus auction platform. This includes daily Standing Repo Facility (SRF) and Overnight Reverse Repo (ON RRP) facility operations. The introduction of FedTrade Plus was announced in November 2024 and follows extensive testing by the Desk and with counterparties, including small value exercises conducted in January and November 2025.

This announcement does not affect any operational parameters for SRF and ON RRP operations. It also does not affect any other open market operations at this time. The Desk will announce transitions of other domestic operations to FedTrade Plus ahead of planned cutover dates.

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