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pdfBoard of the Governors of the Federal Reserve System
Instructions for the Preparation of
The Report of Selected Money Market Rates
Reporting Form FR 2420
Effective October 1, 2018
Contents
General Instructions for Preparation of Report of Selected Money
Market Rates
.......................................................................................................... GEN-1
Changes in Reporting Status .............................................................................................................. GEN-2
When to File FR 2420 Reports ........................................................................................................... GEN-2
Where to File Reports ........................................................................................................................ GEN-3
Preparation of FR 2420 Reports ......................................................................................................... GEN-3
Rules of Consolidation ...................................................................................................................... GEN-3
Amended Reports .............................................................................................................................. GEN-4
Institutions Required to Report
CONTENTS-1
FR 2420
October 2018
Contents
Line Item Instructions for The Report of Selected Money Market Rates
........................................................................................................... A-1
Part B—Eurodollars ................................................................................................................................ B-1
Part C—Time Deposits and Certificates of Deposit (CDs) ......................................................................... C-1
Part D—Selected Deposits ....................................................................................................................... D-1
Part A—Federal Funds Purchased
CONTENTS-2
October 2018
FR 2420
Contents
Glossary
................................................................................................ GL-1
Arm’s Length ....................................................................................................................................... GL-1
Brokered Deposit .................................................................................................................................. GL-2
Cayman and Nassau Branches .............................................................................................................. GL-2
Close of Business .................................................................................................................................. GL-2
Continuing Contract ............................................................................................................................. GL-2
Counterparty Type ............................................................................................................................... GL-2
Domestic Office or Branch .................................................................................................................... GL-5
Embedded Option ................................................................................................................................ GL-5
Eurodollar ........................................................................................................................................... GL-5
Exempt Entity ...................................................................................................................................... GL-5
Federal Funds Purchased ...................................................................................................................... GL-6
Federal Home Loan Bank (FHLB) Advances ......................................................................................... GL-6
Fixed and Floating Interest Rates .......................................................................................................... GL-6
Foreign Office ...................................................................................................................................... GL-7
Forward Starting Transaction ................................................................................................................ GL-7
Interest Rate ......................................................................................................................................... GL-7
International Banking Facility (IBF) ...................................................................................................... GL-7
Negotiable and Non-negotiable Time Deposits ....................................................................................... GL-7
Non-exempt entity ................................................................................................................................ GL-8
Open Trade .......................................................................................................................................... GL-8
Report Date ......................................................................................................................................... GL-8
Retail Counterparty .............................................................................................................................. GL-8
Selected Deposits .................................................................................................................................. GL-8
Settlement Date .................................................................................................................................... GL-9
Significant Banking Institution .............................................................................................................. GL-9
Significant Branch or Office (Significance Test) ...................................................................................... GL-9
Affiliate and Intercompany Transactions
CONTENTS-3
FR 2420
October 2018
Contents
...................................................................................................................................... GL-9
Trade Date ........................................................................................................................................... GL-9
U.S. Bank Holiday ................................................................................................................................ GL-9
U.S. Branch or Agency of a Foreign Bank .............................................................................................. GL-9
U.S. Depository Institution ................................................................................................................... GL-9
Time Deposits
CONTENTS-4
October 2018
FR 2420
INSTRUCTIONS FOR PREPARATION OF
Report of Selected Money
Market Rates
FR 2420
Introduction
The Report of Selected Money Market Rates
(FR 2420) is filed on a daily basis and collects data on
transactions in selected money market instruments
that were executed by banking institutions on the
report date. The report is comprised of four parts.
Part A collects data on federal funds purchased. Part B
collects data on Eurodollars. Part C collects data on
time deposits and certificates of deposit issued by
domestic offices. Part D collects data on selected
deposits.
Purpose
The FR 2420 is used to monitor market activity in
selected money market instruments. The data are also
aggregated to create rate or volume statistics for
publication.
Authority
The FR 2420 reports are authorized by law (12 U.S.C.
248(a), 12 U.S.C. 324, 12 U.S.C. 3105(c)(2), 12 U.S.C.
3106(a), 12 U.S.C. 1844(c)(1)(A)).
Confidentiality
The Federal Reserve Board regards the individual
reporting institution information provided by each
respondent as confidential (5 U.S.C. § 552(b)(4)). The
Federal Reserve, however, publishes aggregate or summary information in a way that does not reveal an individual reporting institution’s confidential information.
If it should be determined subsequently that any individual information collected on this form must be
released, the reporting institution will be notified.
Note: Terms defined in the Glossary are hyperlinked throughout these
instructions.
General Instructions
Institutions Required to Report
The following banking institutions must file the
FR 2420 on a daily basis:
(1) U.S. Depository Institutions
U.S. depository institutions are required to
report the FR 2420 if they meet one of two
criteria:
(a) Asset-Size Criterion:
Every U.S. depository institution with total
assets of $18 billion or more as of the most
recent September 30 filing of the
FFIEC 31 or FFIEC 041 Report (Call
Report) is required to report the FR 2420.
(b) Activity Criterion:
Every U.S. depository institution with total
assets of $5 billion or more but less than
$18 billion as of the most recent filing of the
FFIEC 31 or FFIEC 041 Report (Call
Report) and federal funds purchased activity
(as described in Part A) totalling more than
$200 million on two or more days over the
preceding three months is required to report
the FR 2420.
(2) U.S. Branches and Agencies of a Foreign Bank
Every U.S. branch and agency of a foreign bank
with total third party assets of $2.5 billion or
more as of the most recent September 30 filing
of the FFIEC 002 report (Call Report) is
required to report on the FR 2420. Total third
party assets are calculated by taking the value
reported in the FFIEC 002 report in Schedule RAL, Item 3, Column A, and subtracting
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October 2018
General Instructions
from it the value reported in the FFIEC 002
report in Schedule RAL, Item 2.a.
(3) International Banking Facilities
Each International Banking Facility (IBF) of a
U.S. depository institution or of a U.S. branch
or agency of a foreign bank that is required to
report the FR 2420 must report a separate
FR 2420 report for Part B (Eurodollars) only.
(4) Significant Banking Institution
The Federal Reserve may designate any banking
institution that is a participant in money markets and whose data are important to the analysis and monitoring of market activity as a “significant banking institution” even if it does not
meet the asset-size or activity criteria for
FR 2420 reporting. A significant banking institution will be expected to begin to report on the
FR 2420 within three months of its designation.
Changes in Reporting Status
Changes to a respondent’s reporting status based on
the asset-size criterion or activity criterion are governed as follows:
(2) Changes Based on the Activity Criterion
If a U.S. depository institution that does not
currently report on the FR 2420 meets the assetsize criterion of total assets of $5 billion or more
but less than $18 billion based on the most
recent filing of the Call Report, and has federal
funds purchased activity totalling more than
$200 million on two or more days over the preceding three months, the U.S. depository institution is required to begin to report on the
FR 2420 effective no later than three months
after meeting the activity threshold. U.S. depository institutions who meet the activity threshold
for the first time should contact the Federal
Reserve Bank of New York’s Data and Statistics
Function to discuss plans to begin reporting.
