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Discussion Paper
A Closer Look at the Federal Reserve’s Securities Lending Program
The Federal Reserve lends specific Treasury and agency debt securities held in its System Open Market Account (SOMA)—and accepts general Treasury securities as collateral—through its daily securities lending program. The program supports Treasury and agency debt market function by providing a secondary and temporary source of securities to the broader market through the Fed’s trading counterparties, the primary dealers. Importantly, the size and composition of the SOMA portfolio reflect past monetary policy decisions, limiting the program's ability to help alleviate all collateral ...
FMG Operational Resilience Seminar: Event Summary
On November 21, 2024, the Federal Reserve Bank of Chicago’s Financial Markets Group brought together around 50 participants from financial market infrastructures, central banks, regulators, and industry associations for a half-day seminar on Operational Resilience in Exchange Traded and Cleared Markets. The seminar was held under the Chatham House Rule, with no press in attendance.