[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Pages 104539-104540]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-30587]
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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,
the Central Bank Survey of Foreign Exchange and Derivatives Market
Activity (FR 3036; OMB No. 7100-0285).
DATES: Comments must be submitted on or before February 21, 2025.
ADDRESSES: You may submit comments, identified by FR 3036, by any of
the following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments, including attachments.
Preferred method.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
Hand Delivery/Courier: Same as mailing address.
Other Means: [email protected]. You must include the
OMB number or the FR number in the subject line of the message.
Comments received are subject to public disclosure. In general,
comments received will be made available on the Board's website at
https://www.federalreserve.gov/apps/proposals/ without change and will
not be modified to remove personal or business information including
confidential, contact, or other identifying information. Comments
should not include any information such as confidential information
that would be not appropriate for public disclosure. Public comments
may also be viewed electronically or in person in Room M-4365A, 2001 C
St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal
business weekdays.
[[Page 104540]]
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, [email protected], (202)
452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information 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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose
name appears above. On the page displayed at the link above, you can
find the supporting information by referencing the collection
identifier, FR 3036. Final versions of these documents will be made
available at https://www.reginfo.gov/public/do/PRAMain, if approved.
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
Collection title: Central Bank Survey of Foreign Exchange and
Derivatives Market Activity.
Collection identifier: FR 3036.
OMB control number: 7100-0285.
General description of collection: The FR 3036 is a component of
the U.S. portion of a global data collection that is conducted by
central banks once every three years and captures information relating
to the volume of foreign exchange (FX) transactions. The Bank for
International Settlements (BIS), of which the Board is a member,
compiles aggregate national data from each central bank to produce and
publish global market statistics. More than 50 central banks plan to
conduct this global data collection (the BIS survey) in 2025 (the 2025
Survey). Aggregated data from the FR 3036 is compiled and forwarded to
the BIS, which uses the data to produce and publish these statistics.
Proposed revisions: The Board proposes to (1) provide clearer
guidance on what is reportable turnover (explicit exclusion of intra-
dealer trades), (2) add breakdown by currency totals (USD/EUR/JPY) and
instrument (Forwards and Swaps) for `o/w related party trades' in both
Foreign Exchange Contracts and Interest Rate Derivatives in Tables A1,
A2, A4, B1 and B2, and (3) add breakdown by currency totals (USD/EUR/
JPY) for all instruments for `o/w back-to-back trades' in both Foreign
Exchange Contracts and Interest Rate Derivatives in Tables A1, A2, A4,
A5, B1 and B2. Proposed revisions to the FR 3036 also include a more
significant addition in the form of a revised Settlement of FX
Transactions schedule (Table A7, Settlement of Foreign Exchange
Transactions) to collect information on FX settlement, including a
breakdown by counterparty and settlement method. The Board proposes to
revise the instructions to be more in alignment with the BIS's revamped
2025 Survey FX settlement guidelines.
Frequency: Triennially.
Respondents: Commercial banks, brokers and dealers, and U.S.
offices of foreign banking offices with dealing operations in the U.S.
Total estimated number of respondents: 21.
Estimated average hours per response: Reporting dealers, 66;
reporting dealers for FX settlements only, 75.
Total estimated change in burden: 93.
Total estimated annual burden hours: 1,458.
Board of Governors of the Federal Reserve System, December 18,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-30587 Filed 12-20-24; 8:45 am]
BILLING CODE 6210-01-P