为应对Covid-19大流行, 杰罗姆·鲍威尔, 美国联邦储备系统管理委员会主席, in March announced a series of emergency measures the Fed was taking to support the financial markets, 包括购买商业票据和其他类型的资产.
担任存货币市场工具(MMI)vnsr威尼斯城官网登入经理, 我监督, 还有胡安·阿里亚斯, 结算vnsr威尼斯城官网登入管理组存高级助理, the daily delivery of 14 data files to the Fed Board of Governors and the New York Fed. 除了, my team supports the Fed Collateral Loan Pledge process that allows Depository Trust Company (直接转矩) clients to pledge securities to the Fed that have been agreed upon between the two parties. 这个承诺过程, 由波士顿联邦储备银行领导, 会是美联储紧急市场支持计划的关键要素吗.
鉴于我们的角色, Juan and I knew various arms of the Fed would be reaching out to us to provide information about the relevant asset classes and how those securities settle at 直接转矩, 帮助他们设计新项目. 在这里, I recount a period of intense collaboration with the Fed as these programs were conceived and launched.
3月19日星期四: 我们接到第一个电话，来自波士顿联邦储备银行的一位高层. The Fed’s Money Market Liquidity Facility (MMLF) was being rolled out to support the flow of credit to households and businesses. 在MMLF下, the Boston Fed would make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds. The MMLF would assist money market funds in meeting demands for redemptions by households and other investors, enhancing overall market functioning and credit provision to the broader economy.
准备开MMLF, the Boston representative needed a crash course on how our clients process these types of transactions through our platform. Over many hours Juan and I explained the details of the commercial paper process at 存 as well as the 直接转矩 collateral loan process specific to the Fed. 我们对付费代理也是这么做的, 参与这些交易的交易商和托管客户.
3月20日星期五: 波士顿联邦储备银行再次打来电话, asking that 直接转矩 change its Fed Collateral Loan service to allow 直接转矩 clients to pledge securities to the specific account set up for the MMLF. The kicker: the revision needed to be made by the opening of business the following Monday, 美联储何时开始接受证券质押.
我们立即联系了Carissa Kocan, 导演和苏妮塔·奥卢米利, Executive 导演 from our IT staff who support 结算 服务 and they quickly assembled a cross-functional team, 包括端到端测试, 由Venkatarami Reddy Gollamudi管理, 导演. The team worked through the weekend to implement and test the necessary changes. 这不是一件小事! 到周一, 直接转矩 was receiving pledges from our clients that were successfully processed to the special-purpose MMLF account at the Boston Fed.
Simultaneously Juan and I were speaking with clients to instruct them on the new protocols for processing the maturities of the securities they release from the Fed and inputting those pledged securities to the MMLF.
Senior management at the Boston Fed was extremely appreciative of 直接转矩’s help in activating MMLF.
3月23日星期一: The New York Fed called me with questions about the 14 MMI files 直接转矩 sends to the Fed – specifically, 如何解释数据以及何时以及如何交付数据. 直接转矩能否提供12个月的历史数据?他们问道。.
In response to the market turmoil around Covid-19 the Fed was creating the Commercial Paper Liquidity Facility (CPLF), which would allow the NY Fed to purchase commercial paper from issuers through PIMCO, 由美联储挑选来处理这项业务的投资经理. This program stipulated that the Fed could not purchase more than the amount of the issuer’s outstanding obligation from March 16, 2019年至3月19日, 2020, a provision that required knowing those numbers -- hence the need for 直接转矩’s data.
Data from three of the 14 files -- the Daily Commercial Paper Deliver Order Data, MMI每日发行数据, and the Commercial Paper Outstanding 分享s -- would give the NY Fed and PIMCO the information necessary to make the decisions regarding an issuer’s outstanding and daily activity. 但这些数据是保密的，需要授权才能共享.
梅丽莎·费雪, Executive 导演 from 存’s General Counsel’s Office along with Kenneth Riitho, 监管关系执行董事和John Abel, Executive 导演 from 结算 Product Management were enlisted to draft a usage agreement permitting the NY Fed to share the data with PIMCO and defining what the Fed and PIMCO could do with the data elements. 一旦签署了协议, Juan and I were able to work through the details and deliver the files to Fed in a timely manner.
分别, our GC’s Office helped facilitate a request sent by the Federal Reserve Bank Board of Governors in Washington just as the Fed was starting to activate its pandemic response program: that is, to be able to share the data the Board received from 直接转矩 each day with their counterparts at the NY Fed to help coordinate their actions around the new facilities.
Once again, Fed officials were very pleased with our rapid responsiveness.
3月29日星期日: The NY Fed calls me to ask about our municipal bond data and the process through which muni bond transactions are settled at 直接转矩. 这些问题与美联储正在建立的第三种工具有关, 市政流动性基金(MLF). 和其他两个一样, 这种安排的目的是增加流动性——在这种情况下, 在市场上发行的市政机构债券, 城市和州. The Fed selected PFM Financial Advisors LLC (PFM) as its administrative agent for the MLF.
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My colleagues and I are gratified that 存 could play a role in helping the Federal Reserve stabilize the markets during a time of extreme market volatility and uncertainty. We’re committed to continue to use our knowledge and resources to help the markets, 还有这个国家, 天气动荡的时候，他们发生