The U.S. Treasury Department Office of Financial Research ("OFR") adopted final rules establishing a data collection requiring the reporting of certain information about centrally cleared transactions in the U.S. repurchase agreement ("repo") market to the OFR.
As previously covered, the final rule will require certain U.S. central counterparties ("CCPs") to report daily on repo transactions. The primary purposes of the final rule are to (i) enable the Financial Stability Oversight Council and the OFR to identify and monitor risks to financial stability and (ii) improve the calculations of certain reference rates, such as the Secured Overnight Funding Rate (SOFR).
The OFR stated that under the final rules:
The rule will become effective 60 days following its publication in the Federal Register.
The U.S. Treasury Department's Office of Financial Research proposed a rule to require data collection that covers centrally cleared transactions in the U.S. repurchase agreement market.
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