Open Market Operations: Transaction Data
Domestic and foreign open market operations (OMOs) are conducted by the Federal Reserve Bank of New York at the direction of the Federal Open Market Committee (FOMC).

Data on open market operations: Transaction data on open market, securities lending and foreign currency transactions are provided here in accordance with Section 1103 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). For the initial reporting period, the data reflect transactions conducted after the date of enactment of the Dodd-Frank Act, July 21, 2010, through September 30, 2010. Information for subsequent periods will be published quarterly, approximately two years after the transaction was conducted.

Data on Discount Window borrowings: Section 1103 of the Dodd-Frank Act also establishes a framework for the publication of information regarding advances made by Federal Reserve Banks under Section 10B of the Federal Reserve Act.
Discount Window transactions

Open market operations (OMOs) are a key tool used by the Federal Reserve in the implementation of monetary policy. They are conducted by the New York Fed at the direction of the FOMC.

The Federal Reserve classifies OMOs as permanent or temporary. Permanent OMOs involve outright purchases or sales of securities for the SOMA, the Federal Reserve's securities portfolio. Temporary OMOs are typically conducted through either repurchase agreements or reverse repurchase agreements.

Further information: Additional details on open market operations, including operation announcements and results, statements and operating policies, and portfolio holdings data, are available on this website. Specific monetary policy decisions of the FOMC and directives to the New York Fed to conduct open market operations are available in the FOMC’s meeting statements and minutes.

Permanent OMOs: U.S. Treasuries | Agency mortgage-backed securities
Temporary OMOs: Repurchase and reverse repurchase agreements


U.S. Treasury Securities

The New York Fed purchases and sells U.S. Treasury securities in its implementation of monetary policy, as directed by the FOMC. Prior to the financial crisis, the Federal Reserve's outright holdings of Treasury securities accounted for the bulk of the SOMA's holdings of securities and generally grew with the amount of currency in circulation. Since the financial crisis, as changes in the size and composition of the SOMA portfolio have become important tools of monetary policy, holdings of Treasury securities have increased significantly.

Further information: Details on purchases and sales of Treasury securities, including current and historical operational results, and statements and operating policies for conducting Treasury security operations, are available on this website. Additional information on the specific policy directives to execute purchases and sales of Treasury securities is available in the FOMC’s meeting statements and minutes.

Transaction data: Details on outright purchases and sales of Treasury securities are provided below.


Data Element

Description

Trade date

Date upon which the security was bought or sold

Settlement date

At the time of the purchase or sale, the date agreed upon for the delivery of the security and payment of funds

Transaction category

Indicates whether the transaction was a purchase or a sale

Trade amount

Face value of the security purchased or sold, in millions of dollars

Issuer

Entity that issued or guaranteed the security bought or sold by the New York Fed: in all purchases and sales of U.S. Treasury securities, it is the U.S. Treasury (TSY)

Security description

Security type, coupon rate and maturity date associated with the security purchased or sold

CUSIP

A security identifier developed by the Committee on Uniform Security Identification Procedures

Price

Price at which the security was bought or sold, excluding accrued interest (clean price). The price is per 100 par value.

Accrued interest

Accrued interest of the security at the time of transaction, in dollars. Excludes inflation accrual for inflation-indexed securities

Total amount transferred

Total dollar amount transferred in the trade, in millions of dollars. For inflation-indexed securities, amount transferred includes adjustments for inflation effects

Counterparty

Name of the entity that purchased the security from, or sold the security to, the New York Fed

Agency Mortgage-backed Securities

Since 2008, the FOMC has at times directed the New York Fed to purchase mortgage-backed securities (MBS). Purchases have included agency MBS issued or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

Agency MBS sales and some purchases may be associated with dollar roll or coupon swap transactions that are conducted to help facilitate the settlement of outstanding purchases. Dollar roll transactions consist of the purchase or sale of securities for delivery in the current month combined with the simultaneous agreement to resell or repurchase substantially similar (although not necessarily the same) securities on a specified future date. Coupon swaps are agency MBS transactions that involve the sale of one agency MBS and the simultaneous purchase of another agency MBS, each with different coupons. Because most of the agency MBS trades are conducted based on the general characteristics of the security, the actual securities (CUSIPs) delivered may vary, within the trade-specified delivery standards.