If a U.S. depository institution that reports on
the FR 2420 meets the asset-size threshold of
total assets of $5 billion or more but less than
$18 billion but subsequently falls below the
activity criterion, the U.S. depository institution
must continue to report until the activity criterion is not met for twelve consecutive months.
Requests for a change in reporting status based
on a U.S. depository institution’s federal funds
purchased activity falling below the activity
threshold should be made in writing and submitted to the Federal Reserve Bank of New
York’s Data and Statistics Function.
(1) Changes Based on the Asset-Size Criterion
If a U.S. depository institution or U.S. branch
or agency of a foreign bank that does not currently report on the FR 2420 meets the asset-size
reporting criterion based on the most recent
September filing of the Call Report, the U.S.
depository institution or U.S. branch or agency
of a foreign bank must begin to report on the
FR 2420 effective January 1 of the following
year.
If a U.S. depository institution or U.S. branch
or agency of a foreign bank that reports on the
FR 2420 subsequently falls below the asset-size
criterion based on the most recent September
filing of the Call Report, the U.S. depository
institution or U.S. branch or agency of a foreign
bank must continue to report on the
FR 2420 through the December 31 report date.
When to File FR 2420 Reports
Reporting institutions are required to file the
FR 2420 for each business day according to the following filing deadlines:
Part A, Federal Funds Purchased:
The deadline for filing Part A of the FR 2420 report is
7:00 a.m. United States Eastern Time one business day
after the report date.
Part B, Eurodollars:
The deadline for filing Part B of the FR 2420 report is
7:00 a.m. United States Eastern Time one business day
after the report date.
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FR 2420
General Instructions
Part C, Time Deposits and Certificates of Deposit:
Dollar Denomination
The deadline for filing Part C of the FR 2420 report is
2:00 p.m. United States Eastern Time two business
days after the report date.
All dollar amounts on the FR 2420 are to be reported
in millions of U.S. dollars, with amounts rounded to
the nearest million U.S. dollars. Transactions executed
with a dollar value less than $1 million should not be
reported.
Part D, Selected Deposits:
The deadline for filing Part D of the FR 2420 report is
7:00 a.m. United States Eastern Time one business day
after the report date.
Extension of Filing Deadline for U.S. Bank Holidays
If the date of a filing deadline falls on a U.S. bank holiday, the deadline is extended by one business day after
the holiday. No other extensions of time for filing
reports will be granted.
Where to File Reports
Reports must be filed using the Federal Reserve
System’s Reporting Central application. The Federal
Reserve Bank of New York will provide technical assistance to any respondent requiring guidance on using
Reporting Central. The Reporting Central application
can be accessed at the following location: https://
www.federalreserve.org/reportingcentral/
DataEntryWeb/home.do.
Additional information on the Reporting Central
application can be found at the following link: https://
www.frbservices.org/central-bank/reporting-central/.
Preparation of FR 2420 Reports
Report Individual Transaction Level Data
Respondents must report the information specified on
the FR 2420 report for each individual transaction that
was executed on the report date as of the close of business for that report date. Please see the Glossary under
close of business for important additional information.
Respondents must consolidate into the FR 2420 report
the transaction data of their foreign or domestic offices
as specified in the Rules of Consolidation below. Each
transaction executed and settled on the report date and
each transaction for which the terms were agreed upon
on the report date that are scheduled to settle on a
future date must be reported individually with the
exact terms for that specific transaction.
Arm’s Length Transactions
Only arm’s length transactions are to be reported on all
parts of the FR 2420.
Counterparty Type
For each Part of the FR 2420 report, the counterparty
type for each transaction must be reported. See counterparty types in the Glossary. Each counterparty type
has a corresponding numerical value. The numerical
values and counterparty type descriptions are consistent across all Parts of the report.
Transaction Date and Forward Starting Transactions
Respondents must report all transactions in all Parts
of the FR 2420 on the trade date, regardless of when
the transactions settle; including forward starting
transactions.
Rules of Consolidation
(1) U.S. Depository Institutions:
For Part A, Part C, and Part D, a U.S. depository institution with foreign offices must include
in the U.S. depository institution’s
FR 2420 report individual transactions data for
all domestic branches and majority-owned
domestic subsidiaries whose data are included in
the institution’s FFIEC 031 according to the
FFIEC 031 Instructions for consolidation of
those domestic offices.
For Part A, Part C, and Part D, a U.S. depository institution with domestic offices only must
include in the U.S. depository institution’s
FR 2420 report individual transactions data for
all domestic branches and majority-owned
domestic subsidiaries whose data are included in
the institution’s FFIEC 041 according to the
FFIEC 041 Instructions for consolidation of
those domestic offices.
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FR 2420
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General Instructions
For Part B, a U.S. depository institution must
include in the U.S. depository institution’s FR
2420 report either:
• All Eurodollars for each significant branch or
office; or
• All Eurodollars for all foreign offices
(2) U.S. Branches and Agencies of Foreign Banks:
For Part A, Part C, and Part D, U.S. branches
and agencies of a foreign bank must follow the
FFIEC 002 instructions for consolidation to
determine which activity to report. That is, each
designated branch or agency of a foreign bank
must file a separate FR 2420 report.
For Part B, U.S. branches and agencies of a foreign bank must report all Eurodollars for Cayman and Nassau branches. U.S. branches and
agencies of a foreign bank are to report either:
• All Eurodollars for each significant Cayman
and Nassau branch; or
• All Eurodollars for all Cayman and Nassau
branches
(3) All reporting institutions, including U.S.
Depository Institutions, U.S. Branches and
Agencies of Foreign Banks, International Banking Facilities, and Significant Banking Institutions, are not to consolidate:
(a) Affiliate transactions:
Transactions between the reporting institu-
tion and its affiliates are excluded from all
parts of the FR 2420.
(b) Intercompany transactions (transactions
with related parties):
All intercompany transactions are excluded
from all parts of the FR 2420.
Amended Reports
The Federal Reserve will require the filing of amended
reports if reports as previously submitted contain misstatements, omissions, or errors. In addition, a reporting institution should file an amended report when
misstatements or errors are found by the reporting
institution, for example, after the review of data or
through an audit. Please contact the Federal Reserve
Bank of New York’s Data and Statistics Function concerning amended reports. Respondents must submit
amended reports using the Federal Reserve System’s
Reporting Central application.
Federal Reserve Bank staff thoroughly review data
submitted on the FR 2420 report to ensure that the
data are accurate. As a result of that review, Federal
Reserve Bank staff may ask reporting institutions to
provide an explanation for certain transactions including the reason behind specific data reported, and, if
reported data are misstated or incorrect, Federal
Reserve Bank staff will ask the institution to submit
revisions. Since these data are extremely time sensitive,
reporting institutions should respond as quickly as
possible to these requests.
GEN-4
October 2018
FR 2420
LINE ITEM INSTRUCTIONS FOR
Federal Funds Purchased
Part A
This section contains specific line item instructions for
reporting federal funds purchased.
• Borrowings from counterparty types that are nonexempt entities. Please see counterparty types in the
Glossary.
