[Federal Register Volume 84, Number 26 (Thursday, February 7, 2019)]
[Notices]
[Pages 2506-2508]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-01438]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
a voluntary survey of the foreign exchange and derivatives markets, the
Central Bank Survey of Foreign Exchange and Derivatives Market Activity
(FR 3036; OMB 7100-0285).
DATES: Comments must be submitted on or before April 8, 2019.
ADDRESSES: You may submit comments, identified by FR 3036, by any of
the following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, 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 website at
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or
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contact information. Public comments may also be viewed electronically
or in paper form in Room 3515, 1801 K Street NW (between 18th and 19th
Streets NW), Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the Board requires that visitors make
an appointment to inspect comments. You may do so by calling (202) 452-
3684. Upon arrival, visitors will be required to present valid
government-issued photo identification and to submit to security
screening in order to inspect and photocopy comments. Additionally,
commenters may send a copy of their comments to the OMB Desk Officer--
Shagufta Ahmed--Office of Information and Regulatory Affairs, 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, if approved. These documents will also be made available
on the Board's public website at http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board'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;
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; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: The Central Bank Survey of Foreign Exchange and
Derivatives Market Activity.
Agency form number: FR 3036.
OMB control number: 7100-0285.
Frequency: Triennially.
Respondents: Financial institutions that serve as intermediaries in
the wholesale foreign exchange and derivatives market and dealers.
Estimated number of respondents: 21.
Estimated average hours per response: 55.
Estimated annual burden hours: 1,155.
General description of report: The survey is a comprehensive source
of global information on the volume of foreign exchange and derivatives
trading and, as such, is useful to the Federal Reserve System and other
government agencies in understanding market developments and trends.
The data also provide the Manager of the System Open Market Account
with information for analyzing market developments and conducting
Federal Reserve and U.S. Treasury foreign exchange operations. Survey
data are also used by market participants to gain a perspective on the
market that is not available from data at the firm level. Academics and
the general public also use the survey's data for research and
analysis.
Proposed revisions: The Board is proposing changes to the report
form and instructions for the Turnover survey to align with some of the
changes being adopted in the Bank for International Settlements (BIS)
survey. The Board proposes to revise the FR 3036 by modifying the
Execution Method schedule for foreign exchange contracts (Table C.2) to
merge ``Dark Pools'' \1\ with ``Other Electronic Communication
Networks'' and renaming it under Electronic-Indirect Trading as
``Disclosed Venues.'' ``Reuters Matching/EBS'' would be renamed under
Electronic Indirect Trading as ``Anonymous Venues.'' These changes
would provide better information on the evolution of electronic trading
methods, which have accounted for a large part of the growth in foreign
exchange turnover in recent years.
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\1\ Dark pools are private platforms for trading securities
especially for large trade sizes, where access is restricted and
quotes are not revealed.
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The Board also proposes to merge the separate reporting of bought
options and sold options to ``Sum of Bought and Sold Options,'' to
align with new BIS reporting guidelines on Tables A.4, A.5, and A.6.
Additionally, the Board also proposes modifying and expanding the
maturity breakdown for foreign exchange forwards and swaps to align
with both broader market standards and practices as well as with the
BIS reporting guidelines. Additionally, for single-currency interest
rate turnover, interest rate swaps would be deleted and replaced by two
separate categories, (1) ``overnight indexed swaps'', and (2) ``other
swaps''. In addition, Table C.1, ``Complementary Information for
Foreign Exchange Contracts'' would be deleted. The Board proposes to
make several clarifications to the reporting instructions to provide
additional guidance to the definitions used for the Execution Method
schedule as well as to reflect the changes and deleted items from the
report form.
Legal authorization and confidentiality: The Board's Legal Division
has determined that the FR 3036 is authorized pursuant to sections 2A
and 12A of the Federal Reserve Act (``FRA''). Section 2A of the FRA
requires that the Board and the Federal Open Market Committee (FOMC)
maintain long-run growth of the monetary and credit aggregates
commensurate with the economy's long run potential to increase
production, so as to promote effectively the goals of maximum
employment, stable prices, and moderate long-term interest rates (12
U.S.C. 225a). Under section 12A of the FRA, the FOMC is required to
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implement regulations relating to the open market operations conducted
by Federal Reserve Banks. Those transactions must be governed with a
view to accommodating commerce and business and with regard to their
bearing upon the general credit situation of the country (12 U.S.C.
263). The Board and the FOMC use the information obtained from the FR
3036 to help fulfill these obligations.
The FR 3036 is a voluntary survey. Because the release of this
information would cause substantial harm to the competitive position of
the entity from whom the information was obtained, the information
collected on the FR 3036 may be granted confidential treatment under
exemption (b)(4) of the Freedom of Information Act, (5 U.S.C.
552(b)(4)), which protects from disclosure ``trade secrets and
commercial or financial information obtained from a person and
privileged or confidential.''
Consultation outside the agency: This survey is being coordinated
by the BIS with other participating central banks.
Board of Governors of the Federal Reserve System, February 4,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-01438 Filed 2-6-19; 8:45 am]
BILLING CODE 6210-01-P