Statement Regarding Repurchase Agreement Small Value Exercise

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Operating Policy

Statement Regarding Repurchase Agreement Small Value Exercise

February 11, 2026

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 directives, the Desk intends to conduct a small value forward start overnight repo operation with Primary Dealers. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Wednesday, February 18, 2026. All counterparties will be limited to one $1 million proposition per tranche 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
Forward Start Overnight Repo	Primary Dealers	Wed, Feb 18, 2026	Thu, Feb 19, 2026	Fri, Feb 20, 2026	Multi-tranche: Treasury, Agency, Agency MBS	SRP Rate on Feb 18, 2026	$100 million

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