Statement on Federal Reserve Board’s Proposed Collection of U.S. Treasury Transaction Data
Jan. 22, 2021
I commend the Federal Reserve Board on their proposal to collect data on daily transactions in U.S. Treasury securities from certain banking institutions through FINRA’s TRACE system.[1] Since July 2017, SEC-registered broker-dealers that are FINRA members have reported their Treasury transactions to TRACE. The TRACE data is a key tool in facilitating assessments of market dynamics, effective market oversight, and improved market transparency. As I have previously stated, given the importance of the Treasury market, it is vital that TRACE include a complete set of Treasury transaction information.[2] I look forward to continued collaborative efforts among regulators to pursue initiatives to enhance the Treasury market’s transparency, integrity, and resiliency.
[1] See Proposed Agency Information Collection Activities; Comment Request, 86 FR 6329 (Jan. 21, 2021) available at https://www.federalreserve.gov/boarddocs/press/foiadocs/2021/20210121/foia20210121.pdf. The Federal Reserve Board also proposed to collect data on daily transactions by certain banking institutions in the debt and mortgage-backed securities issued by U.S. federal government agencies.
[2] See Elad L. Roisman, Remarks at U.S. Treasury Market Conference (Sept. 29, 2020) available at https://www.sec.gov/news/speech/roisman-us-treasury-conference-2020-09-29.