• Time deposits (as defined in Part C)
Federal Funds Purchased
Respondents must report all federal funds purchased
by the institution’s U.S. offices denominated in U.S.
dollars in amounts of $1 million or more.
Include:
• Federal funds purchased that were negotiated at
arm’s length
• Federal funds purchased with maturities of overnight, specified term, and those executed under open
trades or continuing contracts
• Federal funds purchased from counterparty types
that are exempt entities
Respondents must report all federal funds purchased
that meet the criteria above and were executed on the
report date regardless of when the transactions settle.
Respondents must report each individual federal funds
purchase executed by the institution’s U.S. offices.
Exclude:
• Any deposit automatically placed into federal funds
under a sweep agreement or other contractual cash
management agreement
• Security lending transactions
• Borrowings in the form of debt instruments
• Repurchase agreements
• Federal Home Loan Bank advances
• A borrowing from the Discount Window of a Federal Reserve Bank
Reporting Instructions
Continuing Contract (or Open Trade): A Federal funds
purchase executed under a continuing contract is
reported on the report date the federal funds purchase
was executed and then again on each report date that
the transaction is rolled over with a change in any of
the terms, including the interest rate or dollar amount.
Alternatively, a reporting institution may opt to report
federal funds purchased under a continuing contract
on each report date instead of monitoring for changes
in terms if this option is more convenient for the institution’s operations or internal reporting framework.
Item Instructions
Dollar Amount
Report the dollar amount, denominated in millions of
U.S. dollars, of each federal funds purchase as of the
date the federal funds purchase was executed (i.e., the
date that terms are agreed on); even if the funds are
made available to the reporting institution on a subsequent date. Report the dollar amount that is made
available to the reporting institution.
If no transactions were executed on the report date,
enter “0” for the dollar amount. If no transactions
were executed because the reporting institution was
closed on the report date, enter “0” for the dollar
amount.
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FR 2420
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Part A
Trade Date
Report the trade date of each transaction in
YYYYMMDD format.
Settlement Date
Report the settlement date of each transaction in
YYYYMMDD format.
Maturity Date
Report the maturity date of each transaction in
YYYYMMDD format. In cases where the transaction
does not have a specific maturity date (i.e., an open
trade or continuing contract) enter 99991231.
Interest Rate
Report the interest rate applicable to the transaction.
The interest rate should always be reported as a percent
expressed out to five decimal places with a leading zero
if the interest rate is less than one percent. Negative
interest rates are to be preceded with a minus (−) sign.
For examples of how to report interest rates, see the
Glossary under interest rate.
Counterparty Type
Enter one of the numerical values listed below which
describes the type of counterparty to the transaction.
1. U.S. depository institution
3. U.S. branch or agency of a foreign bank
5. Other financial institution that is defined as an
exempt entity
8. U.S. government-sponsored enterprise (GSE) that
is defined as an exempt entity
10. Other exempt entity
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October 2018
FR 2420
LINE ITEM INSTRUCTIONS FOR
Eurodollars
Part B
This section contains specific line item instructions for
reporting Eurodollars.
Eurodollars
Respondents must report all Eurodollars denominated
in U.S. dollars issued in amounts of $1 million or more.
Include:
• Eurodollars that were negotiated at arm’s length
• Eurodollars that have an interest rate as part of the
terms (including those with an interest rate of zero or
a negative rate)
• Eurodollars that have a maturity of overnight or of a
specified term, as well as those that were executed
under an open trade or a continuing contract
Respondents must report all Eurodollars that meet the
criteria above and were executed on the report date,
regardless of when the transactions settle. Respondents
must report each individual Eurodollar executed by the
institution’s foreign offices.
Exclude:
• Any deposit automatically placed into Eurodollars
under sweep agreements or other contractual cash
management agreements
Alternatively, a U.S. depository institution may opt to
report the Eurodollar activity of all foreign offices each
business day instead of applying the significant branch
or office test every day if this option is more suited to
the institution’s operations or internal reporting
framework.
U.S. Branches and Agencies of Foreign Banks are to
report the Eurodollar activity of Cayman and Nassau
branches that meet the definition of significant branch
or office in the Glossary section of these instructions.
For Part B (Eurodollars) only, a U.S. branch or agency
of a foreign bank must consolidate Cayman and Nassau branch activity onto its FR 2420.
Alternatively, a U.S. branch or agency of a foreign
bank may opt to report the Eurodollar activity of all
Cayman and Nassau branches each business day
instead of applying the significant branch or office test
every day if this method is more suited to the institution’s operations or internal reporting framework.
International Banking Facilities (IBF) are to report all
Eurodollars executed on the report date. The IBF is
required to report all Eurodollars of the IBF on a separate FR 2420 report.
Exclude Eurodollars issued to:
• Security lending transactions
• The IBF’s establishing entity or a related party of the
establishing entity
• Borrowings in the form of debt instruments
• The IBF of an affiliate
• Repurchase agreements
Continuing Contracts: Eurodollars executed under a
continuing contract are reported on the report date the
Eurodollar was executed and then again on each report
date that the Eurodollar is rolled over with a change in
any of the terms, including the interest rate or the dollar amount.
• Eurodollars issued to retail counterparties
Reporting Instructions
U.S. Depository Institutions are to report the Eurodollar activity of foreign offices that meet the definition of
significant branch or office in the Glossary.
Alternatively, a reporting institution may opt to report
Eurodollars under a continuing contract on each
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FR 2420
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Part B
report date instead of monitoring for changes in terms
if this option is more convenient for the institution’s
operations or internal reporting framework.
Item Instructions
Dollar Amount
Report the dollar amount, denominated in millions of
U.S. dollars, of each Eurodollar as of the date the
Eurodollar is executed (i.e., the date the terms are
agreed on); even if the funds are made available to the
reporting institution on a subsequent date. Report the
dollar amount that is made available to the reporting
institution.
does not have a specific maturity date, (i.e. continuing
contract), enter the maturity date as 99991231.
Interest Rate
Report the interest rate applicable to the transaction.
The interest rate must always be reported as a percent
expressed out to five decimal places with a leading zero
for interest rates less than one percent. Negative interest rates are to be preceded with a minus (−) sign. For
examples of how to report interest rates, see the Glossary entry under interest rate.
Counterparty Type
Enter one of the numerical values listed below which
describes the type of counterparty to the transaction.
If no transactions were executed on the report date,
enter “0” for the dollar amount. If no transactions
were executed because the reporting institution was
closed on the report date, enter “0” for the dollar
amount.
1. U.S. depository institution
Trade Date
Report the trade date of each transaction in
YYYYMMDD format.
7. Other financial institution
Settlement Date
Report the settlement date of each transaction in
YYYYMMDD format.
Maturity Date
Report the maturity date of each transaction in
YYYYMMDD format. In cases where the Eurodollar
2. Non-U.S. office of a U.S. depository institution
3. U.S. branch or agency of a foreign bank
4. Non-U.S. office of a foreign bank
9. Non-financial corporate entity
12. Other Entity
Office Identifier
Report the RSSD ID of the foreign office that has
booked the transaction. The office reported should be
the foreign office or branch that has the Eurodollar on
its books regardless of the location of the execution of
the transaction.
