Reserves Central Term Deposit Facility. Central Bank Central (service mark)

Fixed-Rate Operation Timeline

Announcement: Prior to each operation, the Federal Reserve will make an announcement and post the operation details to the Board of Governors' website and the Term Deposit Facility (TDF) Resource Center.

Submit Tender: On the operation date, after the open time, and prior to the close time, the TDF participant can submit a tender using the TDF application.

View Results:  All tenders that are complete and compliant with the operation parameters will be accepted in full. After the notification date and time, the aggregate results of the TDF operation will be announced on the Board of Governors' website and the TDF Resource Center.

Settlement:  On the settlement date, the TDF participant’s settlement account will be debited for its accepted tender amount. The TDF participant now holds a term deposit.

Maturity:  On the maturity date, the TDF participant’s settlement account will be credited with principal from the term deposit and the interest earned. The TDF participant can view interest earned and historical information on its holdings of term deposits in the TDF application.

Auction Operation Timeline

Announcement: Prior to each operation, the Federal Reserve will make an announcement and post the operation details to the Board of Governors' website and the TDF Resource Center.

Submit Tender: On the operation date, after the open time, and prior to the close time, the TDF participant can submit a tender using the TDF application.

View Results: After the notification date and time, the TDF participant can view the results of its tender submission in the TDF application. The aggregate results of the TDF operation will be announced on the Board of Governors' website and the TDF Resource Center.

Settlement: On the settlement date, the TDF participant’s settlement account will be debited for its accepted bid(s). The TDF participant now holds a term deposit.

Maturity: On the maturity date, the TDF participant’s settlement account will be credited with principal from the term deposit and the interest earned. The TDF participant can view interest earned and historical information on its holdings of term deposits in the TDF application.

April 2013

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