Notice2025-07408
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 30, 2025
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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).
Full Text
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<title>Federal Register, Volume 90 Issue 82 (Wednesday, April 30, 2025)</title>
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[Federal Register Volume 90, Number 82 (Wednesday, April 30, 2025)]
[Notices]
[Page 17935]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-07408]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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: The revisions are effective April 2025.
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, <a href="/cdn-cgi/l/email-protection#3f514a575e115a53525e58574d5e5d567f594d5d11585049"><span class="__cf_email__" data-cfemail="1b756e737a357e77767a7c73697a79725b7d6979357c746d">[email protected]</span></a>, (202)
452-3884.
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportingforms/review">https://www.federalreserve.gov/apps/reportingforms/review</a> 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of 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 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. The data
compiled by the BIS is the Federal Reserve's primary source of
information on the role of the U.S. dollar in the global foreign
exchange market. The data informs the conduct of Federal Reserve and
U.S. Treasury foreign exchange operations and management of the Federal
Reserve's international dollar liquidity facilities.
Frequency: Triennially.
Respondents: Large 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.
Current actions: On December 23, 2024, the Board published a notice
in the Federal Register (89 FR 104539) requesting public comment for 60
days on the extension, with revision, of the FR 3036. The Board
proposed including a significant revision to the Settlement of FX
Transactions schedule; revising Tables A1, A2, A4, A5, B1, and B2; and
revising the FR 3036 instructions to be more in alignment with the
BIS's 2025 Survey guidelines. The comment period for this notice
expired on February 21, 2025. The Board received one comment.
Detailed Discussion of Public Comments
The commenter argues that the FR 3036 does not provide timely data
for assessing rapidly evolving risks, such as those arising from
repledging in derivative swaps and the accumulation of off-balance-
sheet debt. The Board believes that the triennial cadence and scope of
the survey, considered in conjunction with other data available to the
Federal Reserve, strike an appropriate balance between the purposes of
the survey (understanding market developments and trends and
contributing to the BIS's effort to publish aggregate global
statistics) and the burden on respondents. The commenter also asks the
Board to adopt compulsory real-time capture of foreign exchange
transactions and associated stress testing and scenario analysis to
preserve the market's integrity under Generally Accepted Accounting
Principles. The Board considers this request outside the scope of the
proposal. The Board will adopt the extension, with revision, of the FR
3036 as originally proposed.
Board of Governors of the Federal Reserve System.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2025-07408 Filed 4-29-25; 8:45 am]
BILLING CODE 6210-01-P
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