About OFRThe Office of Financial Research (OFR) helps to promote financial stability by looking across the financial system to measure and analyze risks, perform essential research, and collect and standardize financial data.Our job is to shine a light in the dark corners of the financial system to see where risks are going, assess how much of a threat they might pose, and provide policymakers with financial analysis, information, and evaluation of policy tools to mitigate them.Office of Financial ResearchOFR_278ba812-868f-11ee-91c4-2f0b0583ea00The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203) established the OFR principally to support the Financial Stability Oversight Council and its member agencies. ^^ The OFR has a director appointed by the President and confirmed by the Senate, and an organization built around a Research and Analysis Center, and a Data Center.U.S. Department of the TreasuryFinancial Stability Oversight CouncilOFR LeadersJames MartinActing Director ~ James Martin is the Acting Director of the OFR. Mr. Martin's permanent position is as the Deputy Director for Operations and Chief Operating Officer. Prior to joining the OFR in June 2016, Mr. Martin held a number of leadership roles in the U.S. Department of the Treasury, and he served for nearly 20 years in a variety of federal operational, information collection, and analysis roles within the national security community. He has a master's degree and a bachelor's degree, both in business administration. He also holds an executive certificate in international business management and is a graduate of the Treasury’s Senior Executive Service Candidate Development Program. He is a veteran of the U.S. Air Force.Emily AndersonActing Deputy Director for Operations and Chief Operating Officer ~ Emily Anderson is the Acting Deputy Director for Operations and Chief Operating Officer of the OFR. She is responsible for organizational policy, strategy, resource management, and performance measurement. She also oversees the OFR's human capital, budget and procurement, project management, administrative support, facilities, communications, and emergency management programs. Ms. Anderson’s permanent position is as the Associate Director for Management Support. Before joining the OFR in 2020, Ms. Anderson served nearly 10 years at the Consumer Financial Protection Bureau, where she helped to design and stand up the organization, plus programs that improved the experience with human capital and operations overall. She also brings experience from the General Services Administration, National Aeronautics and Space Administration, and National Science Foundation. Ms. Anderson has a master's degree from Georgetown University and a bachelor's degree from Princeton University, as well as a graduate certificate in Innovation and Entrepreneurship from Harvard University.Cornelius CrowleyDeputy Director for Data and Chief Data Officer ~ Cornelius "Con" Crowley is the Deputy Director for Data at the OFR. He oversees financial data products and data standards, managing teams that provide data analysis and develops strategies for data standards to increase efficiency and transparency in the markets. Since joining the OFR in July 2011, Mr. Crowley has also designed and developed data management solutions to support the OFR's research mission. He has broad experience in the financial services industry in the United States, Europe, and Japan, having led operational and strategic initiatives at Merrill Lynch, IBM, and Irving Trust. He has a master's degree in business administration from New York University and a bachelor's degree from the University of Notre Dame.Michael J. PassanteChief Counsel ~ Michael J. Passante is the Chief Counsel at the OFR. He leads a team that provides legal advice on regulatory, transactional, and oversight issues. Prior to joining the OFR, Mr. Passante was the acting general counsel at the White House Office of National Drug Control Policy; the New Jersey state director of the Hurricane Sandy Rebuilding Task Force at the U.S. Department of Housing and Urban Development; and legislative counsel to a subcommittee of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. While on Capitol Hill, he worked extensively on the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the OFR and led to other banking and housing legislation. He was also a prosecutor in New Jersey and a litigation associate at the law firm of Gibson, Dunn & Crutcher in New York. Mr. Passante earned a bachelor's degree in economics from Harvard College, a law degree from Harvard Law School, and a master's degree in public policy from the Harvard Kennedy School.Stacey SchreftDeputy Director for Research and Analysis ~ Stacey Schreft is the Deputy Director for Research and Analysis at the OFR. She oversees an interdisciplinary team of researchers and analysts who produce fundamental research, current analysis, and policy studies. Before joining the OFR in 2015, Dr. Schreft was chief economist for Scout Investments and a member of Scout's senior leadership team. Previously, she