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Inside the Currency Market: Mechanics, Valuation, and Strategies by Brian Twomey

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Maintenance Periods

The Federal Reserve Board established in 2008 what it calls maintenance periods. These are weekly periods during which banks must maintain required reserves. Maintenance periods cover 14 consecutive days (Federal Reserve Manual 2010). Required reserves began as Regulation D that appeared first in the Federal Reserve Act of 1978 then carried forward to the 1980 Monetary Control Act that imposed mandatory reserve requirements (Federal Reserve Maintenance Manual 2010). All governments then imposed reserve laws and this gave rise to the need for the BBA, as reserves had to be priced and balanced in line with central bank target rates.

To pay interest on reserves was scheduled for 2011 with passage of the Financial Services Regulatory ...

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