New York Fed Chooses MBS Pilot Program Participants

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The Federal Reserve Bank of New York has selected Mischler Financial Group, Brean Capital and Loop Capital Markets to participate in its mortgage-backed securities pilot program.

The Mortgage Operations Counterparty pilot program targets firms that do not meet the capital minimum requirement for primary dealers to act as counterparties in agency mortgage-backed securities operations.

The New York Fed said this program is meant to “explore ways” to broaden access to open market operations. The program is also looking to determine the extent to which firms beyond the primary dealer community can augment the New York Fed’s operational capacity in its monetary policy operations.

This pilot program will last for at least one year, the New York Fed said.

Mischler Financial is based in Newport Beach, Calif., while Brean Capital is headquartered in New York and Loop Capital Markets is based from Chicago.

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