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October 2018
FR 2420
LINE ITEM INSTRUCTIONS FOR
Time Deposits and Certificates of
Deposit (CDs)
Part C
This section contains specific line item instructions on
time deposits and certificates of deposit (CDs).
Time Deposits and Certificates of
Deposit
Respondents must report all time deposits denominated in U.S. dollars issued in amounts of $1 million or
more.
Include:
• Time deposits that were executed at arm’s length
• Time deposits that have an interest rate as part of the
terms (including those with an interest rate of zero or
a negative rate)
• Time deposits with personal and non-personal
counterparties
Respondents must report all time deposits that meet
the criteria above and that were executed on the report
date. Respondents must report each individual time
deposit executed by the institution’s U.S. offices.
Exclude:
• Market-linked CDs that use derivative transactions
as hedges
• Time deposits and CDs that are issued as collateral
for another transaction (e.g., a CD issued as collateral for a loan)
Reporting Instructions:
Matching Terms: Each transaction is to be reported
separately, even when all terms of the time deposits
issued match.
Brokered Deposits: Transactions such as brokered
deposits, where each deposit is placed by a third party
after the time deposit is executed, are to be reported as
one transaction.
Renewal of Existing Time Deposit: Report the renewal
of an existing time deposit on the day it becomes outstanding with its new terms.
Floating Rate Time Deposits: For floating rate time
deposits, report only on the date the time deposit is
executed, regardless of changes in the terms of the time
deposit before its maturity.
Open Time Deposits: Open time deposits are reported
on the report date the open time deposit was executed
and then again on each report date that the open time
deposit has a change in any of the terms, including the
interest rate or the dollar amount.
Alternatively, a reporting institution may opt to report
open time deposits on each report date instead of
monitoring for changes in terms if this option is more
convenient for the institution’s operations or internal
reporting framework.
Item Instructions
Dollar Amount
Report the dollar amount, denominated in millions of
U.S. dollars, of each time deposit as of the date the
time deposit is executed (i.e., the date the terms are
agreed on) even if the funds are made available to the
reporting institution on a subsequent date. Report the
dollar amount that is made available to the reporting
institution.
If no transactions were executed on the report date,
enter “0” for the dollar amount. If no transactions
were executed because the reporting institution was
closed on the report date, enter “0” for the dollar
amount.
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FR 2420
October 2018
Part C
Trade Date
Report the trade date of each transaction in
YYYYMMDD format.
• Example 3: A time deposit with a floating interest
rate is referenced to 1 month LIBOR plus 125 basis
points. In this case, the spread would be reported as
1.25.
Settlement Date
Report the settlement date of each transaction in
YYYYMMDD format.
Fixed Interest Rate: For a time deposit that has a fixed
rate, do not report any value in the item for the spread.
Leave this field empty.
Maturity Date
Report the maturity date of each transaction in
YYYYMMDD format. In cases where the time
deposit does not have a specific maturity date, (i.e.
open time deposits), enter the maturity date as
99991231.
Floating or Fixed Rate
Floating Interest Rate: Enter a numerical value of 1 for
a time deposit that has a floating rate.
Interest Rate
Report the interest rate applicable to the transaction.
The interest rate should always be reported as a percent
expressed out to five decimal places with a leading zero
if the interest rate is less than one percent. Negative
interest rates are to be preceded with a minus (-) sign.
For examples of how to report interest rates, see the
Glossary under interest rate.
For floating rate time deposits with a reference rate,
report the interest rate (including any spread) applicable at the inception of the transaction. If the effective
interest rate cannot be calculated on the report date,
report zero.
Spread
Floating Interest Rate Time Deposit: If the interest rate
for a floating rate time deposit is determined by the
value of the reference rate PLUS or MINUS a spread,
report the amount of the spread in percent terms,
expressed to two decimal places with a leading zero if
the spread is less than 100 basis points. When a negative entry occurs for the spread item, the spread is to be
preceded with a minus (−) sign.
• Example 1: A time deposit with a floating interest
rate is referenced to 1 month LIBOR plus 30 basis
points. In this case, the spread would be reported as
0.30.
• Example 2: A time deposit with a floating interest
rate is referenced to 1 month LIBOR minus 30 basis
points. In this case, the spread would be reported as
-0.30.
Fixed Interest Rate: Enter a numerical value of 2 for a
time deposit that has a fixed rate. A time deposit with a
reset to a predetermined interest rate is reported as a
fixed rate instrument.
Step-Up Indicator
Fixed Interest Rate:
• Enter Y (for Yes) for a fixed rate time deposit that
resets to a predetermined interest rate.
• Enter N (for No) for a fixed rate time deposit that
does not have an interest rate step-up.
Floating Interest Rate:
• Enter NA (for Not Applicable) for a floating rate
time deposit.
Reset Period
Enter the numerical value below to describe the frequency for when the interest rate for the reported time
deposit can reset.
0. No Reset
1. Weekly
2. Monthly
3. Quarterly
4. Semi-annually
5. Annually
6. Other
7. Daily
For time deposits with a reset to a predetermined interest rate, enter the numerical value to describe the frequency for when the rate is reset.
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October 2018
FR 2420
Part C
For time deposits that reset to a predetermined interest
rate multiple times during the term of the deposit at
different time intervals, enter a numerical value of 6
(for Other).
the numerical value as “0” (not applicable) for the value
of this item.
• Example: If a time deposit with an interest rate at
inception of 1.0%, resets in one month to 1.12%, and
then resets in three months to 1.25%, enter a numerical value of 6 for “Other.”
1. Callable
Reference Rate (if Floating)
Floating Interest Rate:
4. Other
If the time deposit has a floating rate, enter the numerical value below to describe the reference rate. If the
floating rate is determined by the value of the reference
rate PLUS or MINUS a spread, enter the numerical
value below to describe the underlying reference rate.
Fixed Interest Rate:
If the time deposit has a fixed rate, enter a numerical
value of “0” to indicate not applicable.
Enter the appropriate numerical value below in the
“Reference Rate” data field.
0. Not applicable
2. Puttable
3. Extendible
The definitions for the embedded options listed above
are provided below.
(1) Callable
A callable CD or time deposit contains an
embedded option or provision in the deposit
agreement or contract that gives the issuer
(depository institution) a call option. The call
option gives the issuer (depository institution)
the right to redeem or close the CD or time
deposit for the full amount prior to maturity or
before the term ends at any time or under specified conditions.
0. Not Applicable
1. Federal Funds Effective Rate
2. Prime Rate
3. One Month U.S. Treasury Constant Maturity Rate
4. One Month LIBOR
5. Three Month LIBOR
6. Overnight Swap Index
7. Other
Negotiable
If the time deposit is negotiable, report Y for the value
of this item. If the time deposit is non-negotiable,
report N for the value of this item.
