New York Fed relaxes overnight rules 20 February 2012New York Reporter: Anna Reitman
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The Federal Reserve Bank of New York has announced its securities lending programme will now lend on longer than an overnight basis.
In a statement, the New York Fed said the move addresses weekend, holiday and similar trading conventions. Securities loans are awarded to primary dealers based on competitive bidding in an auction held each business day.
All other programme terms will remain unchanged, it added.
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