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Term Securities Lending Facility

In addition to the daily Securities Lending program, the Bank provides Treasury general collateral financing through the Term Securities Lending Facility (TSLF) and TSLF Options Program (TOP) to promote liquidity in Treasury and other collateral markets and thus foster the functioning of financial markets more generally. Weekly TSLF auctions offer Treasury securities held by the System Open Market Account (SOMA) for loan over a one-month term against program-eligible general collateral. The TOP offers options to borrow Treasury securities against program-eligible collateral over a short term that crosses key financing dates. Securities loans and options on securities loans are awarded to primary dealers based on competitive single-price auctions.

News and announcements

Tentative TSLF Auction Schedule for November and December October 31, 2008

New York Fed Announces Terms for November and December TSLF Options Program October 31, 2008

Tentative TSLF Auction Schedule During Transition From Current Cycle September 15, 2008

Board announces several initiatives to provide additional support to financial markets September 14, 2008

New York Fed Announces Terms for September TSLF Options Program (TOP) August 8, 2008

New York Fed to Consult with Primary Dealers on TSLF Options Program July 30, 2008

Federal Reserve, European Central Bank and Swiss National Bank announce an expansion of liquidity measures May 2, 2008

New York Fed Announces Modifications to Terms and Conditions of Term Securities Lending Facility March 20, 2008

New York Fed to Discuss TSLF Terms and Conditions with Primary Dealers March 13, 2008

Statement Regarding System Open Market Account Activity March 11, 2008

Federal Reserve announces expansion of its securities lending program March 11, 2008