New York Fed Concludes the Treasury Operations Counterparty Pilot Program and Launches the Mortgage Operations Counterparty Pilot Program

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Press Release

New York Fed Concludes the Treasury Operations Counterparty Pilot Program and Launches the Mortgage Operations Counterparty Pilot Program

August 5, 2014

The Federal Reserve Bank of New York concluded its Treasury Operations Counterparty (TOC) Pilot Program on July 31, 2014. The intent of the program, which was announced in February 2013, was to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond the Primary Dealer community can augment the New York Fed’s operational capacity and resiliency in its monetary policy operations. Four firms were selected for the TOC pilot program and in July 2013 began transacting with the Open Market Trading Desk (Desk) in secondary market outright purchases of U.S. Treasury securities.

Building on the experience gained from the TOC pilot, today the New York Fed is announcing the Mortgage Operations Counterparty (MOC) Pilot Program for counterparties in agency mortgage-backed securities (MBS) operations. Similar to the TOC pilot program, the objective of the MOC pilot program is to explore ways to broaden access to open market operations and gain further experience in dealing with a wider range of firms.

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