375.11—Who may participate in a redemption operation?
        
        (a) Submitters.
         To be a submitter, you must be an institution that the Federal Reserve Bank of New York has approved to conduct open market transactions with the Bank.
    
    
        
        (b) Others.
         A person or entity other than a submitter may participate only if it arranges to have an offer or offers submitted on its behalf by a submitter.