Y – Yes
N – No
Embedded Options
For time deposits with embedded options, report the
numerical value below to describe the option. If the
time deposit does not have an embedded option, report
(2) Puttable
A puttable CD or time deposit contains an
embedded option or provision in the deposit
agreement or contract that gives the counterparty (depositor) a put option. The put option
gives the counterparty (depositor) the right to
early withdrawal of a portion, an amount specified by the option, or all of the funds with or
without penalty at a specified time or at any
time prior to maturity or before the term ends.
(3) Extendible
An extendible CD or time deposit contains an
embedded option or provision in the deposit
agreement or contract that gives the counterparty (depositor) the right to extend the maturity of the deposit at the same terms.
(4) Other
Any embedded option that does not fall into one
of the categories above. In addition, the category of “Other” includes a time deposit that
has more than one of the embedded options
defined above.
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Part C
Counterparty Type
Enter one of the numerical values listed below which
describes the type of counterparty to the transaction.
1. U.S. depository institution
2. Non-U.S. office of a U.S. depository institution
4. Non-U.S. office of a foreign bank
7. Other financial institution
9. Non-financial corporate entity
12. Other Entity
3. U.S. branch or agency of a foreign bank
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LINE ITEM INSTRUCTIONS FOR
Selected Deposits
Part D
This section contains specific line item instructions for
reporting selected deposits. The purpose of Part D is to
capture short-term wholesale unsecured deposits that
are economically equivalent to federal funds purchased
in Part A or Eurodollars in Part B.
Reporting Instructions
Selected Deposits
Item Instructions
Respondents must report all selected deposits denominated in U.S. dollars in amounts of $1 million or more
that are executed by the institution’s U.S. offices.
Include:
• Selected deposits that were negotiated at arm’s
length
• A deposit which has an interest rate specified as part
of the terms (including those with an interest rate of
zero or a negative rate)
• A deposit executed with an original maturity of six
or less days. Specifically, those deposits that are
executed with a maturity of 1 day (overnight), 2 days,
3 days, 4 days, 5 days, or 6 days
• A deposit issued to either a personal or a nonpersonal counterparty
Respondents must report all selected deposits that
meet the criteria above and that are executed on the
report date regardless of when the transaction settles.
Respondents must report each individual selected
deposit executed by the institution’s U.S. offices.
Exclude:
• A deposit that does not have a specified term to
maturity and is payable immediately on demand
• A deposit that is issued as collateral for another
transaction (e.g., a deposit issued as collateral for a
loan)
Matching Terms: Each selected deposit is to be
reported separately, even in cases when all terms match
for some or all of the selected deposits executed on the
report date.
Dollar Amount
Report the dollar amount, denominated in millions of
U.S. dollars, of each selected deposit on the date the
selected deposit was executed (the date the terms are
agreed upon); even if the funds are made available to
the reporting institution on a subsequent date. Report
the dollar amount that is made available to the reporting institution.
If no transactions were executed on the report date,
enter “0” for the dollar amount. If no transactions
were executed because the reporting institution was
closed on the report date, enter “0” for the dollar
amount.
Trade Date
Report the trade date of each transaction in
YYYYMMDD format.
Settlement Date
Report the settlement date of each transaction in
YYYYMMDD format.
Maturity Date
Report the maturity date of each transaction in
YYYYMMDD format.
Interest Rate
Report the interest rate applicable at the inception of
the transaction. The interest rate must always be
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Part D
reported as a percent expressed out to five decimal
places with a leading zero if the interest rate is less than
one percent. Negative interest rates are to be preceded
with a minus (−) sign. For examples of how to report
interest rates, please refer to the Glossary under interest rate.
Counterparty Type
Enter one of the numerical values listed below which
describes the type of counterparty to the transaction.
1. U.S. depository institution
2. Non-U.S. office of a U.S. depository institution
3. U.S. branch or agency of a foreign bank
4. Non-U.S. office of a foreign bank
7. Other financial institution
9. Non-financial corporate entity
12. Other Entity
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Glossary
Affiliate and Intercompany Transactions
Intercompany Transactions (those with Related
Parties):
Transactions between the reporting institution and its
affiliates are excluded from all parts of the
FR 2420. All intercompany transactions (those with
related parties) are excluded from all parts of the FR
2420.
For domestic banks, intercompany transactions
include those with:
• The bank’s head office
• All domestic branches of the bank
• All Intra-desk trades
Affiliates:
For domestic banks, affiliates include:
• The reporting institution’s bank holding company
• The bank subsidiaries of the reporting institution’s
bank holding company
• The nonbank subsidiaries of the reporting institution’s bank holding company
For U.S. branches and agencies of foreign banks, affiliates include:
• The reporting institution’s foreign parent bank
• The other U.S. branches and agencies of the reporting institution’s foreign parent bank
• The bank subsidiaries of the reporting institution’s
foreign parent bank
• The nonbank subsidiaries of the reporting institution’s foreign parent bank
• The holding company of the foreign parent bank
• The bank subsidiaries of the holding company of the
foreign parent bank
• The nonbank subsidiaries of the holding company of
the foreign parent bank
• Any IBF established by the bank
• All majority-owned Edge Act and Agreement corporation subsidiaries, including their IBFs, their foreign
and domestic branches, and their significant
subsidiaries
• All other majority-owned subsidiaries, including
domestic subsidiaries that are commercial banks,
savings banks, or savings and loan associations
For U.S. branches and agencies of foreign banks, intercompany transactions include those with:
• Any IBF established by the branch
• All entities in which the branch has a direct or indirect ownership interest of more than 50 percent of an
entity’s outstanding voting shares
Arm’s Length
An arm’s length transaction is a transaction in which
the buyers and sellers act independently. For purposes
of the FR 2420, only arm’s length transactions should
be reported.
Transactions that are not executed at arm’s length are
excluded from the FR 2420. For example, borrowings
that are collateral for other transactions are excluded
from the FR 2420.
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Glossary
Brokered Deposit
Brokered deposits represent funds which the reporting
bank obtains, directly or indirectly, by or through any
deposit broker for deposit into one or more deposit
accounts. Brokered deposits include both those in
which the entire beneficial interest in a given bank
deposit account or instrument is held by a single
depositor and those in which the deposit broker sells
participations in a given bank deposit account or
instrument to one or more investors.
For purposes of the FR 2420, each individual brokered
deposit is reported as one transaction. Do not report
the reporting institution’s entire portfolio of brokered
deposits as one transaction.
Cayman and Nassau Branches
Branches located in the Cayman Islands or Nassau,
Bahamas that are managed and controlled by a U.S.
office of the reporting institution. Managed and controlled is defined as those branches for which the U.S.
branch or agency files an FFIEC 002S (as defined in
the FFIEC 002S instructions).
Close of Business
The time established by the reporting institution as the
cut-off time for receipt of work for posting transactions to its general ledger accounts for that day. The
time designated as the “close of business” should be
applied consistently over time.
therefore, the numerical value and counterparty type
description are consistent across all Parts of the report.
(1) U.S. Depository Institution:
An institution that is empowered to perform a
banking business and that performs this business as a substantial part of its operations and
that is federally insured or is eligible to apply to
become federally insured.
