Does the person who submits a Bid on behalf of a Participant need to be authorized to borrow on behalf of the Participant?
Yes. The individual who submits a Bid on behalf of a Participant should be the one authorized to make a borrowing request on behalf of and commit the Participant to the terms of an Advance under OC-10 with its Local Reserve Bank (the “Authorized Submitter”). Those Participants that require two members of their own staff to request an Advance under OC-10 would be expected to observe the same standard for submissions of Bids in the TAF.
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