Foreign Exchange Counterparties
Foreign exchange counterparties are trading counterparties of the New York Fed in its foreign exchange operations on behalf of the Federal Reserve and the U.S. Treasury. They are also expected to make reasonable markets for New York Fed Trading Desk (Desk) transactions that relate to currency needs of the New York Fed’s official accountholders and agencies of the U.S. government, as needed.

List of Foreign Exchange Counterparties
Current List, Additions, Removals & Name Changes
Foreign Exchange Counterparties

ANZ Group Holdings Limited

Bank of America Corp.

Barclays Plc

Citigroup Inc.

Commonwealth Bank of Australia

Credit Agricole S.A.

Deutsche Bank AG

Goldman Sachs Group, Inc.

HSBC Holdings Plc

JPMorgan Chase & Co.

Morgan Stanley

Mitsubishi UFJ Group, Inc.

NatWest Group Plc

Royal Bank of Canada

Standard Chartered Plc

State Street Corp.

Sumitomo Mitsui Financial Group, Inc.

Bank of New York Mellon Corp.

Northern Trust Corp.

UBS Group AG

Trades may occur with domestic or foreign branches, subsidiaries, or other affiliates of these entities.

Name Changes
July 31, 2023

The following have changed their names, effective July 31, 2023.

Old Name New Name
Australia and New Zealand Banking Group Limited ANZ Group Holdings Limited
Bank of America, N.A. Bank of America Corp.
Barclays Bank Plc Barclays Plc
Citibank, N.A. Citigroup Inc.
Commonwealth Bank of Australia, New York Commonwealth Bank of Australia
Credit Agricole Corporate and Investment Bank London Credit Agricole S.A.
Credit Suisse AG, London Branch Credit Suisse Group AG
Deutsche Bank AG London Branch Deutsche Bank AG
Goldman Sachs & Co. LLC Goldman Sachs Group, Inc.
HSBC Bank USA, National Association HSBC Holdings Plc
JP Morgan Chase Bank, N.A. JPMorgan Chase & Co.
Morgan Stanley & Co. LLC Morgan Stanley
MUFG Bank, Ltd. Mitsubishi UFJ Group, Inc.
NatWest Markets Plc NatWest Group Plc
Standard Chartered Bank Standard Chartered Plc
State Street Bank and Trust Company State Street Corp.
Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Financial Group, Inc.
The Bank of New York Mellon Bank of New York Mellon Corp.
The Northern Trust Company Northern Trust Corp.
UBS AG UBS Group AG

Revised List
2018
April 30, 2018
April 30, 2018
2017
May 19, 2017

Expectations & Requirements
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.

Role of foreign exchange counterparties in New York Fed market operations

Foreign exchange (FX) counterparties are trading counterparties of the New York Fed in its FX operations on behalf of the Federal Reserve and the U.S. Treasury. They are also expected to make reasonable markets for Desk transactions that relate to currency needs of the New York Fed’s official accountholders and agencies of the U.S. government, as needed. The Desk also relies on its FX counterparties for ongoing insight into global financial market developments in its daily market monitoring activities, to support the formulation and implementation of policy by the U.S. monetary authorities. FX counterparties are expected to provide competitive two-way pricing as needed to support the Desk’s periodic foreign exchange operations.

Eligibility criteria

In order to be eligible as a foreign exchange counterparty, a firm must:

  • Demonstrate a substantial presence as a market maker that provides two-way liquidity in foreign exchange, in more than one market center/time zone.1
  • Have, or have arrangements for another party to provide services of, a "back office" of sufficient size and experience to be able to (1) confirm and arrange settlement of transactions with the New York Fed and (2) manage trading at the volume levels expected by the New York Fed.

Once onboarded, FX counterparties are expected to continue to meet these expectations and eligibility requirements on an ongoing basis.

Firms should contact the New York Fed at fxcounterparty.info@ny.frb.org before formally expressing interest in becoming a foreign exchange counterparty and providing the requested information.

Expression of Interest Form for FX Counterparties


1 A market maker is a firm that continuously provides prices to both buyers and sellers in the market, and stands ready to transact at those prices in various market environments.

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