July 5th is the effective date for OFR's NCCBR rule

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July 5 is the effective date for the OFR’s Final Rule, which establishes a data collection of certain non-centrally cleared bilateral transactions in the U.S. repo market. Under the Final Rule, Covered Reporters include two categories of financial companies. The first category includes certain brokers and dealers, while the second includes certain other financial companies. All Covered Reporters have large exposures to the NCCBR market, with at least $10 billion in average daily total outstanding commitments to extend guarantees on and borrow cash through NCCBR transactions over all business days during the prior calendar quarter.

Covered Reporters can begin testing their data submissions at any time. We encourage testing as early as possible, but no later than 90 days before reporting compliance starts.

The timeline for financial companies that are Covered Reporters as of the effective date of the Final Rule is: 

If firms believe they are a Covered Reporter, they can begin the onboarding process by reaching to dcu_support@ofr.treasury.gov. If firms or the public have questions about the collection, they can reach out to nccbr_general_inquiries@ofr.treasury.gov. 

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