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FSB Publishes Final Standards on SFT Data Collection and Aggregation

On 18 November 2015, the Financial Stability Board (FSB) published its final “Standards and processes for global securities financing data collection and aggregation”.

The report builds on policy recommendations to address financial stability risks with respect to securities financing transactions (SFTs) published by the FSB in August 2013 and details standards and processes to allow the FSB to periodically (at least monthly) collect aggregated SFT data from national and regional authorities. It also includes recommendations to national and regional authorities for the collection of consistent and comprehensive data from market participants.

The report defines the data elements for a 2-sided reporting regime applicable to both banks and non-banks in relation to repos, securities lending and margin lending transactions.  In this sense it is largely consistent with the EU’s SFT reporting regime, as detailed within the Securities Financing Transaction Regulation.  The FSB recommends that national/regional authorities report two sets of data for global aggregation, (i) Flow Data (transactions traded over a certain period of time), and (ii) Position/stock data (outstanding balances of transactions measured at a given point in time).  However, the proposed data elements are not intended to restrain national/regional authorities from collecting additional data elements or adopting higher frequency or higher level of detail, provided that the data collected is consistent with the proposed FSB approach.

The FSB will start working on detailed operational arrangements in 2017 with a view to commencing global data collection and aggregation by the end of 2018.

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