We collect and standardize data to support the Financial Stability Oversight Council (Council) in fulfilling its mission and to support its member agencies. Our collections are authorized by the Dodd-Frank Act and are implemented through rulemaking.
Current collections
Centrally Cleared Repo Data Collection
The repurchase agreement (repo) market is a foundational component of the U.S. financial system, providing trillions of dollars of daily funding and facilitating liquidity for U.S. Treasurys and other securities. The repo market allows participants to borrow cash against securities pledged as collateral, with an obligation to repurchase those securities in the future.
High-quality data are essential to assess and monitor risks in these markets. We have been collecting centrally cleared repo data on a daily basis since 2019 and began publishing data series in 2020 through the Short-term Funding Monitor.The collection also supports the calculation of certain reference rates, including the Secured Overnight Financing Rate, or SOFR and the Broad General Collateral Rate, or BGCR.
Non-centrally Cleared Bilateral Repo Data
Our most recent estimate indicates that non-centrally cleared bilateral repo (NCCBR) transactions represent the largest segment of the U.S. repo market, at $2 trillion in outstanding commitments each day. To support efforts to identify and monitor risks to financial stability, we issued a Final Rule in May 2024, establishing a daily, transaction-level collection. Once reporting begins in late 2024, this collection will close a critical data gap in the repo market, supplementing existing data on the triparty, centrally cleared FICC Delivery-versus-Payment (DVP), and centrally cleared FICC General Collateral Finance (GCF) market segments.
Collection Pilots
2022 Non-centrally Cleared Bilateral Repo Data Collection Pilot
Certain characteristics of the NCCBR segment of the U.S. repo market may increase the potential for risks to financial stability relative to other segments. As a starting point for more information on this market segment, we conducted a voluntary pilot collection of NCCBR transaction-level data. Nine dealers participated, reporting trades from three non-consecutive business days.
2015 Bilateral Repo Data Collection Pilot
In partnership with the Federal Reserve and Securities and Exchange Commission, we conducted a voluntary pilot data collection focused on the bilateral repo market segment, which at the time was opaque and represented half of the total market. Nine bank holding companies participated, reporting trades from three non-consecutive business days. This pilot collection provided insights into financial risks, market infrastructure and other issues.
2015 Securities Lending Data Collection Pilot
In partnership with the Federal Reserve and Securities and Exchange Commission, we conducted a voluntary pilot project to collect securities lending data for three non-consecutive business days from seven securities lending agents. Although securities lending and related activities may pose risks to financial stability, in the past, data gaps have prevented regulators from identifying and addressing such risks. During the 2008-09 financial crisis, for example, some securities lenders had large losses on cash collateral reinvested in other securities that could not be observed.