[Federal Register Volume 74, Number 210 (Monday, November 2, 2009)]
[Notices]
[Pages 56633-56634]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-26266]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: 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 
(PRA), 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 
part 1320 Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements, and approved collection of 
information instruments are placed into OMB's public docket files. 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.

Request for Comment on Information Collection Proposals

    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 collection of information is 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 estimate of the burden of 
the proposed information collection, 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 January 4, 2010.

ADDRESSES: You may submit comments, identified by FR 2004 or FR 3036, 
by any of the following methods:
     Agency Web Site: www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include the OMB 
control number in the subject line of the message.
     Fax: 202-452-3819 or 202-452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.

All public comments are available from the Board's Web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets, NW.) between 9 
a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, Federal Reserve Board Clearance Officer (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 (202-263-4869).
    Proposal to approve under OMB delegated authority the extension for 
three years, with revision, of the following report:
    Report title: The Government Securities Dealers Reports: Weekly 
Report of Dealer Positions (FR 2004A), Weekly Report of Cumulative 
Dealer Transactions (FR 2004B), Weekly Report of Dealer Financing and 
Fails (FR 2004C), Weekly Report of Specific Issues (FR 2004SI), Daily 
Report of Specific Issues (FR 2004SD), Daily

[[Page 56634]]

Report of Specific Issues ad hoc (FR 2004SD), and Daily Report of 
Dealer Activity in Treasury Financing (FR 2004WI).
    Agency form number: FR 2004.
    OMB control number: 7100-0003.
    Frequency: Weekly, daily.
    Reporters: Dealers in the U.S. government securities market.
    Estimated annual reporting hours: FR 2004A, 1,404 hours; FR 2004B, 
1,872 hours; FR 2004C, 1,170 hours; FR 2004SI, 1,872 hours; FR 2004SD, 
900 hours; FR 2004SD ad hoc, 936 hours; FR 2004WI, 2,880 hours.
    Estimated average hours per response: FR 2004A, 1.5 hours; FR 
2004B, 2.0 hours; FR 2004C, 1.25 hours; FR 2004SI, 2.0 hours; FR 
2004SD, 2.0 hours; FR 2004SD ad hoc, 2.0 hours; FR 2004WI, 1.0 hour.
    Number of respondents: 18.
    General description of report: This information collection is 
authorized by sections 2A, 12A, and 14 of the Federal Reserve Act (12 
U.S.C. 225a, 263, and 353-359) and is required to obtain or retain a 
benefit. Individual respondent data are regarded as confidential under 
the Freedom of Information Act (5 U.S.C. 552(b)(4) and (b)(8)).
    Abstract: The FR 2004A collects weekly data on dealers' outright 
positions in Treasury and other marketable debt securities. The FR 
2004B collects cumulative weekly data on the volume of transactions 
made by dealers in the same instruments for which positions are 
reported on the FR 2004A. The FR 2004C collects weekly data on the 
amounts of dealer financing and fails. The FR 2004SI collects weekly 
data on position, transaction, financing, and fails for the most 
recently issued on-the-run Treasury securities (the most recently 
issued Treasury securities for each maturity class). When unusual 
trading practices occur for a specific security, this information can 
be collected on a daily basis on the FR 2004SD for either on-the-run 
Treasury securities or off-the-run Treasury securities. The FR 2004WI 
collects daily data on positions in to-be-issued Treasury coupon 
securities, mainly the trading on a when-issued delivery basis.
    Current actions: The Federal Reserve proposes to revise the FR 2004 
information collection by collecting ad hoc information on the FR 
2004SD and making several clarifications to the FR 2004 instructions. 
On occasion, there may be a need to collect critical information within 
a short timeframe for a short period of time from primary dealers. This 
authority would have proven extremely useful during recent market 
events. Based on this experience the Federal Reserve proposes 
authorizing the collection of up to 10 ad hoc data items from all 
respondents that generally would pertain to specific securities, asset 
classes, or financing transactions. The request for additional data 
would be based on recommendations from staff at the Federal Reserve. 
The dealers would be notified in advance and any data requested or 
required would be readily available. These data could be reported as 
frequently as daily until dealers were notified to discontinue 
reporting. Written qualitative questions might include categorical 
questions, yes-no questions, ordinal questions, and open-ended 
questions. Written quantitative questions would include dollar amounts, 
percentages, numbers of items, interest rates, and other such 
information. These data would not be available from any other source.
    The Federal Reserve also proposes to clarify instructions to (1) 
explicitly cover new product types that have been actively traded or 
held since the last reports review (e.g., covered bonds, Federal 
Deposit Insurance Corporation debt guarantees), (2) address the 
reporting of security underwriting done with issuers through reverse 
inquiry, (3) add a section for prime brokerage reporting, and (4) 
incorporate several editorial changes.
    Proposal to approve under OMB delegated authority the 
implementation of the following survey:
    Report title: Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity.
    Agency form number: FR 3036.
    OMB control number: 7100-0285.
    Frequency: One-time.
    Reporters: Financial institutions that serve as intermediaries in 
the wholesale foreign exchange and derivatives market and dealers.
    Estimated annual reporting hours: 2,165 hours.
    Estimated average hours per response: Turnover survey, 55 hours; 
outstandings survey, 60 hours.
    Number of respondents: 39.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a and 263) and is given confidential treatment 
(5 U.S.C. 552(b)(4)).
    Abstract: The FR 3036 is the U.S. part of a global data collection 
that is conducted by central banks once every three years. More than 50 
central banks plan to conduct the survey in 2010. The Bank for 
International Settlements compiles national data from each central bank 
to produce global market statistics.
    The Federal Reserve System and other government agencies use the 
survey to monitor activity in the foreign exchange and derivatives 
markets. Respondents use the published data to gauge their market 
share.
    Current actions: The proposed survey would collect information on 
the size and structure of the foreign exchange and over-the-counter 
derivatives markets. The survey would cover the turnover in the foreign 
exchange spot market, the foreign exchange derivatives market, and 
interest rate derivatives markets (forwards, swaps, and options). In 
addition, the survey would gather data on the notional amounts and 
gross positive and negative market values of outstanding derivatives 
contracts for over-the-counter foreign exchange, interest rates, 
equities, and commodities.
    To reduce reporting burden, the Derivatives Outstanding part of the 
survey is coordinated with the Semiannual Report of Derivatives 
Activity (FR 2436; OMB No. 7100-0286). Those firms that submit FR 2436 
data would not complete the Derivatives Outstanding part of the survey 
during the overlapping reporting period.
    Differences between the proposed survey and the 2007 survey are:
    1. Data items to capture credit default swaps with central 
counterparties would be added to the Outstanding survey to be 
consistent with the FR 2436. The growth in the credit derivative market 
has made these data an important component of understanding the 
structure and activity of the overall over-the-counter derivatives 
market. This has become particularly evident during the recent 
financial crisis.
    2. Additional currencies would be identified in tables for foreign 
exchange transactions and for interest rate derivatives on the Turnover 
survey. This change would facilitate reporting of currency pairs in 
carry trade strategies and ensure comprehensive identification of 
turnover in all participating countries' currencies.

    Board of Governors of the Federal Reserve System, October 28, 
2009.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E9-26266 Filed 10-30-09; 8:45 am]
BILLING CODE 6210-01-P