U.S. Depository Institutions in the United
States consist of:
• U.S. head offices and branches of U.S. banks
including:
— U.S. commercial banks including:
▪ National banks
▪ State-chartered commercial banks
▪ Trust companies that conduct a commercial banking business
— Industrial banks
— Banking Edge Act and Agreement
corporations
• U.S. head offices and branches of other
depository institutions in the U.S. including:
— Mutual or stock savings banks
— Savings or building and loan associations
— Cooperative banks
Continuing Contract
— Credit unions (including corporate central
credit unions)
See Open Trade in this Glossary.
— Homestead associations
Counterparty Type
— Other similar depository institutions in
the U.S.
Within each Part of the FR 2420 report, the type of
counterparty to each transaction is reported. The
numerical value assigned to each counterparty type is
used, where relevant, across all the Parts of the report;
For the FR 2420 report, the definition of
U.S. depository institution excludes:
• U.S. branches and agencies of a foreign bank
located in the United States, which are classi-
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Glossary
fied and reported as a distinct counterparty
type (see counterparty type 3 below)
• Private banks or unincorporated banking
institutions organized as partnerships or proprietorships and authorized to perform commercial banking business
• Trust companies whose principal function is
to accept and execute trust arrangements or
act in a purely fiduciary capacity
• Cash depositories, cooperative exchanges, or
similar depository organizations whose principal function is to serve as a safe deposit
institution
• Finance companies, whether or not empowered to receive deposits or sell certificates of
deposit
(2) Non-U.S. Office of a U.S. Depository Institution:
A non-U.S. office of a U.S. depository institution refers to any branch or office of a U.S.
depository institution that is located in a foreign
country.
(3) U.S. Branch or Agency of a Foreign Bank:
• U.S. branches of foreign banks include any
offices or places of business of foreign banks
that are located in the United States at which
deposits are accepted
• U.S. agencies of foreign banks include any
offices or places of business of foreign banks
that are located in the United States at which
credit balances are maintained incidental to or
arising out of the exercise of banking powers
but at which deposits may not be accepted
from citizens or residents of the United States
• IBFs of U.S. branches and agencies of foreign
banks
(4) Non-U.S. Office of a Foreign Bank:
A non-U.S. office of a foreign bank refers to any
branch or office of a foreign bank that is located
in a foreign country, including:
• All foreign head offices
• All foreign branches and offices
Note: Foreign (non-U.S.) bank: A foreign
bank is defined as a bank chartered and headquartered in a foreign country (including foreign banks owned by U.S. nationals and institutions). A foreign bank is organized under
foreign (non-U.S.) law
A foreign bank includes banking entities such
as, but not limited to, commercial banks, merchant banks, discount houses, and similar
depository institutions, including nationalized
banks that perform essentially a banking business and do not perform, to any significant
extent, official functions of foreign (non-U.S.)
governments.
(5) Other Financial Institution that is Defined as an
Exempt Entity:
For Federal Funds Purchased (Part A), the
counterparty definition of other financial institution is limited to only those institutions that
are also exempt entities, as defined in Regulation D. Exempt entities include, but are not limited to, the following:
• Investment companies whose entire beneficial
interest is held exclusively by one or more
depository institutions
• Trust companies whose principle function is
to accept and execute trust arrangements or
act in a purely fiduciary capacity and whose
entire beneficial interest is held exclusively by
one or more depository institutions
• New York State investment companies (chartered under Article XII of the New York State
Banking Code) that perform a banking business and that are majority owned by one or
more non-U.S. banks
• Government Development Bank of
Puerto Rico
(6) Non-depository Financial Institution that is
Defined as a Non-exempt Entity:
As of October 1, 2018, Part AA (Selected Borrowings from Non-exempt Entities) was discontinued; therefore, this counterparty type is no
longer applicable from that date forward.
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Glossary
(7) Other Financial Institution:
Other financial institutions include those institutions or businesses that are primarily engaged in
proprietary investments and/or in the provision
of financial services to other organizations and
households. These services include, but are not
limited to, financial intermediation services
whose functions are predominantly: the extension of credit for business purposes, brokerage
services (engaged in the brokering of securities,
commodities, or other financial instruments),
underwriting services, financial management
services, credit origination services, credit card
services, insurance services, and pension
services.
Types of other financial institutions include, but
are not limited to:
• Holding companies of other depository
institutions
• Private banks or unincorporated banking
institutions organized as partnerships or proprietorships and authorized to perform commercial banking business
• Cash depositories, cooperative exchanges, or
similar depository organizations whose principal function is to serve as a safe deposit
institution
• Mutual funds
• Money market funds
• Hedge funds
• Pension funds
• Trust companies whose principal function is
to accept and execute trust arrangements or
act in a purely fiduciary capacity
• Private equity funds
• Investment banks
loan originations and warehousing or in mortgage loan servicing
• Finance companies, whether or not empowered to receive deposits or sell certificates of
deposit
• Mortgage finance companies and factors and
other financial intermediaries
• Credit card issuers
• Short-term business credit institutions that
extend credit to finance inventories or carry
accounts receivable
• Institutions whose functions are predominantly to finance personal expenditures
• Other domestic and foreign financial intermediaries whose functions are predominantly the
extending of credit for business purposes, such
as investment companies that hold stock of
operating companies for management or
development purposes
• Small Business Investment Companies
(8) U. S. Government-sponsored Enterprise that is
Defined as an Exempt Entity:
U.S. government-sponsored enterprises (GSEs;
also referred to as Federally-sponsored agencies
or entities) are entities that have been originally
established or chartered by the U.S. Government
to serve public purposes specified by the United
States Congress but whose debt obligations are
not explicitly guaranteed by the full faith and
credit of the U.S. Government. Included in this
counterparty definition are Federally-sponsored
lending agencies which are agencies or corporations that have been chartered, authorized, or
organized as a result of Federal legislation for
the purpose of providing credit services to a designated sector of the economy.
• Securities brokers and dealers
U.S. government-sponsored enterprises that are
defined as exempt entities, as defined in Regulation D, include, but are not limited to:
• Real estate investment trusts (REITS), mortgage companies that specialize in mortgage
• Federal Agricultural Mortgage Corporation
(Farmer Mac)
• Insurance companies
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Glossary
• Federal Farm Credit Banks
• Federal Home Loan Banks (FHLBs)
• Federal Home Loan Mortgage Corporation
(FHLMC or Freddie Mac)
• Federal Land Banks (FLBs)
• Federal National Mortgage Association
(FNMA or Fannie Mae)
• Financing Corporation (FICO)
• Resolution Funding Corporation
(REFCORP)
For purposes of the FR 2420, the definition of
“U. S. Government-Sponsored Enterprise that
is defined as an Exempt Entity” excludes the
following:
• Federal Reserve Banks
• State and local governments in the United
States and their political subdivisions
(9) Non-financial Corporate Entity:
A non-financial corporate entity refers to commercial entities, including partnerships and corporations wherever located, that are not owned
by central governments, local governments, or
local authorities with revenue-raising powers,
and that are non-financial in nature (i.e., do not
meet the definition of either a depository institution or a non-depository financial institution
provided above).
(10) Other Exempt Entity:
As of October 1, 2018 Part AA (Selected Borrowings from Non-exempt Entities) was discontinued, therefore, this counterparty type is no
longer applicable from that date forward.
