New reverse repurchase transaction counterparties will begin transacting with the New York Fed upon completion of legal, operational and technical setup. Each listed counterparty expressed an interest to be an eligible RRP counterparty under the criteria published by the New York Fed. Inclusion on this list simply means that, should the New York Fed conduct reverse repurchase agreements, those listed would be eligible to participate. It does not mean that any listed eligible RRP counterparty is eligible for any other program or transactional relationship with the New York Fed.
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Reverse Repo Counterparties
The New York Fed Trading Desk (Desk) conducts reverse repo transactions to help keep the effective federal funds rate from falling below the target range set by the Federal Open Market Committee. In addition to primary dealers, participants in these transactions include reverse repo counterparties.
List of reverse repo counterparties
Current List, Additions, Removals & Name Changes
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Reverse Repo Counterparties
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| Banks |
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Ally Bank Bank of America, N.A. Barclays Bank PLC, New York Branch Citibank, N.A. Credit Agricole Corporate and Investment Bank Goldman Sachs Bank USA HSBC Bank USA, N.A. JPMorgan Chase Bank, N.A. Mizuho Bank, Ltd., New York Branch Morgan Stanley Bank, N.A. Natixis New York Branch Royal Bank of Canada Sumitomo Mitsui Banking Corporation, NY Branch The Northern Trust Company UBS AG New York (Eleven Madison Avenue) Branch Wells Fargo Bank, NA |
| Government-Sponsored Enterprises |
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AgFirst Farm Credit Bank AgriBank FCB CoBank, ACB Farm Credit Bank of Texas Federal Agricultural Mortgage Corporation (Farmer Mac) Federal Home Loan Bank of Atlanta Federal Home Loan Bank of Boston Federal Home Loan Bank of Chicago Federal Home Loan Bank of Cincinnati Federal Home Loan Bank of Dallas Federal Home Loan Bank of Des Moines Federal Home Loan Bank of Indianapolis Federal Home Loan Bank of New York Federal Home Loan Bank of Pittsburgh Federal Home Loan Bank of San Francisco Federal Home Loan Bank of Topeka Federal Home Loan Mortgage Corporation (Freddie Mac) Federal National Mortgage Association (Fannie Mae) |
| Investment Manager | Money Market Funds |
| AllianceBernstein L.P. |
AB Fixed-Income Shares, Inc. - AB Government Money Market Portfolio |
| Allspring Funds Management, LLC |
Allspring Government Money Market Fund Allspring Money Market Fund Allspring Treasury Plus Money Market Fund |
| BlackRock Advisors, LLC | BlackRock Liquidity Funds: FedFund BlackRock Liquidity Funds: T-Fund BlackRock Liquidity Funds: TempCash |
| BlackRock Fund Advisors | Money Market Master Portfolio Treasury Money Market Master Portfolio |
| BNY Mellon Investment Adviser, Inc. | Dreyfus Government Cash Management Dreyfus Institutional Preferred Government Money Market Fund Dreyfus Treasury and Agency Liquidity Money Market Fund Dreyfus Treasury Obligations Cash Management |
| Capital Research and Management Company | American Funds U.S. Government Money Market Fund Capital Group Central Fund Series, Capital Group Central Cash Fund |
| Cavanal Hill Investment Management, Inc. |
Cavanal Hill Government Securities Money Market Fund Cavanal Hill U.S. Treasury Fund |
| Charles Schwab Investment Management, Inc. |
Schwab Government Money Fund Schwab Retirement Government Money Fund Schwab Treasury Obligations Money Fund Schwab US Treasury Money Fund Schwab Value Advantage Money Fund |
| Columbia Management Investment Advisers, LLC | Columbia Short-Term Cash Fund, a series of Columbia Funds Series Trust II |
| DWS Investment Management Americas, Inc. |
DWS Government & Agency Fund Government Cash Management Portfolio |
| Federated Investment Management Company |
Edward Jones Money Market Fund Federated Hermes Capital Reserves Fund Federated Hermes Government Obligations Fund Federated Hermes Government Obligations Tax-Managed Fund Federated Hermes Government Reserves Fund Federated Hermes Institutional Prime Obligations Fund Federated Hermes Municipal Obligations Fund Federated Hermes Prime Cash Obligations Fund Federated Hermes Tax-Free Obligations Fund Federated Hermes Treasury Obligations Fund Federated Hermes Trust for U.S. Treasury Obligations |
