NY Fed plans test run of small-firm open market operations

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The Federal Reserve Bank of New York is to roll out a pilot programme allowing up to five 'smaller' firms to act as counterparties in its open market operations (OMOs) for a year.

Participants in the scheme will be able to conduct secondary market outright purchases or sales of US Treasury securities, alongside the 21 larger primary dealers the New York Fed currently works with. The smaller firms will be expected to participate in a minimum number of Treasury operations each month, and submit

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