served as director of investment strategy at The Mutual Fund Store. Before that, she served for many years as an officer and economist at the Federal Reserve Bank of Kansas City and the Federal Reserve Bank of Richmond. She also served on the economics department faculty at Michigan State University and as a visiting finance professor at the Wharton School of the University of Pennsylvania. She has a doctorate and a master's degree in economics from the University of Minnesota and a bachelor's degree in economics from Smith College.Mario NardoniDeputy Director for Technology and Chief Technology Officer ~ Mario Nardoni is the Deputy Director for Technology at the OFR. Through his leadership of the OFR's Technology Center, he is responsible for delivering effective and secure information technology solutions and programs. Since joining the OFR in 2011, Mr. Nardoni has led the architecture development, engineering, and build-out of the OFR's technology services. He has over 25 years of information technology leadership experience in both the public and private sectors. He has a master's degree in advanced information technology and business management from the University of Wales in Cardiff, United Kingdom, and a bachelor's degree in computer science from Abilene Christian University in Abilene, Texas. He also holds an executive MBA certificate from the Pan-American University in Mexico City, Mexico.Financial Research Advisory CommitteeThis committee provides advice to the OFR, bringing diverse perspectives to inform the OFR's research-and-data agendas and helping the OFR to fulfill its mission. The committee is helping the OFR develop and employ best practices for data management, data standards, and research methodologies.Randall S. KrosznerChairman ~ Chairman Randall S. Kroszner is the Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business. From 2006 to 2009, he was a member of the Federal Reserve Board of Governors. He chaired the Federal Reserve Board’s committees on Supervision and Regulation and Consumer and Community Affairs. In these capacities, he led the development of responses to the 2008-09 financial crisis and undertook new initiatives to improve consumer protection and disclosure for credit cards and mortgages. He represented the Federal Reserve Board on the Financial Stability Board and the Basel Committee on Banking Supervision, and he chaired the Organization for Economic Cooperation and Development's working party of deputy central bank governors and deputy finance ministers on international macroeconomic policy. From 2001 to 2003, he served in the White House as a member of the Council of Economic Advisers. He currently serves as a member of the Federal Reserve Bank of Chicago’s Academic Advisory Council.Tamala LongabergerVice Chair ~ Vice Chair Tamala Longaberger is the former chief executive of the Longaberger Company, a privately held family firm that specialized in handmade baskets and other home goods. The family sold the company in 2013. Today, she continues to serve as president and a member of the board of the Longaberger Family Foundation. She serves as a board member of the International Republican Institute (IRI), a Washington, DC–based organization dedicated to advancing freedom and democracy worldwide, and she also serves as an international election observer. In 2003, she served as a U.S. delegate to the United Nations Commission on Human Rights. She was appointed by President George W. Bush as the chair of the National Women’s Business Council and served on the board of the Woodrow Wilson International Center for Scholars. Ms. Longaberger earned a bachelor's degree in business administration from Ohio State University and is the former chair of the Ohio State University Board of Trustees.Lawrence GoodmanLawrence Goodman is founder and president of the Center for Financial Stability, a nonpartisan think tank with business lines spanning the future of finance, data and analytics, policy, and technology. He is an economist with expertise in global macro investment strategies, financial crises, and sovereign-debt restructuring. He has advised hedge funds and governments and led research teams on Wall Street and the U.S. Department of the Treasury. At Treasury, he also co-founded and chaired an interagency working group of 13 agencies that advised principals on future financial vulnerabilities. Mr. Goodman is a member of the Export-Import Bank of the United States Advisory Committee. He serves as chairman of the board of The First Alliance Foundation and a member of the advisory board of the Penn Institute for Economic Research (PIER). Previously, he served on the executive committee for the Global Equity Group at Santander Investment and on the board of EMTA (formerly the Emerging Markets Traders Association).Greg HopperGreg Hopper is a Senior Fellow at the Bank Policy Institute. In 2022, he retired from Goldman Sachs, where he previously was head of the Office of New and Emerging Risks (which was focused on climate risk management) and global head of Enterprise