(11) Other Non-exempt Entity:
As of October 1, 2018 Part AA (Selected Borrowings from Non-exempt Entities) was discontinued, therefore, this counterparty type is no
longer applicable from that date forward.
(12) Other Entity:
“Other Entity” includes any counterparty that
does not fall into one of the above counterparty
definitions. An “Other Entity” counterparty
includes but is not limited to:
• Retail counterparty, specifically an individual
or a natural person wherever located
• State and local governments in the United
States and their political subdivisions
• U.S. government-sponsored enterprises
(GSEs; also referred to as Federally-sponsored
agencies or entities)
Domestic Office or Branch
A domestic office of the reporting institution is a
branch or consolidated subsidiary (other than an Edge
Act or Agreement Corporation subsidiary) which is
located in the 50 states of the United States or the District of Columbia, or a branch on a U.S. military facility wherever located.
The domestic offices of the reporting institution
exclude all International Banking Facilities (IBFs); all
offices of Edge Act and Agreement corporation subsidiaries, including their U.S. offices; and all branches
and other consolidated subsidiaries of the bank
located in foreign countries.
Embedded Option
For Part C (Time Deposits and Certificates of
Deposit), an embedded option is an option or provision in the deposit agreement or contract that gives
either the issuer (depository institution) or the counterparty (depositor) the right to take a specific
action(s) under specified conditions.
Eurodollar
A Eurodollar is an unsecured liability which is denominated in U.S. dollars and booked at a foreign office and
executed on the report date. A Eurodollar includes a
U.S. dollar dominated deposit that is booked at one of
the reporting institution’s banking offices and which
represents a liability of that foreign office.
Exempt Entity
An exempt entity is defined in Regulation D, Section 204.2 (a)(1)(vii)(A). A list of exempt entities is
GL-5
FR 2420
October 2018
Glossary
provided below; however, the citations in Regulation D
supersede this list. Exempt entities include, but are not
limited to, the following:
• Investment companies or trust companies whose
entire beneficial interest is held exclusively by one or
more depository institutions.
• The U.S. offices of:
• New York State investment companies (chartered
under Article XII of the New York State Banking
Code) that perform a banking business and that are
majority owned by one or more non-U.S. banks.
—U.S. commercial banks and trust companies conducting a commercial banking business and their
majority-owned subsidiaries
—Banking Edge Act and Agreement corporations
—Mutual and stock savings banks
—Building or savings and loan associations and
homestead associations
Federal Funds Purchased
Unsecured borrowings denominated in U.S. dollars
from counterparty types that are exempt entities as
defined in Section 204.2 (a)(1)(vii)(A) of Regulation D.
—Cooperative banks
—Industrial banks
—Credit unions (including corporate central credit
unions)
—U.S. branches or agencies of foreign (non-U.S.)
banks [that is, banks organized under foreign
(non-U.S.) law]
• The U.S. government and its agencies and instrumentalities, including:
Federal Home Loan Bank (FHLB) Advances
An FHLB advance is a loan that is (1) provided pursuant to a written agreement; (2) supported by a note or
other written evidence of the borrower’s obligation;
and (3) fully secured by collateral in accordance with
the Federal Home Loan Bank Act and 12 CFR
Part 950.
Fixed and Floating Interest Rates
—Federal Home Loan Banks (FHLBs)
—Federal Agricultural Mortgage Corporation
(Farmer Mac)
—Federal Farm Credit Banks
—Federal Home Loan Mortgage Corporation
(FHLMC or Freddie Mac)
—Federal National Mortgage Association (FNMA
or Fannie Mae)
—Federal Land Banks (FLBs)
—Financing Corporation (FICO)
• A securities dealer, when a borrowing by a depository institution from the securities dealer meets the
following conditions:
(a) Has an original maturity of one day
(overnight),
(b) Is in immediately available funds, and
(c) Is in connection with the clearance of securities transactions.
Fixed Interest Rate:
A CD or time deposit with a fixed interest rate has a
rate that is specified at the origination of the transaction, is fixed and invariable during the term, and is
known to both the borrower and the lender.
Also treated as having a fixed interest rate is a CD or
time deposit with a predetermined interest rate which is
a rate that changes during the term of the CD or time
deposit on a predetermined basis (i.e., there is a predetermined reset at which time the interest rate changes
to a predetermined rate which was set at origination).
The exact rate of interest over the life of the CD or
time deposit is known with certainty to both the borrower and the lender at the origination of the CD or
time deposit.
Floating Interest Rate:
A CD or time deposit with a floating rate has a rate
that varies, or can vary, in relation to an index, to some
other interest rate such as the rate on certain U.S. Government securities or the “prime rate,” or to some
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Glossary
other variable criterion the exact value of which cannot
be known in advance. Therefore, the exact rate the CD
or time deposit carries at any subsequent time cannot
be known at the time of origination.
below, to non-U.S. residents of foreign countries, residents of Puerto Rico and U.S. territories and possessions, other IBFs, and U.S. and non-U.S. offices of the
establishing entity.
Foreign Office
Permissible IBF assets include extensions of credit to
the following:
A branch or consolidated subsidiary located in a foreign country (non-U.S.), or in Puerto Rico or a U.S.
territory or possession. Branches on U.S. military
facilities, wherever located, are treated as domestic
offices, not foreign offices.
Forward Starting Transaction
A forward starting transaction is a transaction that
does not settle until a future date.
Interest Rate
An interest rate reported on the FR 2420 should be
reported as a percent expressed out to five decimal
places with a leading 0 if the rate is less than one percent. A negative interest rate is to be preceded with a
minus (-) sign.
• Example 1: An interest rate of 2.53 percent would be
reported as 2.53000.
• Example 2: An interest rate of ½ percent would be
reported as 0.50000.
• Example 3: A negative interest rate of -1.0 percent
would be reported as -1.00000.
International Banking Facility (IBF)
An International Banking Facility (IBF) is a set of
asset and liability accounts, segregated on the books
and records of the establishing entity, which reflect
international transactions. An IBF is established in
accordance with the terms of Federal Reserve Regulation D (Section 204.8) and after appropriate notification to the Federal Reserve. The establishing entity may
be a U.S. depository institution, a U.S. office of an
Edge Act or Agreement corporation, or a U.S. branch
or agency of a foreign bank pursuant to Federal
Reserve Regulation D. An IBF is permitted to hold
only certain assets and liabilities. In general, IBF
accounts are limited, as specified in the paragraphs
• Non-U.S. residents (including foreign branches of
other U.S. banks)
• Other IBFs
• U.S. and non-U.S. offices of the establishing entity
Credit may be extended to non-U.S. nonbank residents
only if the funds are used in their operations outside
the United States. IBFs may extend credit in the form
of a loan, deposit, placement, advance, security, or
other similar asset.
Permissible IBF liabilities include (as specified in Federal Reserve Regulation D) liabilities to non-U.S. nonbank residents only if such liabilities have a minimum
maturity or notice period of at least two business days.
