##chase agreement, the buyer and seller of a security agree to reverse the transaction after a certain fixed period. thus, when the open market desk purchases securities under a repo agreement, the resulting increase in reserve balances lasts only until the time at which the transaction is reversed. over the course of a year, the value of repos on the fed's books on any given day may range from a few billion dollars to $ 30 billion or more. in the period before the millennium date change ( y2k ), when the demand for currency was temporarily very high, the daily value of repos peaked at nearly $ 150 billion. the manager of the open market desk and his team bear the responsibility of adjusting the supply of fed funds to maintain the funds rate at or near the target established by the fomc. meeting this objective on a daily basis is technically challenging. to hit the funds rate target, the desk staff must forecast the daily demand for balances as well as changes in external factors affecting reserves supply. open - market operations are then set in motion to balance the supply of and demand for reserves at the target funds rate. large banks dealing in high volumes of fed funds typically use brokers, whereas a small bank is more likely to borrow directly from a larger bank with which it has an ongoing relationship. if the seller is not a bank, the fed credits the reserve account of the sellers correspondent bank. typically, the counterparties to the open market desk are large private securities dealers, called primary dealers. actual sales of securities in the open market have been rare. in practice, when the fed wishes to drain reserves, it usually lets some securities mature without replacing them. shortly after 9 a. m. each morning, the desk staff and staff members at the board of governors confer over the phone to discuss their respective estimates of the day's demand for balances as well as to consider factors that may affect supply. the desk manager and his staff also keep in close touch with fed funds brokers and other market participants so as to be able to assess general market conditions. the desk's market contacts are useful not only for controlling the funds rate but also for obtaining broader financial - market information for the use of fed policymakers. at 9 : 20 a. m., a conference call is held between the desk staff, board staff, and the president of a reserve bank. 11 the desk staff summarize the projections for reserves demand and supply, report on conditions

from digitalization, and pursuing an international dialogue will be fundamental ( especially via the fin - net network of the european commission that connects the adr systems operating in the banking, financial and insurance sectors and is therefore an important forum for cross - border discussions ). the evolution underway also requires discussion between all the national competent authorities, at both national level, thanks to the coordination board at the ministry of economic development and, as we said before, in international fora too. 2 / 4 bis - central bankers'speeches dialogue between adr and the civil justice system is also very important ( in italy there has long been a successful collaboration with the scuola superiore della magistratura, which i truly believe could be interesting at international level too ). a comparison of various adr systems in terms of structure, operations and customer care, but also of functions could provide some interesting insights. the international situation increasingly shows that adr entities perform important functions ( apart from resolving individual disputes ) : consultancy, financial education, data aggregation and putting pressure on the market. given the changes in the ecosystem, it is also interesting to understand if and how these functions have evolved. we are always on the lookout for new insights and trends arising from international debate and are ready to intercept potential best practices to provide us with inspiration ( subject, of course, to internal regulatory constraints ). we also firmly believe in the exchanging of experiences ( which now that the pandemic has eased, we have an opportunity to promote ). the delicate topic of the effectiveness of adr systems ( a quality requirement set by the adr directive ) is particularly interesting. it will also be fascinating to see what is surfacing from the latest academic debate on this and to understand how leveraging technology, especially artificial intelligence applied to alternative dispute resolution systems, could help to improve their effectiveness. the abf has made ample use of technology since it was founded : its procedures are completely digitalized, and it has had a portal since 2018 that allows people to communicate with the system online ; work is underway to open the portal to intermediaries as well to make the procedures even more efficient. the bank of italy is experimenting with the use of artificial intelligence at the abf : work is underway on the abeftech project that aims to apply machine learning and text analysis techniques to help with the work of the banking and financial ombudsman ; this project follows a similar ai tool ( called esptech ) already implemented for managing the complaints