Risk Management. In those roles, he oversaw the Sovereign and Economic Risk Group, Firmwide Risk Identification, Firmwide Limits and Risk Appetite, ESG Quantitative Analysis, Firmwide Stress Testing, and the Risk Economics Group. He also led the Comprehensive Capital Analysis and Review process for the Risk Division. He was co-chair of the Firmwide Stress Test Committee and a member of the Firmwide Model Risk Control Committee and the Risk Governance Committee. During his career at Goldman Sachs, he also led a number of quantitative modeling groups, counterparty credit risk management groups, and hedge fund risk management groups. Mr. Hopper joined Goldman Sachs in 2004 as a vice president and was named managing director in 2006. Before joining Goldman Sachs, he was an executive director at Morgan Stanley, where he was also head of the Credit Analytics Group.Steve JoachimSteve Joachim is the CEO of SHGB Associates LLC, which offers management consulting and data product services to young companies. He is also chairperson of the Board of Directors for the Global Legal Entity Identifier Foundation (GLEIF) and serves as the CFO of Smart World Productions LLC, the producer of North America's largest conference on smart cities. Before that, he was executive vice president of Transparency Services at the Financial Industry Regulatory Authority (FINRA). Before joining FINRA, from 1997 to 2001, he was the senior vice president, chief strategy officer, and general manager for Plural, a custom interactive software development and strategy firm. In 1983, he began a nearly 15-year stint with Merrill Lynch. Mr. Joachim has been the chairman of the International Forum for Investor Education and has served as a member of the Philadelphia Stock Exchange Board of Governors, the board of directors for Merrill Lynch Specialists Inc., and the board of directors for Wilco Inc. He has also been a member of the Nasdaq Industry Advisory Committee and the American Stock Exchange Upstairs Member Advisory Committee.Charlie PlosserCharlie Plosser served as president and CEO of the Federal Reserve Bank of Philadelphia from 2006 to his retirement in 2015. He is currently a visiting fellow at the Hoover Institution at Stanford University and serves as a director on several boards. Prior to joining the Federal Reserve Bank of Philadelphia, he was the John M. Olin Distinguished Professor of Economics and Public Policy and director of the Bradley Policy Research Center at the William E. Simon Graduate School of Business Administration at the University of Rochester, where he also served as dean from 1993 to 2003. His research interests include macroeconomics, monetary theory and policy, econometrics, and finance. He has published articles in major economic journals, and for 20 years, he has served as coeditor with Robert King of the Journal of Monetary Economics. Mr. Plosser has been a visiting scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. He also has served as a research associate at the National Bureau of Economic Research in Cambridge, Massachusetts. In the last decade, he has given more than 100 talks around the world to academics, the business community, and the general public on topics ranging from economics and public policy to management education and forecasting.John RydingJohn Ryding is chief economist of RDQ Economics LLC, an independent economic research and consulting firm, and also chief economic advisor to Brean Capital LLC, a New York-based full-service broker-dealer. Prior to founding RDQ Economics, he was the chief U.S. economist at Bear Stearns and Co. He started his career in 1980 at the economics department of the Bank of England, where he held various positions, including the head of the Economic Forecasting Group. He was also a senior economist at the Federal Reserve Bank of New York from 1989 to 1991. Mr. Ryding is a graduate of Cambridge University in England. He has been selected to represent the views of financial research economists on macroeconomic issues. He has expertise in U.S. economic and monetary policy and economic forecasting.Marc SumerlinMarc Sumerlin is managing partner at Evenflow Macro, a global macroeconomic consulting firm he founded in 2013. From 2003 to 2012, he served as managing director and cofounder of the Lindsey Group, during which time, he traveled extensively to Japan, China, and Europe and testified before the Congressional Oversight Panel on the origins of the financial crisis. From 2001 to 2002, he served as deputy assistant to the President for economic policy and deputy director of the National Economic Council. In that capacity, he helped President George W. Bush develop and implement his economic agenda. He also worked as an economic policy advisor for the George W. Bush for President campaign, after starting his career at the U.S. Senate Budget Committee. Mr. Sumerlin holds a master's degree in applied economics from Johns Hopkins University and a master's degree in public policy from Duke University, where he was a Senator Jacob Javits Fellow. He graduated magna cum