(Reuters) – The Federal Reserve Board on Thursday broadened access to three of its lending facilities designed to provide a credit backstop to firms hurt in the coronavirus crisis, allowing broker dealers that meet certain minimums to participate.
The Fed had initially allowed only financial institutions that regularly deal with the central bank, known as primary dealers, to transact with and provide services for its Term Asset-Backed Securities Loan Facility (TALF) and to act as counterparties for the Commercial Paper Funding Facility (CPFF) and Secondary Market Corporate Credit Facility (SMCCF).
(Reporting by Ann Saphir and Lindsay Dunsmuir, Editing by Franklin Paul)
