Federal Reserve Bank of New York

What Federal Reserve Bank of New York does

The Federal Reserve Bank of New York (FRBNY, or "New York Fed") is one of the 12 regional Reserve Banks created by the Federal Reserve Act of 1913 and operated as part of the Federal Reserve System under the Board of Governors. It serves the Second Federal Reserve District — New York State, New Jersey, and Connecticut — but its operational footprint is global. The Bank functions as the Federal Reserve System's principal trading and international desk: it executes open market operations through the System Open Market Account (managing $6–6.7 trillion in Treasury and agency MBS holdings), implements monetary policy via repo, reverse repo, and securities lending facilities, operates the Effective Federal Funds Rate (EFFR), SOFR, OBFR, BGCR, and TGCR benchmark rates, manages the foreign reserves of the U.S. government, and holds the world's largest gold custody operation for over 60 foreign central banks (500,000+ gold bars). It also supervises banks in its district, serves as fiscal agent to the U.S. Treasury for debt auctions and buybacks, and runs central bank swap lines.

The institution's product surface is institutional rather than commercial. Core operational platforms include the FedTrade Plus electronic trading system used for Treasury, repo, and standing repo operations, alongside published data products: the Empire State Manufacturing Survey, Business Leaders Survey, Survey of Consumer Expectations, Household Debt and Credit Report, Global Supply Chain Pressure Index, Primary Dealer Statistics, and Survey of Market Expectations. It distributes research through the Liberty Street Economics blog, The Teller Window, staff reports, Economic Policy Review, and public speeches and Congressional testimony by President John C. Williams. Sponsored industry bodies — the Treasury Market Practices Group (TMPG) and the Foreign Exchange Committee (FXC) — extend its influence over market practice without commercial exchange. The New York Innovation Center (NYIC) bridges finance, technology, and innovation, and the Bank participates in Project Agorá (BIS-led) alongside the ECB, Bank of Japan, Bank of England, and Bank of Canada to test tokenized cross-border wholesale settlement.

The FRBNY is a quasi-governmental entity: it does not generate profit, charges no fees for core services, and remits net SOMA earnings above operating costs and statutory dividends to the U.S. Treasury. "Revenue" in the conventional sense does not apply; financial scale is reflected in asset management, not P&L. Customers are institutional — U.S. depository institutions in the Second District, the U.S. Treasury and federal agencies, 33 primary dealer counterparties, and 60+ foreign central banks and monetary authorities.

Name

Federal Reserve Bank of New York

Legal name

Federal Reserve Bank of New York

Website

https://newyorkfed.org

Company type

Public

Founded year

1913

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Federal Reserve Bank of New York is a regional Reserve Bank that executes U.S. monetary policy, conducts open market operations on a $6T+ balance sheet, holds gold reserves for 60+ foreign central banks, and serves as fiscal agent to the U.S. Treasury and counterparty to 33 primary dealers.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (521110)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industries

Money Markets & Repo Trading Platforms (FSAFANAG), Securities Financing Transactions (SFT) & Repo Reporting Utilities (FSAFAJAE), Embedded FX & Cross-Border Treasury (FSAGALAG), Securities Transaction Reporting Utilities (Equities/FI/Repos/SFT) (FSAFAJAB)

Keywords

• Central banking services
• Monetary policy implementation
• Open market operations
• Bank supervision
• Financial market infrastructure

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Distribution channels4 records

Marketing channels4 records

Core offering

The Federal Reserve Bank of New York implements U.S. monetary policy through open market operations on the Trading Desk and provides essential financial services to depository institutions, the U.S. Treasury, and foreign central banks. It produces market reference rates (SOFR, EFFR), conducts repo and reverse repo operations, manages the System Open Market Account (SOMA) portfolio, holds the world's largest central bank gold vault, and publishes proprietary economic research and surveys.

Product overview

The Federal Reserve Bank of New York operates as a central bank serving the Second Federal Reserve District, providing financial market infrastructure and economic intelligence rather than a traditional commercial product. Its core offerings include: (1) Reference Rates including SOFR and EFFR that serve as financial market benchmarks; (2) Desk Operations for monetary policy implementation through Treasury and MBS market operations; (3) Economic data products including the Empire State Manufacturing Survey, Business Leaders Survey, Survey of Consumer Expectations, Household Debt and Credit Report, and Global Supply Chain Pressure Index; (4) Market intelligence through Primary Dealer Statistics and Survey of Market Expectations; (5) Industry initiatives including the Treasury Market Practices Group (TMPG) and Foreign Exchange Committee (FXC) that develop market best practices; and (6) Research through the Liberty Street Economics blog. These products collectively support monetary policy implementation, financial stability monitoring, and market transparency.

