The Federal Reserve Bank of New York (FRBNY), on behalf of the Federal Reserve, collects data from primary dealers in the U.S. government securities market. Filing of these data is required to obtain the benefit of primary dealer status. The Federal Reserve uses these data to monitor the condition of the U.S. government securities market in its Treasury market surveillance and analysis of the market and to assist and support the U.S. Department of the Treasury (Treasury) in its role as fiscal agent for Treasury financing operations. In addition, these data are helpful in the analysis of broad financial conditions and a range of financial stability issues.
The current annual burden for the FR 2004 is estimated to be 18,860 hours. While the new information requested is readily available to the respondents, significant programming and other resources are required to implement and maintain the proposed changes. In addition, the increased burden would not affect each primary dealer equally as some dealers have only a minimal if any presence in the new asset classes such as Agency MBS and ABS, which would require only minor implementation costs. The proposed new and revised data items would increase the estimated average hours per response for the FR 2004 reports as follows: the FR 2004A would increase from 2.8 hours to 3.0 hours; the FR 2004B would increase from 3.5 hours to 3.7 hours; the FR 2004C would increase from 3.0 hours to 3.1 hours; the FR 2004SI and SD would increase from 2.1 hours to 2.2 hours; the new FR 2004FA, FB, and FC would be 1.0 hour each; and the new FR 2004FM would be 1.5 hours. Average time per response would remain unchanged for the FR 2004SD ad hoc and WI. Based on the proposed revisions, the total annual burden would increase by 1,930 hours to 20,790 hours. The burden for the FR 2004SD ad hoc is different than the burden published in the Federal Register notice because the frequency was incorrect at the time of publishing.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Daily Report of Dealer Activity in Treasury Financing