Pilot Data Collections

Filling key gaps in financial data is core to our mission. Our approach to gathering data is iterative, so, as a best practice, we often begin with pilots. A pilot can address a data gap more quickly than a permanent collection would. Moreover, the results of a pilot can show regulators what could be requested in a future, permanent collection. Proceeding one step at a time allows us to engage with industry participants and to learn what information would be most accurate and useful to collect.

This page contains technical documents and summary information on our past pilot collections:

2022 NCCBR Pilot Collection
2015 Securities Lending Pilot Survey
2015 Bilateral Repo Pilot Survey

2022 Non-centrally Cleared Bilateral Repo Data Collection Pilot

In 2022, we partnered with a group of nine financial institutions to do a voluntary collection of non-centrally cleared bilateral repo (NCCBR) transatction data. This was a starting point to gain insight into a missing segment of this core financial market. At the time, data on triparty repo and on cleared repo were collected, but information about bilateral repos that were not centrally cleared was scarce.

The participating institutions were dealers, including primary dealers, bank-affiliated dealers, and also dealers not affiliated with banks. The participants included both domestic dealers and dealers that were affiliates of foreign institutions.

We collected NCCBR transaction-level data from these dealers for three days in June 2022. Each participant provided details on their outstanding NCCBR trades conducted in the U.S., including terms of the transactions such as rate, tenor, collateral, and haircut, as well as the timing of the transactions.

Our work on the NCCBR pilot informed the development of a Final Rule establishing a permanent data collection.

BRIEF | MAY 12, 2023
Key Finding on Non-centrally Cleared Repo

BLOG | MAY 12, 2023
Why is So Much Repo Not Centrally Cleared?

BLOG | DEC 5, 2022
OFR’s Pilot Provides Unique Window Into the Non-centrally Cleared Bilateral Repo Market

BLOG | AUG 24, 2022
Non-centrally Cleared Bilateral Repo

FROM THE DIRECTOR | AUG 1, 2022
OFR Continues Efforts to Fill Key Gap in Financial Data

2015 Securities Lending Data Collection Pilot Survey

In 2015, we conducted a pilot project in partnership with the Federal Reserve and Securities and Exchange Commission to fill gaps in data about securities lending. In securities lending, securities owners lend stocks or bonds to other parties secured by collateral, which can be cash or other financial assets. This pilot project followed our collaboration with the same two agencies to collect data on bilateral repurchase agreements.

In November of 2015, the Financial Stability Board recommended that its members collect data on repos and securities lending from a broad range of market participants. Data gaps prevented regulators from identifying and addressing risks in the securities market during the great financial crisis, and those gaps remained. Along with our partners, we aimed to address this data need through a pilot survey.

WORKING PAPER | AUG 23, 2016
A Pilot Survey of Agent Securities Lending Activity

FROM THE DIRECTOR | AUG 23, 2016
Shedding Light on Securities Lending

2015 Bilateral Repo Pilot Survey

In 2015, we partnered with the Federal Reserve and the Securities and Exchange Commission on a pilot project to fill gaps in data about repurchase agreements, or repo.

In November of 2015 the Financial Stability Board recommended that its members collect data on repos and securities lending from a broad range of market participants. At the time, data on triparty repo and GCF repo were published regularly, but information about bilateral repos was scarce. The project improved our understanding of this segment of a core funding market. We surveyed industry participants to collect aggregates on non-cleared bilateral repo.

The project marked the first time we went to industry to collect financial-market information. Participation in the pilot project was voluntary, and participating companies provided input on what data should be gathered. The OFR appreciates the input of the participating firms: Bank of America, Barclays PLC, Deutsche Bank AG, The Goldman Sachs Group Inc., HSBC Holdings PLC, JP Morgan Chase & Co, Morgan Stanley, RBS Americas, and UBS AG.

BRIEF | JAN 13, 2016
The U.S. Bilateral Repo Market: Lessons from a New Survey

FROM THE DIRECTOR | OCT 8, 2014
OFR Teams with Fed to Fill Key Gap in Financial Data