laude from Georgetown University. He serves on the Board of Governors at the Johns Hopkins Wilmer Eye Institute. He has been selected to represent financial regulatory advisors because of his extensive experience managing financial, economic, and political risks and his expertise on the origins of the 2007-09 financial crisis.Jason TrennertJason Trennert is the chairman and CEO of Strategas and its related companies. In addition, as chief investment strategist, he is known as one of Wall Street’s top thought leaders on the subject of markets and economic policy. His research pieces are read by leading institutional investors and corporate executives around the globe. In 2006, he cofounded Strategas, which initially began with just five employees. Today, the firm employs over 50 research analysts, institutional salesmen, and sales traders at its offices in New York and Washington, DC. It has clients in 45 states and 25 foreign countries. Before founding Strategas, he was the chief investment strategist and a senior managing director at the International Strategy & Investment (ISI) Group, where he built and oversaw two of that firm’s most popular research efforts: its Company Surveys and Investment Strategy groups. He is a frequent contributor to The Wall Street Journal editorial pages and has authored three books on investing and the investment business. He is committed to a number of Italian, Italian-American, and Catholic causes in New York and abroad. For his efforts, he was awarded the honorific of Cavaliere by the Republic of Italy on June 2, 2017. Mr. Trennert is a member of the investment committee of the National World War II Museum and the advisory board of Hollow Brook Wealth Management. He has an MBA from The Wharton School at the University of Pennsylvania and a bachelor’s degree in international economics from Georgetown University.A transparent, accountable, and resilient financial system_278ba90c-868f-11ee-91c4-2f0b0583ea00To deliver high-quality financial data, standards and analysis_278ba9c0-868f-11ee-91c4-2f0b0583ea00StabilityOpennessOpen Government Initiative ~ Treasury is Committed to Open Government. Implementation of the Open Government Directive is a major step in creating a culture of transparency, participation, and collaboration in government operations, opening new lines of communication and cooperation between the government and the American peopleTransparencyParticipationCollaborationInformationInformation Quality Guidelines ~ The Department of the Treasury disseminates a variety of information to the public. Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 [Public Law 106-554] requires Federal agencies to issue guidelines ensuring and maximizing the quality, utility, objectivity, and integrity of disseminated information.QualityUtilityObjectivityIntegrityMonitoring Tools_278baaa6-868f-11ee-91c4-2f0b0583ea00Bank Systemic RiskMonitor systemic risks posed by the largest banks_278bab50-868f-11ee-91c4-2f0b0583ea001.1Large BanksThe OFR Bank Systemic Risk Monitor (BSRM) is a collection of key measures for monitoring systemic risks posed by the largest banks. These include systemic importance scores for international and U.S. banks, the OFR’s Contagion Index, and other common measures of systemic risk. ^^ The monitor enhances and expands upon the OFR G-SIB Scores Interactive Chart.Financial InstrumentsEstablish a set of granular data elements for describing financial instruments_09163192-8ae8-11ee-8f04-3b2a1d83ea001.2Financial Instrument Reference Database (FIRD) ~ Data describing financial instruments are often complex, incomplete, and incompatible. These weaknesses impede companies and investors in managing their risk, and regulators in overseeing firms, markets, and the financial system as a whole. The first phase of the Financial Instrument Reference Database establishes a set of granular data elements that are the basis for describing financial instruments. This foundational component is a data dictionary that leverages the ISO 20022 international standard for the development of financial messages, data elements of the Financial Information eXchange (FIX) Protocol and the data dictionary provided by the ACTUS Financial Research Foundation. Future phases of the multiyear rollout of the Financial Instrument Reference Database will build on this foundation. ^^ The Financial Instrument Reference Database provides the terms and definitions for five asset classes: Equity, Debt, Option, Warrant, and Future. Within the ACTUS Algorithmic Financial Contract Standard, the ACTUS Data Dictionary and the ACTUS Algorithms represent financial instruments by their contractual cash flow obligations.Short-Term FundingPresent data on short-term funding markets and place them in context with other data sources_09163390-8ae8-11ee-8f04-3b2a1d83ea001.3Financial InstitutionsCash InvestorsOFR Short-term Funding Monitor ~ Short-term funding markets are the core of liquidity and maturity transformation in financial markets. They provide financing for financial institutions, serve as alternatives to deposits