External Meetings: Call with Treasury Department re: data fields
The discussion centered on a request by the U.S. Department of~the Treasury to include a data field in the Part 45 technical specifications that~asks whether a swap involves a federal counterparty. Federal counterparties may include entities~such as (1) agencies, as~defined in 5 U.S.C. § 551(1); (2) government corporations, including as defined~in in 5 U.S.C. § 103(1) or in 31 U.S.C. § 9101; (3)~government-sponsored enterprises, such as those defined in 2 U.S.C. § 622(8);~(4) a federally funded research and development center on the master list~referenced in 48 CFR 35.017-6; (5) an entity chartered pursuant to federal law~after formation, such as an entity listed in title 36 of the U.S. Code;~and (6) an entity established by any of the prior-listed~entities, or which has an ultimate parent listed in the GLEIF-LEI database that~is one of the prior-listed entities. ~~
~Treasury explained~that adding a field to the technical specification to identify federal~counterparties is important to monitor the total exposure of federal entities to~the swaps markets, particularly with respect to Treasury-related derivatives. This information could assist with a variety~of functions, including monitoring for systemic risk.