This story appeared in Bank Digest.
The Office of Financial Research has adopted a final rule to establish a data collection covering centrally cleared funding transactions in the United States repurchase agreement (repo) market. The rule will become effective 60 days after publication in the Federal Register.
According to the OFR's press release, the daily collection will enhance the ability of the FSOC to identify and monitor potential risks to U.S. financial stability by closing the data gap related to centrally cleared repo transactions. The collection will also support the calculation of certain reference rates, particularly alternatives to the U.S. dollar London Interbank Offered Rate (LIBOR).