| Fidelity Management & Research Company LLC | Fidelity Colchester Street Trust: Government Portfolio Fidelity Colchester Street Trust: Money Market Portfolio Fidelity Colchester Street Trust: Treasury Portfolio Fidelity Hereford Street Trust: Fidelity Government Money Market Fund Fidelity Hereford Street Trust: Fidelity Money Market Fund Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund Fidelity Phillips Street Trust: Fidelity Government Cash Reserves Fidelity Revere Street Trust: Fidelity Cash Central Fund Fidelity Revere Street Trust: Fidelity Securities Lending Cash Central Fund Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund Variable Insurance Products Fund V: VIP Government Money Market Portfolio |
| Franklin Advisers, Inc. | The Money Market Portfolio |
| Goldman Sachs Asset Management | Goldman Sachs Financial Square Government Fund Goldman Sachs Financial Square Treasury Obligations Fund Goldman Sachs Financial Square Treasury Solutions Fund Goldman Sachs Investor Money Market Fund |
| HSBC Global Asset Management (USA), Inc. |
HSBC U.S. Government Money Market Fund |
| Invesco Advisers, Inc. |
Invesco Government & Agency Portfolio Invesco Government Money Market Fund Invesco Premier U.S. Government Money Portfolio Invesco Treasury Portfolio |
| Jackson National Asset Management, LLC | JNL Government Money Market Fund JNL/Dreyfus Government Money Market Fund |
| J. P. Morgan Investment Management Inc. |
JPMorgan Liquid Assets Money Market Fund JPMorgan Prime Money Market Fund JPMorgan Tax Free Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund |
| Legg Mason Partners Fund Advisor, LLC | Western Asset/Government Portfolio Western Asset/Liquid Reserves Portfolio Western Asset/U.S. Treasury Reserves Portfolio |
| Morgan Stanley Investment Management, Inc. |
Morgan Stanley Institutional Liquidity Funds Government Portfolio Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio Morgan Stanley Institutional Liquidity Funds Prime Portfolio Morgan Stanley Institutional Liquidity Funds Treasury Portfolio Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio |
| Northern Trust Investments, Inc. |
NTAM Treasury Assets Fund Northern Funds - U.S. Government Money Market Fund Northern Funds - U.S. Government Select Money Market Fund Northern Institutional Funds - Government Portfolio Northern Institutional Funds - Government Select Portfolio Northern Institutional Funds - Treasury Portfolio |
| Pacific Investment Management Company LLC |
PIMCO Funds: PIMCO Government Money Market Fund |
| PGIM Investments LLC |
Prudential Government Money Market Fund, Inc. - PGIM Core Government Money Market Fund Prudential Investment Portfolios 2 - PGIM Institutional Money Market Fund |
| Principal Global Investors, LLC |
Principal Funds, Inc. - Government Money Market Fund |
| RBC Global Asset Management (U.S.) Inc. |
RBC Funds Trust, U.S. Government Money Market Fund |
| SSgA Funds Management, Inc. | Institutional Liquid Reserve Portfolio Institutional US Gov. Money Market Fund, a series of the State Street Master Funds State Street Navigator Securities Lending Government Money Market Portfolio State Street Treasury Plus Money Market Portfolio |
| T. Rowe Price Associates, Inc. |
T. Rowe Price Cash Reserves Fund T. Rowe Price Government Money Fund, Inc. T. Rowe Price Government Reserve Fund T. Rowe Price Treasury Reserve Fund T. Rowe Price U.S. Treasury Money Fund |
| UBS Asset Management (Americas) LLC |
Government Master Fund Limited Purpose Cash Investment Fund Treasury Master Fund |
| U.S. Bancorp Asset Management, Inc. | First American Government Obligations Fund First American Treasury Obligations Fund |
| The Vanguard Group, Inc. |
Vanguard Admiral Funds - Vanguard Treasury Money Market Fund Vanguard CMT Funds - Vanguard Market Liquidity Fund Vanguard Money Market Reserves - Vanguard Cash Reserves Federal Money Market Fund Vanguard Money Market Reserves - Vanguard Federal Money Market Fund Vanguard Variable Insurance Funds - Vanguard Money Market Portfolio |
| Wilmington Funds Management Corp. | Wilmington U.S. Government Money Market Fund |
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Additions and Removals
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| 2024 | ||||||||||||
Sep 17, 2024 |
The following are no longer reverse repo counterparties, effective September 17.
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Sep 9, 2024 |
The following are no longer reverse repo counterparties, effective September 9.
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Aug 26, 2024 |
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Aug 19, 2024 |
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Aug 2, 2024 |
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Jul 29, 2024 |
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May 17, 2024 |
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| 2023 | ||||||||||||
Oct 6, 2023 |
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Aug 8, 2023 |
The following have been added to the list of reverse repo counterparties, effective August 8.
