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Fed substitute announced collateral for other general collateral?

April 26, 2017announced collateral fed

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Fed substitute announced collateral for other general collateral?

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The New York Fed reserves the right to substitute lent general collateral each day so as to avoid pledging collateral that may trade with scarcity value in the repo market. In addition, the New York Fed can call for collateral substitutions by a dealer if the pledged collateral were to deteriorate in value or quality and fall out of the eligible collateral pools.