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Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2006 - Reporting Standard ARS 320.5 - Securities Subject to Repurchase and Resale and Stock Lending and Borrowing
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2006 - Reporting Standard ARS 320.5 - Securities Subject to Repurchase and Resale and Stock Lending and Borrowing.
Specific instructions
Refer to the sector definitions in the ARF 320.0 Statement of Financial Position (Domestic Books) instructions as a general guide for reporting by sector. In particular, care should be taken in reporting debt securities that appear to be issued by State, Territory and local government (and therefore classified on this form as "Other debt securities"), which may actually be issued by central borrowing authorities. State central borrowing authorities have taken over almost all bond issuance for funding required by State, Territory and local governments.
Securities subject to repurchase and resale and stock lending and borrowing
Repurchase/Resale agreements (repos) are undertaken for the purposes of liquidity management, increasing income generated from a security, and/or to minimise the cost of borrowing. Securities lending tends to take place to cover "short" positions in a security, and/or to increase income generated from a security. Repos and securities lending are very similar, with only a very fine division between the two types of transactions. In both cases the arrangement involves the transfer of legal ownership of securities (debt or equity) between the original holder and "borrower", including the right for the "borrower" to on-sell the securities. However, in both transactions, the market risk on the security and right to holding gains (and losses) and income generated by the security remains with the original holder. Repos and securities lending both occur at a specified price with a commitment to repurchase the same or similar securities at a fixed price on a future date, which is specified in the contract or available on demand. Primarily the difference between repos and securities lending transactions is that securities lending involves the payment of a fee to the "lender" as an incentive to agree to the transaction as it generates an additional return on the security. The fee is independent of any income that may be earned on the security. Repo transactions however generate interest income for the "borrower" although in certain circumstances where the cash provider ("borrower") as a specific need for a security, the borrowing rate could fall to zero.[3] Repos involve the provision of collateral and an exchange of cash whereas securities lending doesn't necessarily involve cash exchange or collateral.
Securities subject to repurchase and resale
Report all securities (debt and equity) held under resale agreements and due for repurchase at the end of the reference period by counterparty to the agreement. Report all securities at market value.
Separate repurchase/resale agreements, even when with the same counterparty, should not be netted against each other if they involve different security types.
Include:
Stock lending and borrowing
Report all securities (debt and equity) borrowed and lent at the end of the reference period by counterparty to the agreement. Report all securities at market value.