for cash investors, and can be used to obtain securities. However, as unavoidable consequences of their functions, these critical markets are vulnerable to disruptions. Problems faced by financial institutions or other parts of the financial system often appear as stresses in short-term funding markets. As part of the Office of Financial Research's mission to promote and monitor financial stability, the OFR collects a variety of data on these markets. The Short-term Funding Monitor presents these data and places them in context with other data sources.Money MarketsTrack the investment portfolios of money market funds_091634c6-8ae8-11ee-8f04-3b2a1d83ea001.4Money Market FundsU.S. Money Market Fund Monitor ~ This monitor is designed to track the investment portfolios of money market funds by funds' asset types, investments in different countries, counterparties, and other characteristics. Users can view trends and developments across the MMF industry. Data are downloadable and displayed in six interactive charts. The reference guide contains examples of how to use the monitor and additional information.Financial MarketsReview themes and developments in financial markets_091635fc-8ae8-11ee-8f04-3b2a1d83ea001.5Financial MarketsFinancial Markets Monitor ~ The Financial Markets Monitor is a review of themes and developments in financial markets. This monitor reflects the OFR staff's best interpretation of financial market developments and views. It does not necessarily reflect a consensus of market participants and does not necessarily represent official positions or policy of the OFR or the U.S. Treasury.Data & Standards_0916371e-8ae8-11ee-8f04-3b2a1d83ea00Financial StabilityAnalyze risks to financial stability_09163840-8ae8-11ee-8f04-3b2a1d83ea002.1Financial Stability Oversight Council (FSOC)Joint Analysis Data Environment (JADE) ~ JADE is an OFR-hosted platform designed for Financial Stability Oversight Council (FSOC) member agencies to analyze risks to financial stability. To facilitate collaborative research, JADE offers scalable, high-performance computing with analytical software and support for programming languages such as R and Python in a cloud-based environment with analysis-ready data.Financial InstrumentsEstablish a set of granular data elements for describing financial instruments_091639bc-8ae8-11ee-8f04-3b2a1d83ea002.2Financial Instrument Reference Database (FIRD) ~ Data describing financial instruments are often complex, incomplete, and incompatible. These weaknesses impede companies and investors in managing their risk, and regulators in overseeing firms, markets, and the financial system as a whole. The first phase of the Financial Instrument Reference Database establishes a set of granular data elements that are the basis for describing financial instruments. This foundational component is a data dictionary that leverages the ISO 20022 international standard for the development of financial messages, data elements of the Financial Information eXchange (FIX) Protocol and the data dictionary provided by the ACTUS Financial Research Foundation. Future phases of the multiyear rollout of the Financial Instrument Reference Database will build on this foundation. ^^ The Financial Instrument Reference Database provides the terms and definitions for five asset classes: Equity, Debt, Option, Warrant, and Future. Within the ACTUS Algorithmic Financial Contract Standard, the ACTUS Data Dictionary and the ACTUS Algorithms represent financial instruments by their contractual cash flow obligations.Repo MarketsPublish information on rates and volumes in three segments of repurchase agreement (repo) markets_09163af2-8ae8-11ee-8f04-3b2a1d83ea002.3U.S. Repo Markets Data Release Information ~ Preliminary and Final U.S. Repo Markets Data Release ^^ On September 9, 2020, the Office of Financial Research began daily publication of preliminary series on rates and volumes in three segments of repurchase agreement (repo) markets. These series include information on rates and volumes in each segment, with detail available by tenor or collateral. Preliminary series may be subject to revision in a later final release. Questions and comments can be submitted to webmaster@ofr.treasury.gov. ^^ These series are updated most weekdays at 3 p.m. as an update to the Short-term Funding Monitor. Data for centrally cleared repo markets are generally made available with a one business day lag, and data for tri-party repo are generally made available with a two business day lag. Data are not published for market holidays. Releases are not published on government holidays and data for affected days are instead published on the next day the government is open. ^^ On June 30, 2021, the OFR released the first set of final series for the U.S. Repo Markets Data Release. Final releases will continue on a quarterly basis and will not be revised in subsequent releases. Each quarter, the OFR will add new final releases covering all repo series for the prior quarter. These data have been validated by OFR staff on a transaction-by-transaction