NEW YORK—The Federal Reserve Bank of New York today announced that it is looking to expand its counterparties and agents, as applicable, for the Commercial Paper Funding Facility (CPFF), the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). By widening the eligibility criteria for counterparties and agents, the Bank intends to further its mandate to support equal opportunity and diversity in the operation of these facilities. An expanded cohort of counterparties and agents will increase the New York Fed’s operational capacity and access to, and the reach of, the facilities.
Applications will be limited to firms meeting designated eligibility requirements, including size restrictions, transaction capabilities, financial condition, compliance controls, and equal opportunity and diversity efforts. A full description of eligibility and program requirements for firms interested in participating in this program can be found in the Expression of Interest (EOI) materials and Frequently Asked Questions (FAQs) on the New York Fed’s website.
Selected participants will only be able to act as counterparty or agent for the specific 13(3) facility for which they have been chosen, and not for any other 13(3) facilities or for other market operations of the New York Fed.