In accordance with the FOMC’s authorization and continuing directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an additional overnight Standing Repo Facility (SRF) operation on each business day beginning March 27, 2025, through April 2, 2025, from 8:15 to 8:30 a.m. Eastern Time (ET). For these additional morning SRF operations, the Desk will facilitate earlier settlement of awarded positions on the Bank of New York (BNY) tri-party repo platform.
These additional morning operations are intended to be technical exercises for the purpose of increasing the Federal Reserve’s understanding of how SRF operation and settlement times can support effective policy implementation and market functioning during periods of potential money market pressures.
The regularly scheduled SRF operations from 1:30 to 1:45 p.m. ET will continue to take place on each business day from March 27, 2025, through April 2, 2025. The aggregate operation limit of $500 billion will apply to the combined daily operations. Operational parameters for each of the SRF operations planned on these business days are shown below.
To facilitate earlier settlement of awarded propositions from the additional morning SRF operations, any necessary funds will be positioned on the BNY tri-party repo platform within one hour of the completion of the additional morning SRF operations. Actual settlement timing will vary and depends in part on the delivery of securities. The repurchase of securities on the maturity date will take place on the BNY tri-party repo platform in the afternoon.
| Standing Repo Facility Parameters for March 27-28, 31, 2025, and April 1-2, 2025 |
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| Schedule | 8:15 to 8:30 a.m. ET unless otherwise stated | 1:30 to 1:45 p.m. ET unless otherwise stated |
| Aggregate Operation Limit | $500 billion | $500 billion less the accepted amount from the morning operation |
| Proposition Limit | Two propositions per eligible security type per auction, subject to a $20 billion per proposition limit | |
| Minimum bid rate | The SRF bid rate specified by the FOMC. Also available in the SRF Frequently Asked Questions (FAQs). | |
| Eligible counterparties | Primary dealers and SRF counterparties, which include depository institutions | |
| Eligible securities | U.S. Treasuries, agency debt, and agency mortgage-backed securities | |
This statement does not affect SRF operations on any business days other than March 27, 2025, through April 2, 2025. The Desk will resume the normal schedule of one SRF operation per day between 1:30 and 1:45 p.m. E.T. starting on April 3, 2025. Additional information on the SRF can be found on the Repo and Reverse Repo Agreements page or in the SRF FAQs.