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Jun 2, 2023 |
The following have been added to the list of reverse repo counterparties, effective June 2.
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May 5, 2023 |
The following have been added to the list of reverse repo counterparties, effective May 5.
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| 2022 | ||||||||||||
Nov 14, 2022 |
The following have been added to the list of reverse repo counterparties, effective November 14.
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Sep 30, 2022 |
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Jun 29, 2022 |
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Apr 15, 2022 |
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Mar 22, 2022 |
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Jan 14, 2022 |
The following have been added to the list of reverse repo counterparties, effective January 14.
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| 2021 | ||||||||||||
Dec 13, 2021 |
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Dec 3, 2021 |
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Oct 22, 2021 |
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Aug 26, 2021 |
The following have been added to the list of reverse repo counterparties, effective August 26.
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May 27, 2021 |
The following have been added to the list of reverse repo counterparties, effective May 27.
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Feb 3, 2021 |
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| 2020 | ||||||||||||
Sep 3, 2020 |
The following have been added to the list of reverse repo counterparties, effective September 3.
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Aug 27, 2020 |
The following money market funds are no longer reverse repo counterparties, effective August 27.
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Aug 14, 2020 |
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Jun 15, 2020 |
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Mar 2, 2020 |
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Feb 13, 2020 |
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| 2019 | ||||||||||||
Dec 20, 2019 |
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Nov 18, 2019 |
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Nov 15, 2019 |
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Oct 8, 2019 |
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Jul 19, 2019 |
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Jun 21, 2019 |
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Jun 7, 2019 |
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Jun 6, 2019 |
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May 3, 2019 |
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| 2018 | ||||||||||||
Dec 20, 2018 |
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Oct 2, 2018 |
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Aug 14, 2018 |
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Aug 13, 2018 |
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May 29, 2018 |
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Jan 11, 2018 |
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| 2017 | ||||||||||||
Dec 18, 2017 |
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Nov 29, 2017 |
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Nov 13, 2017 |
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Nov 6, 2017 |
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Oct 11, 2017 |
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Sep 22, 2017 |
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Aug 16, 2017 |
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Jul 31, 2017 |
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Jun 16, 2017 |
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Feb 6, 2017 |
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Jan 23, 2017 |
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| 2016 | ||||||||||||
Dec 27, 2016 |
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Oct 14, 2016 |
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Oct 11, 2016 |
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Oct 5, 2016 |
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Sep 26, 2016 |
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Aug 30, 2016 |
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Aug 29, 2016 |
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Aug 15, 2016 |
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Aug 10, 2016 |
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Jun 24, 2016 |
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May 4, 2016 |
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Apr 18, 2016 |
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Mar 30, 2016 |
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Mar 28, 2016 |
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Feb 2, 2016 |
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| 2015 | ||||||||||||
Dec 30, 2015 |
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Dec 7, 2015 |
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Nov 13, 2015 |
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Nov 9, 2015 |
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Aug 12, 2015 |
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Aug 3, 2015 |
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Jun 1, 2015 |
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May 21, 2015 |
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Mar 20, 2015 |
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Jan 16, 2015 |
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Jan 16, 2015 |
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| 2014 | ||||||||||||
Nov 24, 2014 |
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| 2013 | ||||||||||||
Apr 18, 2013 |
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Apr 5, 2013 |
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Jan 15, 2013 |
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Jan 15, 2013 |
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| 2012 | ||||||||||||
Apr 30, 2012 |
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Apr 30, 2012 |
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| 2011 | ||||||||||||
Dec 1, 2011 |
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Dec 1, 2011 |
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Dec 1, 2011 |
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Jul 27, 2011 |
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Jul 27, 2011 |
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May 23, 2011 |
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May 23, 2011 |
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Jan 31, 2011 |
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Jan 31, 2011 |
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| 2010 | ||||||||||||
Aug 18, 2010 |
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Name Changes
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| 2024 | |||||||||||||||||||||||||
October 21, 2024 |
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May 31, 2024 |
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Mar. 8, 2024 |
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Mar. 1, 2024 |
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| 2022 | |||||||||||||||||||||||||
Nov 14, 2022 |
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Aug 5, 2022 |
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Jul 1, 2022 |
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Jan 14, 2022 |
The following Invesco funds changed their names, effective January 14.
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| 2021 | |||||||||||||||||||||||||
Dec 6, 2021 |
The following Wells Fargo funds changed their names, effective December 6.
