New York Fed Pilot Program for Small Firms and SOMA Treasury Operations

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On February 20, the New York Fed launched a one-year pilot program with small broker-dealers to examine options to broaden access to monetary policy operations. The program will allow up to five small firms to act as counterparties in outright purchases and sales of U.S. Treasuries for the System Open Market Account (SOMA) portfolio. Applications will be limited to firms meeting designated eligibility requirements, including size restrictions, transaction capabilities and compliance controls. New York Fed Release.

Topics:  Federal Pilot Programs, SOMA, Treasury Operations

Published In: Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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