Differentiator

Problem solved

Functional benefit

Brands

• Treasury Market Practices Group (TMPG): A group of market professionals committed to supporting the integrity and efficiency of the Treasury, agency debt, and agency mortgage-backed securities markets, sponsored by the Federal Reserve Bank of New York.
• Foreign Exchange Committee (FXC)
• New York Innovation Center (NYIC)
• Liberty Street Economics

Products and services

• Reference Rates (EFFR, SOFR, OBFR, BGCR, TGCR) Benchmark interest rates including the Effective Federal Funds Rate (EFFR), Secured Overnight Financing Rate (SOFR), Overnight Bank Funding Rate (OBFR), Broad General Collateral Rate (BGCR), and Tri-Party General Collateral Rate (TGCR), used as foundational benchmarks for U.S. dollar-denominated financial contracts and derivatives across global financial markets.
• Markets Data APIs Application programming interfaces providing programmatic access to financial data including Primary Dealer Statistics (weekly positions, transactions, financing data), market share data (quarterly and year-to-date), and Survey of Market Expectations data, available in Excel, CSV, XML, and JSON formats for financial market participants and developers.
• Discount Window Lending Lending facility through which depository institutions in the Second Federal Reserve District can borrow short-term funds from the Federal Reserve Bank of New York to meet short-term liquidity needs and manage reserve positions.
• Standing Repo Operations Overnight and term repurchase agreement operations conducted with eligible counterparties (cash investors) to support monetary policy implementation, smooth market functioning, and support interest rate control, executed through the Open Market Desk.
• Reverse Repo Operations Overnight reverse repurchase agreement operations offered to eligible counterparties, helping keep the effective federal funds rate from falling below the Federal Reserve's target range by absorbing reserves from the banking system.
• Treasury Debt Auctions and Buybacks (Fiscal Agency Services) Fiscal agency services through which the Federal Reserve Bank of New York conducts auctions of U.S. Treasury debt securities, manages buyback operations, and maintains federal government accounts on behalf of the U.S. Department of the Treasury.
• Foreign Exchange Operations and Foreign Reserves Management Foreign exchange operations and foreign reserves management services conducted for the U.S. Treasury and foreign official institutions, including investments in foreign currency-denominated assets and the operation of central bank liquidity swap lines.
• Gold Vault Custody Services Custody services for gold reserves held by the U.S. government and over 60 foreign central banks and monetary authorities. The Federal Reserve Bank of New York operates the world's largest central bank gold vault, holding more than 500,000 gold bars at end 2024.
• Central Bank Liquidity Swap Arrangements Bilateral swap arrangements with foreign central banks allowing them to exchange their currency for U.S. dollars to support international dollar funding markets during stress, currently maintained with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and Swiss National Bank.
• Survey of Consumer Expectations Monthly survey of approximately 1,300 households tracking expectations about inflation, the labor market, credit access, and household financial conditions, providing microeconomic data and analysis for researchers and the public.
• Household Debt and Credit Report Quarterly report on household debt levels, credit card balances, mortgage debt, and delinquency rates by demographic segments, based on a representative sample of U.S. credit reports.
• Empire State Manufacturing Survey Monthly survey of approximately 200 manufacturing executives in New York State providing indices of business conditions, new orders, shipments, employment, prices, and outlook, serving as one of the earliest regional economic indicators each month.
• Business Leaders Survey Monthly survey of service sector business conditions in the Second Federal Reserve District covering service-sector activity, employment, wages, capital spending, and business outlook.
• Global Supply Chain Pressure Index (GSCPI) Proprietary monthly index measuring global supply chain pressure using transportation costs and more than 27 macroeconomic variables covering freight rates and manufacturing input data, tracking supply chain disruptions and capacity utilization for researchers, analysts, and policymakers.
• Primary Dealer Statistics Weekly statistical releases providing data on primary dealer positions, transactions, and financing activities in Treasury and other securities markets, offering insight into dealer positioning and liquidity in U.S. government securities markets.
• Survey of Market Expectations Quarterly survey capturing expectations of primary dealers and market participants on federal funds rate targets, balance sheet forecasts, and other economic indicators, providing direct insight into market consensus on the policy path and balance sheet trajectory.

Quantifiable outcome

• U.S. household debt reached $18.8 trillion in Q1 2026 with the New York Fed's Household Debt and Credit Report tracking delinquencies at 4.8%
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered core.

