2014年-FSB全球金融稳定委员会_Standards_and_Processes_for_Global_Securities_Financing_Data_Collection_and_Aggregation_54页_1mb

Summary of "Standards and Processes for Global Securities Financing Data Collection and Aggregation"

1. Introduction

This consultative document outlines the proposed standards and processes for global data collection and aggregation on securities financing transactions relevant for financial stability monitoring and policy responses. It follows the recommendations from the August 2013 Report by the Financial Stability Board (FSB), which aimed to address shadow banking risks in securities lending and repos.

The FSB Data Experts Group (DEG) was established to develop these standards, focusing on ensuring consistency and comparability of data across jurisdictions. The FSB intends to collect aggregated data monthly from national/regional authorities. The data should exclude central bank repo transactions to avoid distortion in the global aggregates.

The document also discusses next steps, including the evaluation of expanding data collection to include economically equivalent operations and additional data elements for monitoring collateral velocity and the implementation of the new regulatory framework for haircuts on non-centrally cleared transactions.

2. Core Content and Main Views

2.1. Data Elements for Financial Stability

The document outlines the data elements and granularity required for effective financial stability monitoring and policy responses. These include:

• Flow data: Number, principal amount, currency, and maturity of trades settled during the reporting period.
• Stock data: Outstanding balances of transactions measured at a given point in time, including both loan and collateral data.

The data elements are designed to be consistent with the FSB's definitions and reporting guidelines, ensuring that global aggregates can be created with meaningful insights. The DEG has proposed a comprehensive dictionary of data definitions and reporting guidelines to support this.

2.2. Definitions of Data Elements

To ensure comparability across jurisdictions, the document proposes common definitions for securities financing transactions. These include:

• Repurchase agreements (repos): Transactions involving the exchange of securities for cash with a commitment to repurchase at a fixed price. Repos may be classic or sell/buy back types.
• Securities lending and borrowing: Transactions where securities are lent or borrowed, with collateral provided by the borrower or lender.
• Margin lending: Lending of cash to investors to purchase securities, with the requirement for collateral.

These definitions aim to reduce double-counting and incentives for market participants to misrepresent transactions. The DEG also emphasizes the importance of avoiding duplication among similar international data collection initiatives.

3. Key Data Elements

The following data elements are proposed for repos and securities lending:

These elements are designed to be consistent across jurisdictions, and the FSB encourages national/regional authorities to collect additional data where relevant, provided that they align with the proposed definitions.

4. Data Architecture

The data architecture is divided into two tiers:

• First Tier: Data collection at the national/regional level. This includes defining sources of data, reporting population, granularity, and aggregation/classification methods.
• Second Tier: Global aggregation. This involves addressing legal and operational issues, data confidentiality, access to data, and governance.

Special attention is given to double-counting and over-netting, which can occur due to two-sided reporting. The FSB acknowledges this issue and plans to address it in future evaluations.

5. Recommendations for National/Regional Data Collection

Six recommendations are proposed for national/regional data collection to ensure consistency and meaningful global aggregates:

1. Use a common data template for reporting.
2. Define reference periods and reporting frequencies.
3. Provide guidance on currency classifications.
4. Ensure sector and counterparty classifications are aligned with FSB initiatives.
5. Standardize repo rate and haircut bucketing.
6. Include specific guidance for complex cases such as callable bonds and tri-party substitutions.

These recommendations aim to improve transparency, reduce inconsistencies, and enhance the reliability of global data.

6. Use of Data

The aggregated data will serve multiple purposes, including:

• Flow data: For tracking transaction volumes and trends.
• Loan data: For understanding outstanding balances and market positions.
• Collateral data: For monitoring collateral velocity, haircuts, and collateral management practices.

This data will help authorities in financial stability monitoring and policy development, particularly for assessing systemic risks and market behavior.

7. Annexes and Additional Considerations

• Annex 1 outlines recommendations for improving market transparency based on the August 2013 Report.
• Annex 2 provides an example of using TRs (transaction reports) as the main data source for the European Commission's legislative proposal.
• Annex 3, 4, and 5 detail data on repos, securities lending, and margin lending for financial stability purposes.

The FSB also invites comments on the proposed standards and processes, with a deadline of 12 February 2015, and encourages evidence-based responses to consultative questions.

8. Consultative Questions

The document includes six consultative questions to seek feedback on:

1. The practicality of the proposed repo definitions for cross-jurisdiction data collection.
2. Economically equivalent transactions to repos for future inclusion.
3. The appropriateness of data element definitions and granularity.
4. Challenges in reporting re-used collateral.
5. Whether the market segment classifications reflect structural features of repo markets.
6. Additional data elements needed for financial stability monitoring.

These questions are intended to refine the standards and ensure they meet the needs of financial stability authorities and market participants.

9. Conclusion

The document proposes a comprehensive framework for the collection and aggregation of securities financing data. It aims to improve transparency, reduce risks, and support global financial stability monitoring by ensuring consistent and comparable data across jurisdictions. The FSB is committed to reviewing and refining these standards based on feedback and pilot exercises.