The Federal Reserve Bank of New York said Friday it will offer options on $50 billion of term securities lending facility loans that span the September quarter-end in two separate auctions to be held Aug. 27 and Sept. 10.

The September quarter-end TOP auction cycle will sell options that give the buyer the right to borrow general Treasury collateral against a pledge of TSLF Schedule 2 collateral at a fixed fee of 25 basis points. The TSLF loan underlying the September quarter-end TOP will be for seven days beginning on Sept. 25 and maturing on Oct. 2.

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