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Nov 1, 2021 |
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| 2020 | |||||||||||||||||||||||||
Sep 29, 2020 |
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Jun 26, 2020 |
The following Federated funds changed their names, effective June 26.
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Jan 3, 2020 |
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| 2019 | |||||||||||||||||||||||||
Jul 1, 2019 |
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Jun 3, 2019 |
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| 2018 | |||||||||||||||||||||||||
Mar 23, 2018 |
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| 2017 | |||||||||||||||||||||||||
Jan. 27, 2017 |
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| 2016 | |||||||||||||||||||||||||
Nov. 4, 2016 |
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Oct 6, 2016 |
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Oct 3, 2016 |
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Aug 11, 2016 |
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Aug 1, 2016 |
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May 2, 2016 |
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Jan 5, 2016 |
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Jan 5, 2016 |
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| 2015 | |||||||||||||||||||||||||
Dec 18, 2015 |
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Dec 1, 2015 |
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Nov 20, 2015 |
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Oct 1, 2015 |
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| 2014 | |||||||||||||||||||||||||
Jun 23, 2014 |
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| 2013 | |||||||||||||||||||||||||
Jul 1, 2013 |
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| 2011 | |||||||||||||||||||||||||
Jan 20, 2011 |
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Expectations & Eligibility Requirements
Effective April 25, 2023
These expectations supplement those outlined in the Federal Reserve Bank of New York Policy on Counterparties for Market Operations.
These expectations supplement those outlined in the Federal Reserve Bank of New York Policy on Counterparties for Market Operations.
Specific Expectations & Eligibility Requirements
Disclaimer
The Federal Reserve Bank of New York's relationships with private sector counterparties described in this policy are business, not regulatory, relationships entered into by the New York Fed for the purposes described herein. That a firm is a New York Fed counterparty is not an endorsement of the firm by the New York Fed and should not be used as a substitute for independent analysis and due diligence by other parties considering a business relationship with the firm.
The Federal Reserve Bank of New York's relationships with private sector counterparties described in this policy are business, not regulatory, relationships entered into by the New York Fed for the purposes described herein. That a firm is a New York Fed counterparty is not an endorsement of the firm by the New York Fed and should not be used as a substitute for independent analysis and due diligence by other parties considering a business relationship with the firm.
Role of reverse repo counterparties in New York Fed market operations
The New York Fed Trading Desk conducts reverse repo transactions to help keep the effective federal funds rate from falling below the target range set by the Federal Open Market Committee. In addition to primary dealers, participants in these transactions include reverse repo counterparties.1
RRP counterparties are expected to bid in an operation at least twice every six months to ensure robust end-to-end testing of trading and settlement systems.
Eligibility criteria
In order to be eligible to become a reverse repo counterparty, a firm must be either:
- A state or federally chartered bank or savings association (or a state or federally licensed branch or agency of a foreign bank) with total assets equal to or greater than $30 billion, or reserve balances equal to or greater than $10 billion on the last quarter for which relevant FFIEC reports are available; or
- A government-sponsored enterprise; or
- An SEC-registered 2a-7 fund that has, measured at each month-end for the most recent six consecutive months, either net assets of no less than $2 billion or an average outstanding amount of RRP transactions of no less than $500 million.
- SEC-registered 2a-7 funds that, in the sole judgment of the New York Fed, are organized for a single beneficial owner, or exhibit sufficient similarities to a fund so organized, generally will be deemed ineligible to access reverse repo operations. Such arrangements would suggest that the single beneficial owner has direct and controlling access to reverse repo operations, which is inconsistent with the RRP counterparty eligibility criteria. These operations are only available to funds, which are generally more widely held, GSEs, banks, and primary dealers. This generally would not disqualify a fund that serves as the cash management vehicle for multiple funds or investment entities in an investment fund complex.
Firms must already have arrangements in place to operate in the triparty repo market, in transactions collateralized by U.S. government debt, agency debt and agency mortgage-backed securities.
Firms must be able to execute RRPs with securities margined at 100% (i.e. the value of the securities provided by the New York Fed will equal the funds provided by the counterparty).
Firms should contact the New York Fed at RRPInfo@ny.frb.org before formally expressing interest in becoming an RRP counterparty and providing the requested information.
Expression of Interest Form for RRP Counterparties: Banks and Savings Associations
Expression of Interest Form for RRP Counterparties: Government-Sponsored Enterprises
Expression of Interest Form for RRP Counterparties: Money Funds
1 Accessing reverse repo operations should be a natural extension of the existing business of any RRP counterparty. An RRP counterparty should not be organized for the purpose—in whole or in part—of accessing reverse repo operations.
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