[Federal Register Volume 62, Number 236 (Tuesday, December 9, 1997)]
[Notices]
[Pages 64845-64846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32157]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice

-----------------------------------------------------------------------

Background:

    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act, as 
per 5 CFR 1320.16, to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. The Federal Reserve may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
that has been extended, revised, or implemented on or after October 1, 
1995, unless it displays a currently valid OMB control number. Board-
approved collections of information will be incorporated into the 
official OMB inventory of currently approved collections of 
information. A copy of the OMB 83-I and supporting statement and the 
approved collection of information instruments will be placed into 
OMB's public docket files. The following information collections, which 
are being handled under this delegated authority, have received initial 
Board approval and are hereby published for comment. At the end of the 
comment period, the proposed information collections, along with an 
analysis of comments and recommendations received, will be submitted to 
the Board for final approval under OMB delegated authority. Comments 
are invited on the following:
    a. Whether the proposed collections of information are necessary 
for the proper performance of the Federal Reserve's functions; 
including whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimates of the burden of 
the proposed information collections, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.
DATES: Comments must be submitted on or before February 9, 1998.
ADDRESSES: Comments, which should refer to the OMB control number or 
agency form number, should be addressed to William W. Wiles, Secretary, 
Board of Governors of the Federal Reserve System, 20th and C Streets, 
N.W., Washington, DC 20551, or delivered to the Board's mail room 
between 8:45 a.m. and 5:15 p.m., and to the security control room 
outside of those hours. Both the mail room and the security control 
room are accessible from the courtyard entrance on 20th Street between 
Constitution Avenue and C Street, N.W. Comments received may be 
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as 
provided in section 261.8 of the Board's Rules Regarding Availability 
of Information, 12 CFR 261.8(a).
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Alexander T. Hunt, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the proposed forms and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact Diane Jenkins (202-452-3544), 
Board of Governors of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the 
implementation of the following reports:
    1. Report title: Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity
Agency form number: FR 3036
OMB control number: 7100-0288
Frequency: one-time survey
Reporters: The proposed survey has three parts: a pre-survey 
questionnaire, a turnover survey, and a survey of outstanding 
derivatives contracts. The pre-survey questionnaire and the turnover 
portion of the survey would include all financial institutions that are 
significant dealers in the foreign exchange market in the United 
States. The derivatives outstanding portion of the survey would cover a 
smaller set of firms because market making in derivatives markets is 
more concentrated.
Annual reporting hours: 8,187
Estimated average hours per response: Pre-survey questionnaire: 5 
minutes; Turnover survey: 50 hours; Derivatives outstanding survey: 15 
hours for FR 2436 respondents (there are proposed to be thirteen), 60 
hours for others
Number of respondents: Pre-survey questionnaire and turnover survey: 
144; Derivatives outstanding survey: 26.Small businesses are not 
affected.

[[Page 64846]]

    General description of report: This information collection would be 
voluntary (12 U.S.C. 248(a)(2), 353-359, and 3105(c)) and would be 
given confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The proposed Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity is part of an ongoing triennial series. The 
data from the survey would provide information about the size and 
structure of the global markets for foreign exchange and financial 
derivatives transactions. The Federal Reserve would be one of forty-
four central banks conducting surveys. Aggregate results from each 
central bank's survey will be provided to the Bank for International 
Settlements, which will compile global market statistics. The proposed 
survey would be conducted in April and June of 1998 by the Federal 
Reserve Bank of New York.
    The proposed survey has two parts, a turnover survey and a survey 
of outstanding derivatives contracts. The proposed changes from the 
1995 survey are intended to reduce the reporting burden. The most 
significant revisions are those made to the derivatives outstandings 
part of the survey to align it with the Semiannual Report of 
Derivatives Activity (FR 2436) which is discussed below.
    2. Report title: Semiannual Report of Derivatives Activity
Agency form number: FR 2436
OMB control number: 7100-0284
Frequency: semiannual
Reporters: large U.S. dealers of over-the-counter (OTC) derivatives
Annual reporting hours: 2,600
Estimated average hours per response: 100
Number of respondents: 13
Small businesses are not affected.
    General description of report: This information collection would be 
voluntary (12 U.S.C. 248(a), 353-359, and 461) and would be given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2436 is proposed to collect derivatives market 
statistics from a sample of thirteen large U.S. dealers of OTC 
derivatives. The report would collect information on notional amounts 
and gross market values of the volumes outstanding of broad categories 
of foreign exchange, interest rate, equity- and commodity-linked over-
the-counter derivatives instruments across a range of underlying 
currencies, interest rates, and equity markets.
    This collection of information would complement the ongoing 
triennial Survey of Foreign Exchange and Derivatives Market Activity 
(FR 3036) and would be implemented concurrently with the 1998 FR 3036. 
The FR 2436 would collect similar data on the outstanding volume of 
derivatives, but not on derivatives turnover. As with the FR 3036, the 
Federal Reserve would conduct this report in coordination with other 
central banks and would forward the aggregated data furnished by U.S. 
reporters to the Bank for International Settlements, which would 
publish global market statistics that are aggregations of national 
data.
    Board of Governors of the Federal Reserve System, December 3, 
1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-32157 Filed 12-8-97; 8:45AM]
Billing Code 6210-01-F