Thursday, March 30, 2017

OFR Launches Initiative to Reduce Regulatory Reporting Burden

Author: David Schwartz

In a March 16, 2017 address before the Financial Data Summit in Washington, DC, Richard Berner, Director of the Office of Financial Research (OFR), announced an initiative to identify areas of “duplication, overlap, and inefficiency in regulatory reporting.” The initiative is being undertaken in partnership with with the Financial Stability Oversight Council (and its member agencies). The goal of the project is to “improve data quality and reduce the reporting burden” faced by regulated financial firms. 

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Thursday, March 16, 2017

OFR Publishes Trio of Central Clearing Studies

Author: David Schwartz

Over the past few weeks, the U.S. Office of Financial Research (OFR) has published a trio of papers looking at various aspects of central counterparties (CCPs). These papers range from the best way to stress test CCPs, to the adequacy of CCP margin requirements and the relative risks and utility of central clearing to repo markets.

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Thursday, April 28, 2016

OFR Data Finds US Banks Still the Most Systemically Important

Author: David Schwartz

On April 13, 2016, the Office of Financial Research (OFR) published its annual systemic importance data for the world’s larges banks.  Based on data released in 2013 and 2014 by the Basel Committee, the OFR’s report examined data for the global 30 banks designated as G-SIBs, which included eight US bank holding companies.  The OFR’s data collection and analysis is particularly significant because, beginning this year, regulators will employ this systemic importance data in determining capital requirements for banks.

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Wednesday, March 30, 2016

GAO Finds U.S. Financial Regulatory Structure Fragmented and Inefficient

Recommends Action by Congress on Overlapping Regulations and the FSOC

Author: David Schwartz

In a report released March 28, 2016, the GAO concluded that fragmented and overlapping oversight has created inefficiency in the U.S. financial market regulatory structure. The GAO recommended that Congress should consider taking steps to reduce or better manage fragmentation and overlap, and also determine whether legislative changes are needed to align Financial Stability Oversight Council's (FSOC) authorities with its mission to respond to systemic risks.

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Thursday, February 4, 2016

OFR Publishes Repo Survey Results. Calls for Better Data Standards.

Author: David Schwartz

The Office of Financial Research released results of its survey of the bilateral repo markets.  The report, "The U.S. Bilateral Repo Market: Lessons from a New Survey,” provides aggregate statistics on U.S. dealers’ bilateral repo agreements and economically equivalent securities lending activities. The data for three "snapshot" dates in 1Q2015 were collected from the U.S.-affiliated securities dealers of nine bank holding companies as part of a voluntary pilot program run by the OFR and the Fed with input from the Securities and Exchange Commission.

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