Treasury Operations Counterparty Pilot Program

Between July 2013 and July 2014, the Federal Reserve Bank of New York conducted a pilot program with four small firms that acted as counterparties in New York Fed operations to conduct secondary market outright purchases of U.S. Treasury securities, along with primary dealers. The New York Fed's intent in conducting this pilot program was to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond the Primary Dealer community can augment the New York Fed's operational capacity and resiliency in its monetary policy operations.

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