On February 20, the New York Fed launched a one-year pilot program with small broker-dealers to examine options to broaden access to monetary policy operations.  The program will allow up to five small firms to act as counterparties in outright purchases and sales of U.S. Treasuries for the System Open Market Account (SOMA) portfolio.  Applications will be limited to firms meeting designated eligibility requirements, including size restrictions, transaction capabilities and compliance controls.  New York Fed Release.