Further information: Details on agency MBS operations, including tentative purchase amounts and historical operational results, frequently asked questions, and statements and operating policies for conducting agency MBS operations, are available on this website. Information on the initial MBS purchase program (from early 2009 to mid-2010) is also available, while detailed data for transactions conducted under that program can be found on the Board of Governors’ website. Additional information on the specific policy directives to execute MBS operations is available in the FOMC’s meeting statements and minutes.

Transaction data: Details on purchases and sales of agency MBS are provided below.


Data Element

Description

Trade date

Date upon which the security was bought or sold

Settlement date

At the time of the purchase or sale, the date agreed upon for the delivery of the security and payment of funds

Transaction category

Indicates whether the transaction was a purchase or a sale

Operation type

Indicates whether the purchase or sale was an outright transaction or part of a coupon swap or dollar roll

Trade amount

At the time of the trade, the current face value of the security purchased or sold, in millions of dollars

Agency

Agency that issued or guaranteed the security purchased or sold by the New York Fed: Fannie Mae (FNMA), Freddie Mac (FHLMC), or Ginnie Mae (GNMA or GNMA2 programs)

Coupon

Rate of interest associated with the mortgage-backed security, in percent

Term

Original term, in years, of the security purchased or sold

CUSIP

A security identifier developed by the Committee on Uniform Security Identification Procedures

Price

Price at which the security was bought or sold. The price is per 100 par value.

Total amount transferred

The dollar amount of the transaction agreed to on trade date, in millions of dollars. The actual amount transferred may differ from the agreed-upon dollar amount of the transaction as a result of: the allowable delivery variance of +/- 0.01%, in accordance with the Securities Industry and Financial Markets Association's Good Delivery Guidelines for To-Be-Announced (TBA) trading of agency MBS; periodic net settlement of purchases and sales; and accrued interest.

Counterparty

Name of the entity that purchased the security from, or sold the security to, the New York Fed

Notes

Additional information pertaining to the transaction


Repurchase and Reverse Repurchase Agreements

Temporary OMOs are typically used to address reserve needs that are deemed to be transitory in nature. These operations are either repurchase agreements (repos) or reverse repurchase agreements (reverse repos). In a repo, the New York Fed buys a security under an agreement to resell that security in the future. In a reverse repo, the New York Fed sells a security under an agreement to repurchase that security in the future. For these transactions, eligible securities are U.S. Treasury instruments, federal agency debt and the mortgage-backed securities issued or fully guaranteed by federal agencies.

Historically, the Federal Reserve used repos to adjust the aggregate quantity of reserves so as to keep the federal funds rate close to the target rate established by the FOMC. Since late 2008, the high level of reserves and the Federal Reserve's ability to pay interest rates on excess reserves have helped to keep the effective federal funds rate within the FOMC's target range without the need for any temporary OMOs. Even though the daily level of reserve balances is not being actively managed for monetary policy purposes, as a matter of prudent planning to maintain operational readiness, the New York Fed, as authorized by the FOMC, may occasionally conduct repo and reverse repo operations.

Further information: Details on repo operations and reverse repo operations, including operation announcements and results, counterparties (primary dealers and reverse repo counterparties), and statements and operating policies for conducting repo and reverse repo operations, are available on this website. Additional information on the specific policy directives to execute temporary OMOs is available in the FOMC’s meeting statements and minutes.

Transaction data: Details on repurchase and reverse repurchase transactions are provided below.
During the period of October 1, 2011 to December 31, 2011, no transactions of this type were conducted.

Note: The New York Fed typically settles the repo and reverse repo transactions it conducts through a tri-party arrangement. In a tri-party arrangement, a third party (the tri-party bank) acts as custodian and agent for the buyer and seller. The tri-party agent is responsible for screening and approving eligible securities, as identified by type by the buyer and seller, from the seller's pool of available securities, determining the current market value of the eligible securities, and ensuring every day that a transaction is outstanding that the buyer receives, in its account at the tri-party bank, eligible securities having a market value (based on the market value and agreed-upon margins) at least equal to each outstanding repo trade amount.

