[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19928-19929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07213]


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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). The revisions are applicable as of April 
2022.

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, Washington, DC 20551, (202) 452-3829.
    Office of Management and Budget (OMB) Desk Officer for the Federal

[[Page 19929]]

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, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity.
    Agency form number: FR 3036.
    OMB control number: 7100-0285.
    Effective Date: April 2022.
    Frequency: Triennially.
    Respondents: Commercial banks, brokers and dealers, and U.S. 
offices of foreign banking organizations with dealing operations in the 
U.S.
    Estimated number of respondents: 21.
    Estimated average hours per response: 65.
    Estimated annual burden hours: 1,365.
    General description of report: The Board is a member of the Bank 
for International Settlements (BIS), which compiles aggregate national 
data from each central bank to produce and publish global market 
statistics. The FR 3036 is a component of the U.S. portion of a global 
data collection (the BIS survey) that is conducted by central banks 
once every three years and captures information relating to the volume 
of foreign exchange (FX) transactions. Currently, more than 50 central 
banks plan to conduct the BIS survey in 2022. Aggregated data from the 
FR 3036 is compiled and forwarded to the BIS, which uses the data to 
produce and publish these statistics.
    Legal authorization and confidentiality: 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.\1\ 
Under section 12A of the FRA, the FOMC is required to 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.\2\ The Board and the 
FOMC use the information obtained from the FR 3036 to help fulfill 
these obligations. The FR 3036 is voluntary.
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    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 263.
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    Individual firm information collected on the FR 3036 is considered 
confidential to the extent it constitutes nonpublic commercial or 
financial information, which is both customarily and actually treated 
as private by the respondent. Therefore, this information may be kept 
confidential under exemption 4 of the Freedom of Information Act, which 
exempts ``trade secrets and commercial or financial information 
obtained from a person and privileged or confidential.'' \3\ If it 
should be determined that any information collected on the FR 3036 must 
be released, other than in the aggregate in ways that will not reveal 
the amounts reported by any one institution, respondents will be 
notified. Aggregated FR 3036 data is compiled and forwarded to the BIS, 
which publishes global market statistics that are aggregates of 
national data from the Federal Reserve and other central banks.
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    \3\ 5 U.S.C. 552(b)(4).
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    Current actions: On November 23, 2021, the Board published a notice 
in the Federal Register (86 FR 66560) requesting public comment for 60 
days on the extension, with revision, of the Central Bank Survey of 
Foreign Exchange and Derivatives Market Activity. The maturity bands on 
the FR 3036 have been revised by replacing the existing ``seven days or 
less'' category with two categories: ``one day'' and ``over one day and 
up to seven days.'' A new item was added: ``of which back-to-back 
trades'' under the total for spot instruments. New items ``of which 
back-to-back trades'' and ``of which compression trades'' were also 
added for several instrument totals: Outright forwards (Table A2), FX 
swaps (Table A2), currency swaps (Table A5), over-the-counter (OTC) 
options (Table A5), FX contracts (Table A5), other products (Table A5 
and Table B2), forward rate agreements (Table B1), overnight indexed 
swaps (Table B1), other swaps (Table B1), total OTC options (Table B2), 
and total interest rate contracts (Table B2). The Board also added a 
more significant addition in the form of a new Settlement of FX 
Transactions schedule (Table A7, Settlement of Foreign Exchange 
Transactions) to collect information on FX settlement, including a 
breakdown by counterparty sector, currency pair, and settlement method. 
The comment period for this notice expired on January 24, 2022. The 
Board did not receive any comments. The revisions will be implemented 
as proposed.

    Board of Governors of the Federal Reserve System, April 1, 2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-07213 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P