Central Bank Survey of Foreign Exchange and Derivatives Market Activity

Forms and Documents

Document Name	Status
Form FR 3036 Turnover Form	Modified
FR3036_20190514_omb.pdf Supporting Statement A	2019-05-14

IC Document Collections

IC ID	Document Title	Status
36323	Turnover Form	Modified

ICR Details

OMB Control No: 7100-0285	ICR Reference No: 201905-7100-002
Status: Active	Previous ICR Reference No: 201905-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR 3036
Title: Central Bank Survey of Foreign Exchange and Derivatives Market Activity
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/14/2019
	Date Received in OIRA: 05/14/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2022	36 Months From Approved	09/30/2019
Responses	21	0	21
Time Burden (Hours)	1,155	0	1,155
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 3036 is the U.S. portion of a global data collection that is conducted by central banks once every three years. Currently, more than 50 central banks plan to conduct the survey in 2019. 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. The Federal Reserve uses the survey to monitor activity in the foreign exchange and derivatives markets. Survey results also provide perspective on market developments for the Manager of the Federal Reserve System Open Market Account (the Desk), on the Desk’s trading relationships, and for planning Federal Reserve and U.S. Treasury foreign exchange operations. Respondents are significant dealers in the United States foreign exchange market. They use the published data to gauge their market share. The survey is also an important source of available FX turnover data for the public. The BIS survey has two parts: a Turnover (volume of transactions) survey and a Derivatives Outstanding survey collected at the end of June. The FR 3036 covers only the Turnover portion of the BIS survey. The Derivatives Outstanding portion of the BIS survey is covered by the Semiannual Report of Derivatives Activity (FR 2436; OMB 7100-0286) in 2019; however, in the future it is possible that a respondent may not qualify to report the FR 2436 but they could meet the criteria to report both portions of the FR 3036.

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Authorizing Statute(s): US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 263 Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 2506	02/07/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 18537	05/01/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Turnover	FR 3036	Central Bank Survey of Foreign Exchange and Derivatives Market Activity

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	21	21	0	0	0	0
Annual Time Burden (Hours)	1,155	1,155	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $600,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 05/14/2019

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