Dealer Participation in the TSLF Options Program

Erin Denison, Michael Fleming, Warren Hrung and Asani Sarkar

No 20190306a, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Our previous post described the workings of the Term Securities Lending Facility Options Program (TOP), which offered dealers options for obtaining short-term loans over month- and quarter-end dates during the global financial crisis of 2007-08. In this follow-up post, we examine dealer participation in the TOP, including the extent to which dealers bid for options, at what fees, and whether they exercised their options. We also provide evidence on how uncertainty in dealers’ funding positions was related to the demand for the liquidity options.

Keywords: crisis; liquidity facilities; dealers; lenders of last resort (search for similar items in EconPapers)
JEL-codes: E63 (search for similar items in EconPapers)
Date: 2019-03-06
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