basis. ^^ Use of Data ~ The interest rate information published in this release is provided for informational purposes only. In particular, the rate information is not administered to International Organization of Securities Commissions (IOSCO) standards and is not intended to be referenced in contracts. Users who seek repo-based interest rates that are suitable for use as a reference rate may wish to consider one of the rates that are published by the Federal Reserve Bank of New York, in cooperation with the OFR: the Secured Overnight Financing Rate (SOFR), the Broad General Collateral Rate (BGCR), the Tri-Party General Collateral Rate (TGCR), or one of the SOFR Averages or Index.Bilateral Repo DataEstablish a data collection of non-centrally cleared bilateral transactions in the U.S. repurchase agreement market_09163c1e-8ae8-11ee-8f04-3b2a1d83ea002.4Non-centrally Cleared Bilateral Repo Data ~ The repurchase agreement (repo) market is a foundational component of the U.S. financial system, providing trillions of dollars of daily funding and facilitating liquidity for U.S. Treasuries and other securities. The repo market allows participants to borrow cash against securities pledged as collateral, with an obligation to repurchase those securities in the future. ^^ The Non-centrally Cleared Bilateral Repo (NCCBR) market, with an estimated market size exceeding $2 trillion outstanding, is the largest of the repo market's four segments. The NCCBR segment remains opaque. This is the only segment of the market that contains neither a central counterparty nor a triparty custodian. ^^ Pilot Data Collection As a starting point to address the gap and provide more information on the market, the OFR secured the voluntary participation of nine dealers for a pilot data collection. These dealers include primary dealers and nonprimary dealers, bank-affiliated and nonbank-affiliated dealers, and both purely domestic dealers and dealers that are affiliates of foreign institutions. ^^ The OFR collected NCCBR transaction-level data from these dealers for three days in June 2022. Each voluntary participant provided details on their outstanding non-centrally cleared bilateral 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. ^^ Proposed Rule to Establish an Ongoing Data Collection ~ In January 2023, the Office of Financial Research proposed a rule to establish a data collection of non-centrally cleared bilateral transactions in the U.S. repurchase agreement market. This collection supplements the transactional information the OFR has access to on the triparty and centrally cleared FICC DVP and FICC GCF markets. This proposed rule is designed to fill a critical gap in the repo market by collecting data on the non-centrally cleared bilateral repo market and provide greater transparency into a historically opaque market.Legal EntitiesPrecisely identify the legal entities on both sides of transactions_09163d68-8ae8-11ee-8f04-3b2a1d83ea002.5Legal EntitiesFinancial RegulatorsFinancial Stability Oversight CouncilPolicymakersLehman BrothersWhen Lehman Brothers failed in September 2008, the financial firms it did business with struggled to assess their total exposure as a result of this historic bankruptcy. At the same time, financial regulators were unclear about the consequences of a Lehman failure, in part because no industrywide standards existed for identifying and linking financial data to the entities or instruments affected by the failure.The Legal Entity Identifier, or LEI, is a data standard -- similar in concept to a bar code on store items -- but that instead precisely identifies parties to financial transactions. The Office of Financial Research (OFR) has led the global LEI initiative from a mere concept to a fully operational system. ^^ By identifying the precise legal entity on either side of a transaction, the LEI helps financial companies and their regulators and policymakers trace exposures and connections across the financial system. With LEIs, financial companies can become more efficient at internal reporting, risk management, data collection, and data maintenance. It also eases regulatory reporting burdens by reducing the overlap and duplication tied to using multiple identifiers. ^^ Since the launch of the LEI system in 2014, its use has been mandated in aspects of financial reporting in the United States and abroad, as well as implemented voluntarily. These steps have driven LEI adoption across the globe, with more than 1.9 million LEIs issued to entities in over 225 countries and territories as of August 2021. ^^ However, regulators should universally mandate the use of LEIs to bring efficiencies to reporting entities and highly useful information to the Financial Stability Oversight Council, its members, and other policymakers.Interagency DataCatalog the data collected by FSOC member organizations_09163eb2-8ae8-11ee-8f04-3b2a1d83ea002.6Financial Stability Oversight Council (FSOC)Interagency Data Inventory ~ The Interagency Data Inventory is a product of the Data Committee of the Financial Stability Oversight