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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
Do you have a request for information and records? Learn how to submit it.
Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Primary Dealer Credit Facility: Program Terms and Conditions
Effective June 25, 2009
PDCF Loans
Primary dealers may secure loans under the PDCF with all collateral eligible for pledge in triparty funding arrangements through the major clearing banks as of September 12, 2008.
Borrower Eligibility
Only primary dealers of the New York Fed are eligible to participate in the PDCF via their clearing banks.
Overnight Lending
Loans will settle on the same business day and will mature the following business day.
Eligible Collateral
Collateral eligible for pledge under the PDCF includes all collateral eligible for pledge in tri-party funding arrangements through the major clearing banks as of September 12, 2008.
Rate
The rate of the loan is the primary credit rate at the New York Fed. Click here for current rates.
Frequency-Based Fee
The frequency-based fee is a fee schedule that will specify additional fees to be charged to dealers who access the facility on more than 45 business days. Access to the facility on the 46th and subsequent days will result in additional fees to be paid by the dealer. The exact frequency-based fee schedule was determined in consultation with the primary dealers and was announced shortly after the program was put in place.
Custody Rules and Arrangement
Dealers will communicate their demand for funding to their clearing banks. The clearing bank will verify that a sufficient amount of eligible collateral has been pledged by each primary dealer participating in the PDCF and notify the New York Fed accordingly. Once the New York Fed receives notice that a sufficient amount of margin-adjusted eligible collateral has been assigned to the New York Fed’s account, the New York Fed will transfer the amount of the loan to the clearing bank for credit to the primary dealer.
Collateral Valuation
The pledged collateral will be valued by the clearing banks based on a range of pricing services.
Loan Size
Loans will be limited to the amount of margin-adjusted eligible collateral pledged by the dealer and assigned to the New York Fed’s account at the clearing bank.
Recourse
Loans made under the PDCF are made with recourse beyond the pledged collateral to the primary dealer entity itself.
Program Termination
The PDCF will remain available to primary dealers until February 1, 2010, or longer if conditions warrant.
