The Federal Reserve will publicly disclose information regarding the CCFs during the operation of the facilities, including information regarding participants, transaction amounts, costs, revenues and other fees.

The central bank said that private firm BlackRock's Financial Markets Advisory unit will initially serve as the investment manager, acting at the sole direction of the New York Fed on behalf of the facilities. Once the facilites get going, however, the Fed said that this role will be subject to a competitive bidding process.