The transactions were conducted through competitive auctions at market rates. Primary dealers were not required to bid in the auctions; however, they were required to acknowledge the operation by connecting their systems.
These operations were not an emergency lending program authorized by section 13(3) of the Federal Reserve Act, but rather a series of open market operations conducted under section 14 of the Federal Reserve Act.
The last auction was conducted in December 2008 and started winding down the first week of January 2009.
Use of the operations was at zero by the end of January 2009.
Each auction’s aggregated results were immediately posted on the New York Fed’s website.
Temporary Open Market Operations Historical Search
Weekly totals were also published, as part of a single line item which included all RP OMOs, in the Federal Reserve’s H 4.1 data release, and further details provided in the SOMA Annual Report.