The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Treasury and New York Fed Announce Changes to Account Relationships of Foreign and International Monetary Authorities
The U.S. Department of the Treasury today announced changes to the rules that apply to the participation of Foreign and International Monetary Authorities ("FIMA") in Treasury auctions. These changes will facilitate the continued participation of FIMA accounts in the auction process, improve the liquidity and efficiency of the Treasury market, and allow the Treasury to better control the amount of funds raised at auction.
The full text of Treasurys announcement can be found at the following link: (http://www.treas.gov/). The FRBNY has contacted its FIMA customers advising them of these changes. Given recent auction participation by FIMA accounts, these changes are expected to effect only a very limited number of our customers.
Separately, this Bank is announcing today a new optional service that will facilitate the lending of securities from the accounts of its FIMA customers. This new service will enable FIMA customers to grant a designated depository institution access to a special custody account at the FRBNY. This new account arrangement will facilitate FIMA participation in the securities lending market through services offered by the private sector.