The Board of Governors of the Federal Reserve System is extending the Central Bank Survey of Foreign Exchange and Derivatives Market Activity (FR 3036) for three years with revisions. This updated survey, effective April 2025, aims to better align with the guidelines set for the 2025 global data collection led by the Bank for International Settlements (BIS). The survey will involve 21 respondents, including large commercial banks, and will help the Federal Reserve gather crucial data about foreign exchange transactions. Despite one public comment suggesting real-time data capture, the Board decided to proceed with the original proposal, emphasizing that the survey's current scope appropriately balances gathering information and the burden on respondents.
Simple Explanation
The Federal Reserve is going to keep asking big banks questions about how they trade money with other countries, but they will change the questions a bit to get better answers. They got one suggestion on how to make it better but decided not to change their plan.