Federal Reserve Bank of New York Reverse Repo: March 31st 2020
$284.908B with 53 counter-parties.
When the Federal Reserve conducts an overnight Reverse Repo Agreement, it sells a security to an eligible counter-party (the primary dealers plus whoever else shows up now-see below) and simultaneously agrees to buy the security back the next day
moar on overall RRP's
Reverse Repo
A reverse repurchase agreement (RRP) is an act of buying securities with the intention of returning—reselling—those same assets back in the future at a profit. This process is the opposite side of the coin to the repurchase agreement. To the party selling the security with the agreement to buy it back, it is a repurchase agreement. To the party buying the security and agreeing to sell it back, it is a reverse repurchase agreement. The reverse repo is the final step in the repurchase agreement closing the contract.
In a repurchase agreement, a dealer sells securities to a counterparty with the agreement to buy them back at a higher price at a later date. The dealer is raising short-term funds at a favorable interest rate with little risk of loss. The transaction is completed with a reverse repo. That is, the counterparty has sold them back to the dealer as agreed.
The counterparty earns interest on the transaction in the form of the higher price of selling the securities back to the dealer. The counter-party also gets the temporary use of the securities.
https://www.investopedia.com/ask/answers/041615/what-difference-between-repurchase-agreement-and-reverse-repurchase-agreement.asp
https://apps.newyorkfed.org/markets/autorates/temp
FAQs: Reverse Repurchase Agreement Operations
What securities are being used for RRP operations?
The FOMC has directed the Desk to undertake RRP operations using Treasury securities held in the SOMA. The SOMA’s holdings of agency debentures and agency mortgage-backed securities are not currently used in the Desk’s RRP operations.
https://www.newyorkfed.org/markets/rrp_faq.html
Reverse Repo Counterparties
Reverse repo counterparties only operate with the New York Fed as cash providers in reverse repo operations. As such, they play a much more limited role in the New York Fed Trading Desk's (Desk's) operations than primary dealers, which may serve as counterparties in all of the Desk's domestic open market operations.
List of reverse repo counterparties
Banks
Ally Bank
Bank of America, N.A.
Bank of Montreal (Chicago Branch)
Barclays Bank PLC - New York Branch
Citibank, N.A.
Credit Agricole Corporate and Investment Bank
Discover Bank
Goldman Sachs Bank USA
JPMorgan Chase Bank, N.A.
Mizuho Bank, Ltd.
Morgan Stanley Bank, N.A.
Natixis New York Branch
Royal Bank of Canada
Sumitomo Mitsui Banking Corporation, NY branch
The Northern Trust Company
Wells Fargo Bank, NA
Government-Sponsored Enterprises
Federal Agricultural Mortgage Corporation (Farmer Mac)
Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Boston
Federal Home Loan Bank of Chicago
Federal Home Loan Bank of Cincinnati
Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Des Moines
Federal Home Loan Bank of Indianapolis
Federal Home Loan Bank of New York
Federal Home Loan Bank of Pittsburgh
Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of Topeka
Federal Home Loan Mortgage Corporation (Freddie Mac)
Federal National Mortgage Association (Fannie Mae)
there are many here link below, some highlights (or lowlights)
Investment Manager Money Market Funds
BlackRock Advisors, LLC
BNY Mellon Investment Adviser, Inc.
Goldman Sachs Asset Management
J. P. Morgan Investment Management Inc.
Fidelity Management & Research Company LLC
Legg Mason Partners Fund Advisor, LLC
Morgan Stanley Investment Management, Inc.
Northern Trust Investments, Inc
The Vanguard Group, Inc.
Wells Fargo Funds Management
bigger list here
https://www.newyorkfed.org/markets/rrp_counterparties.html
this is a redux of the Trash for cash program(s) from 2007-2010 and on. You show up to the FRBNY with your crappy debt and the FRBNY gives you full value of those Treasury's (basically the value on maturity) in digital cash and you as the receiver get to do whatever you want with the cash.
tyb