IBF liabilities also may include overnight liabilities to:
• Non-U.S. offices of other depository institutions and
of Edge Act or Agreement corporations
• Non-U.S. offices of foreign banks
• Foreign governments and official institutions
• Other IBFs
• The establishing entity
IBF liabilities may be issued in the form of deposits,
borrowings, placements, and other similar instruments.
However, IBFs are prohibited from issuing negotiable
certificates of deposit, bankers’ acceptances, or other
negotiable or bearer instruments.
Negotiable and Non-negotiable Time Deposits
Negotiable Time Deposit:
A negotiable time deposit is a large time deposit, which
is defined as a time deposit with a minimum value of
$100,000 that can be purchased and sold. The holder
of the negotiable time deposit can sell it to a third
party. The negotiable time deposit cannot be redeemed
before it has reached full maturity (without penalty)
even if the deposit is sold.
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Glossary
Non-negotiable Time Deposit:
Open Trade
A non-negotiable time deposit cannot be purchased
and sold.
A trade with no specific maturity date. An open trade
is a contract or agreement that remains in effect for
more than one business day, but has no specified maturity and does not require advance notice of either party
to terminate. Such contracts may also be known as
continuing contracts, open-ended agreements, or
rollovers.
Non-exempt entity
A non-exempt entity is drawn from Regulation D, Section 204.2 (a) (vii)(A). Note that this section of Regulation D defines which entities are designated as
exempt and when certain entities are designated as
exempt under specific conditions/transactions. All
other entities are non-exempt (i.e., those entities and
transactions that are not specifically cited in this section of Regulation D).
Examples of non-exempt entities are provided below;
however, the citations in Regulation D supersede this
list.
• A partnership or corporation, wherever located
• A securities dealer, wherever located, when a borrowing by a depository institution from the securities
dealer meets the following conditions:
(a) Has an original maturity that is longer than
one day, and
(b) Is not in connection with the clearance of
securities.
• State and local governments in the United States
and their political subdivisions
Report Date
The report date is the as-of date for reporting purposes. It is the date upon which the reportable transaction was executed (i.e., the date that terms are agreed
on and the contract confirmed); even if the funds are
made available to the reporting institution on a subsequent date (transaction scheduled to settle on a future
date). For example, a report date of January 20 would
reflect all transactions executed and settled on January 20, as well as all transactions that were executed on
January 20 and are scheduled to settle on January 21.
The report date is the same date as the trade date.
Retail Counterparty
Retail counterparty refers to a counterparty who is a
natural person.
• A nonbanking subsidiary of a depository institution
(unaffiliated for purposes of the FR 2420)
Selected Deposits
• The parent holding company of a depository institution if the holding company is not a bank (unaffiliated for purposes of the FR 2420)
A selected deposit is a deposit which represents funds
received or held by the reporting institution for which
credit has been given, or is obligated to be given, to a
customer’s deposit account; and is executed with an
original specified term to maturity of six or less days
such that the dollar amount of the deposit is payable to
the bearer as follows:
• The nonbanking subsidiary of a depository institution’s parent holding company (unaffiliated for purposes of the FR 2420)
• The non-U.S. branch or office of a U.S. depository
institution (unaffiliated for purposes of the
FR 2420)
(1) On a certain calendar date that is six or less days
after the settlement date of the deposit, or
• The non-U.S. branch or agency of a foreign bank
[that is, a bank organized under foreign (non-U.S.)
law] (unaffiliated for purposes of the FR 2420)
(2) At the end of a specified period of time that is
six or less days after the settlement date of the
deposit.
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Glossary
Settlement Date
Trade Date
The settlement date is the date on which a financial
transaction is settled and monies from the transaction
are available to the reporting institution.
The trade date is the date on which the transaction was
executed (i.e., the terms of the transaction were agreed
upon and confirmed). The trade date should be the
same as the report date (“as-of ” date).
Significant Banking Institution
A significant banking institution is any banking organization that is a participant in money markets that
does not meet the asset-size or activity criteria for
reporting on the FR 2420, but that is designated by the
Federal Reserve as an entity whose data are important
to the analysis and monitoring of market activity. A
significant banking institution will be expected to
begin to report on the FR 2420 within three months of
its designation as a significant banking organization.
Significant Branch or Office (Significance Test)
U.S. Bank Holiday
A U.S. bank holiday is one of the U.S. bank holidays
published on the Federal Reserve’s Financial Services
web site at the following link: https://www.frbservices
.org/about/holiday-schedules/index.html
U.S. Branch or Agency of a Foreign Bank
U.S. branches of foreign banks include any offices or
places of business of foreign banks that are located in
the United States at which deposits are accepted.
A “significant” branch or office is any foreign office of
a U.S. depository institution which has total assets of
$2 billion or more booked at that office as of the close
of business for the report date. “Significant” branch or
office applies for reporting Eurodollar transactions in
Part B.
U.S. agencies of foreign banks include any offices or
places of business of foreign banks that are located in
the United States and at which credit balances are
maintained incidental to or arising out of the exercise
of banking powers but at which deposits may not be
accepted from citizens or residents of the United
States.
Time Deposits
U.S. Depository Institution
Deposits payable to the bearer, to any specified person,
or to the order of a specified person as follows:
An institution that is empowered to perform a banking
business and that performs this business as a substantial part of its operations and that is federally insured
or is eligible to apply to become federally insured.
(1) On a certain date not less than seven days after
the date of deposit,
(2) At the expiration of a specified period of time
not less than seven days after the date of the
deposit, or
(3) Upon written notice to the bank which is
required to be given by the depositor (or the
depositor’s designee) not less than seven days
before the date of withdrawal.
Time deposits may be evidenced by a negotiable or
nonnegotiable instrument, or a deposit in book entry
form evidenced by a receipt or similar acknowledgement issued by the bank, that provides, on its face, that
the amount of such deposit is payable as described
above.
U.S. Depository Institutions in the United States consist of:
• U.S. head offices and branches of U.S. banks
including:
—U.S. commercial banks including:
▪ National banks
▪ State-chartered commercial banks
▪ Trust companies that conduct a commercial
banking business
—Industrial banks
—Banking Edge Act and Agreement corporations
GL-9
FR 2420
October 2018
Glossary
• U.S. head offices and branches of other depository
institutions in the U.S. including:
—Mutual or stock savings banks
—Savings or building and loan associations
—Cooperative banks
—Credit unions (including corporate central credit
unions)
—Homestead associations
—Other similar depository institutions in the U.S.
• For the FR 2420 report, the definition of U.S.
depository institution excludes:
—U.S. branches and agencies of a foreign bank
located in the United States
—Private banks or unincorporated banking institutions organized as partnerships or proprietorships
and authorized to perform commercial banking
business
—Trust companies whose principal function is to
accept and execute trust arrangements or act in a
purely fiduciary capacity
—Cash depositories, cooperative exchanges, or similar depository organizations whose principal function is to serve as a safe deposit institution
—Finance companies whether or not empowered to
receive deposits or sell certificates of deposit
GL-10
October 2018
FR 2420
| File Type | application/pdf |
| File Modified | 2022-03-21 |
| File Created | 2018-07-25 |