As amended effective
March 28, 1995
8-831
1. Securities in the System Open Market
Account shall be reallocated at least once each year as determined
by the Board’s Division of Reserve Bank Operations and Payment Systems
and the manager of the System Open Market Account, for the purpose
of settling inter-District clearings and approximately equalizing
for each Federal Reserve Bank the ratio of gold certificate holdings
to Federal Reserve notes outstanding.
2. Until
the next reallocation, the account shall be apportioned on the basis
of the ratios determined in paragraph 1.
3. Profits
and losses on the sale of securities from the account shall be allocated
on the day of delivery of the securities sold on the basis of each
Bank’s current holdings at the opening of business on that day.
