The Federal Reserve Bank of New York is replacing its existing trading system (FedTrade) with a new trading platform called FedTrade Plus. In line with the New York Fed’s commitment to responsible technical evolution, security, and resilience, FedTrade Plus will mark a significant technological advancement for the Federal Reserve’s open market trading operations and enable it to keep pace as market trading practices evolve. This transition will begin in the coming weeks and continue through 2025.
The new platform will be implemented across open market operations in phases, beginning with repo and reverse repo operations in early 2025, and later followed by securities lending, treasury outrights, and mortgage-backed securities outright operations.
FedTrade Plus will provide a more operationally effective trading process with the following key features:
- Improved resiliency and security: the system will leverage modern cloud technologies and increased cybersecurity measures to provide advanced protection and resiliency against potential threats.
- Enhanced efficiency: counterparties will benefit from improved technical integrations that will facilitate smoother interaction across their own systems and processes.
- Accessible interface: the platform will offer an intuitive interface that simplifies the trade submission process.
To facilitate a smooth transition, mock auctions and small value operations will take place before each set of open market operations move over to FedTrade Plus. During these initial rollout phases, changes experienced by our trading counterparties will be minimal.