Eligible counterparties

The monetary policy framework of the Eurosystem is formulated so as to assure the participation of a vast group of counterparties. Institutions subject to minimum reserves may access the standing facilities and participate in open market operations based on normal tenders. The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations. There are no restrictions placed a priori to the group of counterparties that are eligible for outright transactions. Regarding foreign exchange swaps carried out for monetary policy purposes, the national central banks select active participants in the foreign exchange market; the group of counterparties for these operations is limited to the institutions selected for foreign exchange intervention operations of the Eurosystem, that are located in the euro area.

For more detailed information, consult the relevant chapter in the text “The Implementation of Monetary Policy in the euro area”. The list of eligible counterparties is available at the ECB's website.