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.
Revised SOMA Securities Lending Program Terms and Conditions
Effective May 15th, the Desk is implementing the following changes to the SOMA securities lending program (previously revised 10/18/01):
SOMA lending limit: the percentage of each Treasury issue owned by SOMA with a maturity of two weeks or longer that is available for lending each day is increased to 65 percent (from 45 percent);
Per dealer limit: the total par amount in outstanding loans per dealer is increased to $1 billion (from $500 million); and
Per issue limit: the per issue per dealer limit is increased to $200 million (from $100 million).
All other program terms remain unchanged, including the minimum fee rate, which is currently set at 1.00 percent.
For more information on the standard SOMA securities lending program terms, please see
August 26, 1999 - Announcement of Change in Lending Limits for SOMA Securities Lending Program, September 7, 1999 - Revised SOMA Securities Lending Program - FAQs, October 18, 2001 - Revised SOMA Securities Lending Program Terms and Conditions.