Data Element

Description

Trade date

Date upon which the OMO was conducted and upon which the details of the repo or reverse repo were agreed

Settlement date

Date upon which the repo or reverse repo started, when funds and securities were initially exchanged

Repurchase date

Date upon which the repo or reverse repo ended, when funds and securities were re-exchanged

Operation amount

Aggregate amount of the temporary OMO in which the repo or reverse repo was executed, in millions of dollars

Transaction category1

Indicates whether the transaction was a repo or reverse repo

Term

Number of calendar days the repo or reverse repo was outstanding (from settlement date to repurchase date)

Trade amount

Amount of funds paid or received by the New York Fed for the securities subject to the repo or reverse repo, in millions of dollars

Repo rate

Rate for each trade, in percent, implied by the difference between the price at which the securities were bought and sold

Counterparty

Name of the entity that entered into the repo or reverse repo with the New York Fed

Security type2

Type of securities that were delivered in the repo or reverse repo: U.S. Treasury (Treasury), agency debt (Agency) or agency mortgage-backed securities (Agency MBS)

Amount of securities

Market value of the securities subject to the repo or reverse repo, net of margin and interest accrued on the transaction, purchased or sold by the New York Fed, in millions of dollars

1 In a repo transaction, the New York Fed buys securities under an agreement to resell those securities in the future in order to temporarily add reserve balances to the banking system. In a reverse repo, the New York Fed sells securities under an agreement to repurchase those securities in the future in order to temporarily drain reserve balances from the system.

2 For "Treasury" type securities, counterparties may deliver only Treasury securities. For "Agency" securities, counterparties have the option to deliver federal agency debt, in addition to Treasury securities. For "Agency MBS" securities, counterparties have the option to deliver mortgage-backed securities issued or fully guaranteed by federal agencies, in addition to federal agency debt or Treasury securities.

Back to Top

The New York Fed's securities lending program provides a secondary and temporary source of securities to the financing market to promote smooth clearing of the Treasury and agency securities. Securities held in the SOMA portfolio are loaned to primary dealers based on competitive bidding in an auction for overnight loans held each business day. Dealers borrowing securities pledge Treasury securities to the New York Fed, plus margin, as collateral for the securities loan.

Further information: Details on the securities lending program, including the terms of the program and operation announcements and results, are available on this website.

Transaction data: Details on securities lending transactions are provided below.


Data Element

Description

Trade date

Date upon which the loan of Treasury or agency securities was agreed

Settlement date

Start date of the loan of Treasury or agency securities; the initial date on which the loaned Treasury or agency securities and collateral were exchanged

Original maturity date

Date upon which the loan of the Treasury or agency securities was originally scheduled to end

Actual return date

Date upon which all of the Treasury or agency securities lent were returned

Term

Number of calendar days the loan of Treasury or agency securities was outstanding (from settlement date to original maturity date)

Par amount lent

Par value of the loan of Treasury or agency securities, in millions of dollars

Market value of security lent

Market value of the loan of Treasury or agency securities, in millions of dollars

Issuer

Entity that issued or guaranteed the securities lent from the SOMA portfolio: U.S. Treasury (TSY), Fannie Mae (FNMA), Freddie Mac (FHLMC), the Federal Home Loan Banks (FHLB) or Ginnie Mae (GNMA)

Security description

Security type, coupon rate and maturity date associated with the securities lent

CUSIP

A security identifier developed by the Committee on Uniform Security Identification Procedures

Lending fee

Interest rate, in percent, charged to the borrower for the securities lent

Penalty fees

Additional fees assessed in connection with a counterparty's failure to return borrowed securities on the original maturity date, in dollars. Assessed each day at the prevailing general collateral rate, in addition to any applicable fails charge.

Counterparty

Name of the entity that borrowed securities from the SOMA portfolio

Collateral value

Market value of the securities pledged as collateral to secure the loan of Treasury or agency securities, in millions of dollars. Security loans are collateralized against Treasury securities.


Foreign currency operations: Foreign exchange transactions | Foreign reserve investments

The New York Fed carries out foreign exchange-related activities on behalf of the U.S. monetary authorities (the Federal Reserve System and the U.S. Department of the Treasury). In this capacity, the New York Fed is occasionally directed to intervene in the foreign exchange market to counter disorderly conditions. Foreign exchange intervention transactions are rare and are conducted in close consultation and cooperation with the Treasury.

Separately, the New York Fed regularly conducts transactions in currencies with market counterparties to accommodate the routine provision of foreign exchange account services to the U.S. Treasury and foreign official institutions. These purchases and sales are not U.S. foreign exchange intervention, nor do they reflect any policy initiative of the U.S. monetary authorities.

