In derivatives, the New York Fed calculates and publishes the benchmark rates referenced in US dollar interest rate transactions. It publishes SOFR, the rate on secured overnight funding, each business day at about 8:00 a.m. Eastern Time, based on repo data. The data behind SOFR include tri-party repo data. It also calculates and publishes the Broad General Collateral Rate, the Tri-Party General Collateral Rate, the SOFR Averages and Index, the Effective Federal Funds Rate, and the Overnight Bank Funding Rate12.

Within the Federal Reserve System, only the New York Fed carries out the open market operations that the Federal Open Market Committee (FOMC) decides, and its president holds a permanent voting seat on the FOMC34. Its other work includes examining member depository institutions in the Second District, supervising bank holding companies, and receiving and paying US dollar funds for foreign central banks3.

Notes

  1. Federal Reserve Bank of New York, "Additional Information about Reference Rates Administered by the New York Fed" (checked on October 13, 2026), the list of reference rates and the description of the Bank as a reference rate administrator. ↩

  2. Federal Reserve Bank of New York, "Secured Overnight Financing Rate Data" (checked on October 13, 2026), the publication time and the description of the underlying data (tri-party repo, GCF Repo, and Treasury repo cleared through FICC's DVP service). ↩

  3. Federal Reserve Bank of New York, "More About What We Do" (checked on October 13, 2026), the Second District, its place as one of the 12 Reserve Banks, open market operations, examination and supervision, and services for foreign central banks. ↩ ↩2

  4. Board of Governors of the Federal Reserve System, the page on the structure of the Federal Reserve System (checked on October 13, 2026), "Federal Reserve Banks" (the 12 Reserve Banks) and the FOMC (the permanent voting seat of the New York Fed president). ↩