07/08/2018
ECB issues call for comments on draft regulations for money market statistics
The European Central Bank (ECB) on 6 August launched a call for comments on draft regulations by the ECB concerning money market statistics. The modification to the regulations aims to simplify the declaration system, and to improve the quality of statistics on the euro money market declared to the European System of Central Banks (ESCB). The central bank will accept comments until 10 September 2018.The ECB points out that it has been collecting data on the euro money market since 1 July 2016, pursuant to regulation ECB/2014/48 concerning money market statistics, known as the Money Market Statistical Reporting Regulation (MMSR). Since then, detailed data have been declared by the major banks in the euro zone for transactions denominated in euros for the following segments of the money market: white operations, guaranteed operations, currency swaps, and overnight index swaps (OIS).To improve statistics on the money market, the ECB has released a draft regulation to modify regulation ECB/2014/48 (MMSR). The modified regulation would guarantee that transactions with all financial counterparties would be covered by MMSR regulations. It would also promote more declarations of the Legal Entity Identifier (LEI) for counterparties, where this is available, to ensure that data collection benefits from the extended use of LEI for declarations in the Union. The regulation would also strengthen obligations on declarers to respect high standards designed to protect the integrity of information. The draft regulation states that data collected may be used for development and management of day-to-day interest rates for white market lending operations.