Further information: Details on Federal Reserve foreign exchange operations and currency market developments are provided in quarterly reports available on this website. Additional background information on U.S. foreign exchange intervention, the Federal Reserve’s roles in the international arena and the services the New York Fed provides to central banks and international institutions is also available.

Transaction data: Details on foreign exchange transactions are provided below.


Data Element

Description

Trade date

Date upon which the details of the currency exchange were agreed upon

Settlement date

Date upon which the U.S. dollars and foreign currency were exchanged

Transaction category1

Indicates whether the transaction is part of a U.S. intervention operation (FX intervention) or a transaction undertaken to accommodate foreign exchange account services provided to the U.S. Treasury and foreign official institutions (customer)

Currency purchased

Currency received by the New York Fed on the settlement date: Australian dollar (AUD), British pound (GBP), Canadian dollar (CAD), euro (EUR), Japanese yen (JPY), Swedish krona (SEK), Swiss franc (CHF), U.S. dollar (USD)

Amount purchased2

Amount of currency received by the New York Fed on the settlement date

Currency sold

Currency delivered by the New York Fed on the settlement date: Australian dollar (AUD), British pound (GBP), Canadian dollar (CAD), euro (EUR), Japanese yen (JPY), Swedish krona (SEK), Swiss franc (CHF), U.S. dollar (USD)

Amount sold2

Amount of currency delivered by the New York Fed on the settlement date

Exchange rate

Rate used to determine the amount of foreign currency or U.S. dollars exchanged in the transaction

Exchange rate units

Units in which the exchange rate is quoted: U.S. dollars per foreign currency or foreign currency per U.S. dollar

Counterparty

Name of the entity that purchased currency from, or sold currency to, the New York Fed

1 For customer transactions, data pertain to the New York Fed's transactions conducted with foreign exchange dealers in order to fulfill customer requests to buy or sell dollars against foreign currencies.

2 When the New York Fed conducts an intervention for the U.S. monetary authorities (the Federal Reserve and the U.S. Department of the Treasury), the reported amounts reflect only that portion of the transaction conducted on behalf of the Federal Reserve.


The Federal Reserve holds foreign currency reserves to support intervention in the foreign exchange market should it, in consultation and cooperation with the U.S. Department of the Treasury, decide it appropriate to counter disorderly conditions in that market. The foreign currency reserves of the Federal Reserve's SOMA are denominated in euro and yen and are invested by the New York Fed in a variety of instruments that yield market-related rates of return and have a high degree of liquidity and credit quality.

Foreign currency reserve investment transactions are conducted through competitive processes with dealers active in the cash or repurchase agreement markets for euro- and yen-denominated securities.

Further information: Details on the SOMA's holdings of foreign reserves are provided in the quarterly reports available on this website.

Foreign Sovereign Debt

A significant portion of the SOMA's foreign currency reserves is invested on an outright basis in German, French and Japanese government securities.

Transaction data: Details on outright purchases and sales of foreign sovereign debt are provided below.


Data Element

Description

Trade date

Date upon which the security was bought or sold

Settlement date

At the time of the purchase or sale, the date agreed upon for the delivery of the security and payment of funds

Transaction category

Indicates whether the transaction was a purchase or a sale

Currency

Foreign currency in which the security is valued: euro (EUR), Japanese yen (JPY)

Trade amount

Face value of the security purchased or sold, in millions of foreign currency units

Issuer

Entity that issued or guaranteed the security purchased or sold by the New York Fed: French government (France), German government (Germany), Japanese government (Japan)

Security description

Security type, coupon rate and maturity date associated with the security purchased or sold

ISIN

A security identifier, the International Securities Identification Number

Price

Price at which the security was bought or sold, excluding accrued interest (clean price). The price is per 100 par value.

Accrued interest

Accrued interest of the security at the time of transaction, in foreign currency units

Total amount transferred

Total amount transferred in the trade, in millions of foreign currency units

Counterparty

Name of the entity that purchased the security from, or sold the security to, the New York Fed

Euro Repurchase Agreements

Another portion of the SOMA's euro-denominated foreign currency reserves is invested in repurchase agreements. In a repo, the New York Fed buys a security under an agreement to resell that security in the future. For these transactions, sovereign debt backed by the full faith and credit of the following governments are eligible: Belgium, France, Germany, Italy, the Netherlands and Spain.