• Bank for International Settlements (BIS)coreStrategic or Co-development Partner · 1 January 2024The New York Fed participates in Project Agorá, a BIS-led initiative involving seven central banks exploring tokenized commercial bank deposits and central bank money for more efficient cross-border settlement. The project demonstrates that tokenized cross-border wholesale payments can settle in seconds using atomic settlement with tokenized central bank reserves and commercial bank deposits.
• European Central Bank (ECB)coreStrategic or Co-development PartnerParticipating central bank in Project Agorá, exploring tokenized cross-border wholesale payments and digital payment infrastructure modernization.
• Bank of JapancoreStrategic or Co-development PartnerParticipating central bank in Project Agorá for cross-border payment modernization and tokenized settlement experimentation.
• Bank of EnglandcoreStrategic or Co-development PartnerParticipating central bank in Project Agorá, collaborating on tokenized payment systems and cross-border settlement infrastructure.
• Bank of CanadacoreStrategic or Co-development PartnerJoined Project Agorá as a participating central bank in tokenized wholesale payment experimentation.
• Goldman Sachs & Co. LLCcoreTechnology or IntegrationPrimary dealer acting as trading counterparty for New York Fed monetary policy implementation, expected to participate in Treasury auctions and repo operations.
• J.P. Morgan Securities LLCcoreTechnology or IntegrationPrimary dealer providing market-making liquidity and trading counterpart services for Federal Reserve open market operations.
• Citigroup Global Markets Inc.coreTechnology or IntegrationPrimary dealer serving as counterparty for New York Fed trading desk operations in implementing monetary policy.
• Bank of America Securities, Inc.coreTechnology or IntegrationPrimary dealer counterparty for Federal Reserve market operations including Treasury auctions and repo transactions.
• Morgan Stanley & Co. LLCcoreTechnology or IntegrationPrimary dealer providing two-way liquidity in U.S. government securities as counterparty for Fed monetary policy implementation.
• BNP Paribas Securities Corp.coreTechnology or IntegrationPrimary dealer participating in Federal Reserve open market operations and Treasury securities auctions.
• Deutsche Bank Securities Inc.coreTechnology or IntegrationPrimary dealer counterparty for New York Fed trading desk operations and monetary policy implementation.
• HSBC Securities (USA) Inc.coreTechnology or IntegrationPrimary dealer serving as counterparty for Federal Reserve market operations and government securities trading.
• Treasury Market Practices Group (TMPG)coreStrategic or Co-development PartnerThe TMPG is a group of market professionals sponsored by the New York Fed committed to supporting integrity and efficiency of Treasury, agency debt, and agency MBS markets. The New York Fed sponsors this industry body which develops best practices and guidance for market participants.
• Foreign Exchange Committee (FXC)coreStrategic or Co-development PartnerThe FXC is a group of private-market participants engaged in foreign currency trading, founded in 1978 and sponsored by the New York Fed. It provides guidance and leadership to the global FX market and partners with other local FX committees worldwide.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bank of England: The central bank of the United Kingdom, with a similar monetary policy implementation mandate, gilt market operations, foreign exchange reserves, and bank supervision responsibilities. The BoE is a co-participant in Project Agorá and one of the closest functional peers to the NY Fed.
• Bank of Canada: The central bank of Canada, operating monetary policy via Government of Canada bond operations, repurchase agreements, and standing liquidity facilities. The BoC is a co-participant in Project Agorá and functionally comparable in operating a reserve-management system for the CAD.
• Swiss National Bank: The central bank of Switzerland, known for active foreign exchange market operations, gold holdings, and a balance sheet similar in scale to Switzerland's GDP. The SNB is a co-participant in Project Agorá and a natural peer for the NY Fed's foreign reserves management and gold custody business.
• Bank of Japan: The central bank of Japan, conducting JGB open market operations, managing foreign reserves, and implementing unconventional monetary policy. The BoJ is a co-participant in Project Agorá and a comparable peer in operating a large-scale asset purchase program.
• People's Bank of China: The central bank of China, operating the world's largest FX reserves pool and conducting large-scale open market operations in CGBs. The PBoC is comparable in scale and global influence to the NY Fed, though differs in its managed exchange rate regime and capital account controls.
• European Central Bank: The central bank of the Eurozone, operating a comparable monetary policy framework, open market operations, foreign reserves management, and economic research function. The ECB is the most operationally comparable peer to the NY Fed and a co-participant in Project Agorá.
• Federal Reserve Bank of Chicago: One of the 12 regional Federal Reserve Banks, responsible for the Seventh District. While smaller in market footprint, the Chicago Fed plays a similar role in monetary policy implementation, bank supervision, and economic research, and is a close functional peer within the Federal Reserve System.
• Reserve Bank of Australia: The central bank of Australia, operating monetary policy via open market operations in AUD-denominated government securities, managing FX reserves, and publishing economic research. The RBA is a co-participant in Project Agorá and a comparable peer in reserve bank structure and mandate.

Broad incumbents

• Federal Reserve Board of Governors: The governing body of the Federal Reserve System based in Washington, D.C. While not a direct operational peer, the Board sets policy direction and supervises the NY Fed; it is the system-level incumbent for monetary policy, regulation, and consumer protection functions.

Others

• Bank for International Settlements: An international organization owned by central banks that fosters international monetary and financial cooperation. The BIS convenes and leads Project Agorá (in which the NY Fed participates) and serves as a coordination body for global central banking initiatives, making it a key ecosystem partner rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NYFed_news
• YouTubeyoutube.com/user/FedReserveBankNY
• Facebookfacebook.com/newyorkfed
• LinkedInlinkedin.com/company/2788

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Federal Reserve Bank of New York