Council (FSOC). The inventory catalogs the data collected by FSOC member organizations. The inventory contains information -- metadata -- about each data collection. It does not contain the underlying datasets. For each data collection, the inventory has basic information, such as a brief description of the collection, collecting organization, and the name and number of the form used to collect the data. ^^ The inventory may be used for identifying data gaps and for improving research and analysis to understand threats and vulnerabilities in the financial system.LIBORReform LIBOR_09163ffc-8ae8-11ee-8f04-3b2a1d83ea002.7LIBOR Alternatives under Development ~ LIBOR is an interest rate benchmark used as a reference rate. This reference rate reflects the general cost of large banks’ borrowing that is not backed by collateral. U.S. dollar LIBOR plays a central role in the U.S. financial markets and economy. It is used to set interest rates on financial products such as mortgages and private student loans. ^^ The difference between LIBOR, formerly known as the London Interbank Offered Rate and now ICE LIBOR (Intercontinental Exchange LIBOR), and benchmark rates that reflect minimal credit risk is used as a measure of risk in banks and stress in financial markets. ^^ During the financial crisis, some banks attempted to manipulate LIBOR to increase returns on their derivatives positions and hide their risks. Also, after the crisis, transaction volumes in LIBOR dwindled. As a result, confidence in this reference rate dropped. The thin and declining base of transactions underpinning LIBOR led to calls for reform in the United States and abroad. ^ The Federal Reserve Board and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee (ARRC) to identify an alternative to LIBOR. The OFR, a member of ARRC, collaborated with the Federal Reserve and the Federal Reserve Bank of New York to develop three new rates. In June 2017, the ARRC selected one of these rates, the Secured Overnight Financing Rate (SOFR), as its recommended alternative to U.S. dollar LIBOR. ^^ The SOFR is based on repo interest rates. A repo, or repurchase agreement, is a secured loan; one party sells a security to another party and agrees to repurchase it later at a set date and price. Because repos are a key source of short-term funding in the financial system, a rate based on these transactions is a good candidate for an alternative reference rate. ^^ The SOFR will include overnight, Treasury-backed repo transactions that take place in the Bank of New York Mellon's triparty repo system or are cleared through one of two Fixed Income Clearing Corporation platforms: (1) the Delivery-Versus-Payment Repo Service and (2) the General Collateral Finance (GCF) Repo Service. ^^ In February 2019, the OFR adopted a rule to establish a data collection covering centrally cleared funding transactions in the U.S. repo market. Data from the collection will be used to enhance the production of the SOFR. ^^ Prior to the ARRC’s work, the OFR collaborated with the Federal Reserve and the Securities and Exchange Commission in 2015 to conduct a voluntary pilot project to explore how to collect data about bilateral repo agreements. ^^ The transition to a new reference rate will require broad acceptance by the financial markets. Collaboration between industry and government will be key to a smooth and fast transition. The OFR is involved in the planning for the alternative reference rate and is playing a role in its implementation.Swap DataImprove transparency in derivatives markets by requiring that data related to transactions in swaps be reported to swap data repositories_0916415a-8ae8-11ee-8f04-3b2a1d83ea002.8Commodity Futures Trading Commission (CFTC)Data Quality in Swap Data Repositories ~ Financial reform sought to improve transparency in derivatives markets by requiring that data related to transactions in swaps be reported to swap data repositories. Swap data are critical to understand exposures and connections across the financial system, and the repositories are designed to be high-quality, low-cost data collection points. ^^ The credit default swap data reported to these repositories exemplify new sources of data that supervisors are getting to know for the first time. Because centralizing and reporting these data are so new, some issues are arising in establishing consistent, well understood data definitions and data structures so supervisors can reliably combine and analyze the information. ^^ The OFR and the Commodity Futures Trading Commission (CFTC) want to promote the use of data standards in swap data reporting to assure data quality and utility. Together, we announced in March a memorandum of understanding for a joint project to enhance the quality, types, and formats of data collected from registered swap data repositories (see related press release). ^^ Under a second agreement, members of the OFR staff are working on a detail at the CFTC. Together, we are aggressively moving forward.2023-11-24https://www.financialresearch.gov/OwenAmburOwen.Ambur@verizon.net