Transaction data: Details on euro-denominated repurchase transactions are provided below.

Note: The New York Fed typically settles the euro-denominated repo transactions it conducts through a tri-party arrangement. In a tri-party arrangement, a third party (the tri-party bank) acts as custodian and agent for the buyer and seller. The tri-party agent is responsible for screening and approving eligible securities, as identified by type by the buyer and seller, from the seller's pool of available securities, determining the current market value of the eligible securities, and ensuring, every day that a transaction is outstanding, that the buyer receives, in its account at the tri-party bank, eligible securities having a market value (based on the market value and agreed upon margins) at least equal to each outstanding repo trade amount.

Data Element

Description

Trade date

Date upon which the details of the repo were agreed

Settlement date

Date upon which the repo started, when funds and securities were initially exchanged

Repurchase date

Date upon which the repo ended, when funds and securities were re-exchanged

Transaction category1

Indicates the type of transaction: in all foreign currency reserve investments, a repo

Term

Number of calendar days the repo was outstanding (from settlement date to repurchase date)

Currency

Denomination of the foreign security and the foreign currency used in the transaction: euro (EUR)

Trade amount

Amount of funds paid by the New York Fed for the securities subject to the repo, in millions of foreign currency units

Repo rate

Rate for each trade, in percent, implied by the difference between the price at which the securities were bought and sold

Counterparty

Name of the entity that entered into the repo with the New York Fed

Security type2

Type of securities that were delivered in the repo. Prior to October 28, 2011: as to any transaction, any sovereign debt obligations of six countries. After October 28, 2011: as to each transaction, any sovereign debt obligations of one of six countries, either (1) Belgian sovereign debt obligations, (2) French sovereign debt obligations, (3) German sovereign debt obligations, (4) Italian sovereign debt obligations, (5) Dutch sovereign debt obligations or (6) Spanish sovereign debt obligations. In addition, note that for each of the six baskets, counterparties also had the option to deliver the sovereign debt obligations of the country listed in addition to the sovereign debt obligations of Germany.

Amount of securities

Market value of the securities subject to the repo, net of margin and interest accrued on the transaction, purchased by the New York Fed, in millions of foreign currency units

1 In a repo transaction, the New York Fed buys securities under an agreement to resell those securities in the future.

2 Prior to October 28, 2011, the New York Fed conducted euro repo operations as individual transactions as to which any securities in a single basket of securities consisting of the sovereign debt obligations of six countries were eligible securities. On October 28, 2011, the New York Fed changed its practice such that for each individual transaction, only securities from one of six baskets of securities are eligible securities. The New York Fed selects in advance of the transaction the single basket applicable to the transaction. Each single basket corresponds to the sovereign debt obligations of one of six countries. This technical modification to euro repo operations was made to be more consistent with euro repo market practices.


December 28, 2012

  • Foreign Sovereign Debt file for July 22 to September 30, 2010, updated
    Display of data under the "accrued interest" column was modified from millions of foreign currency units to the actual amount of foreign currency units.

  • Euro Repurchase Agreements file for July 22 to September 30, 2010, updated
    Entries for counterparty JP Morgan Securities Plc were revised to JP Morgan Securities Ltd. to match the name of the legal entity at the time of the transaction.

March 29, 2013

  • Revised Counterparty Names
    A small number of counterparty names were revised in the following files to match the names of the legal entities within large corporate organizations that transacted with the New York Fed:

    • U.S. Treasury Securities file for July 22 to September 30, 2010

    • U.S. Treasury Securities file for October 1 to December 31, 2010

    • Securities Lending file for July 22 to September 30, 2010

    • Securities Lending file for October 1 to December 31, 2010

    • Foreign Exchange file for July 22 to September 30, 2010

    • Foreign Exchange file for October 1 to December 31, 2010

    • Foreign Sovereign Debt file for October 1 to December 31, 2010

    • Euro Repurchase Agreements file for July 22 to September 30, 2010

    • Euro Repurchase Agreements file for October 1 to December 31, 2010


March 31, 2014

  • U.S. Treasury Securities file for October 1 to December 31, 2011, updated
    The display of sales data was modified from negative amounts to positive amounts.