The management of the Bundesbank’s US dollar und Japanese yen portfolio is based on the principles of safety, cost efficiency and liquidity. The trading office in Tokyo will essentially be responsible for executing purchases and sales of Japanese government bonds during Tokyo trading hours. The Bundesbank’s Central Office in Frankfurt will remain responsible for making strategic decisions and coordinating investment activities. 3.
On-site reserve management  In April 2009 the Bundesbank started to use the premises of its Representative Office in New York to launch a trading desk for reserve management operations in US Treasuries and money market instruments such as repos. So why do we also trade outside of Frankfurt?