FR 2004 Reporting: Description Revised, July 2024 Forms Still Apply

The Federal Reserve Board’s reporting forms site logged one entry for FR 2004 on 2 November 2026: “Description page was updated.” FR 2004 is the Government Securities Dealers Reports family that primary dealers in U.S. government securities file with the Federal Reserve Bank of New York (FRBNY), and the entry came with no new form, no new instructions and no Federal Register link. For FR 2004 reporting teams, the operative package is still the one behind the page’s “Current” links: instructions whose cover reads “Effective July 2024” and forms under OMB number 7100-0003, approved until 30 June 2027.

The update log does not say which parts of the description changed, and no earlier copy of the page was available to compare. The page is a summary of the collection; the instructions a senior officer signs against carry the report-specific fields, submission steps and timetable, and the two read differently in places.

Related reading: FR 2028 Reporting: FR 2028D and FR 2028B Form Updates

FR 2004 reporting package: dates and versions in one place

One version trap sits inside the package. The instruction book’s cover says “Effective July 2024”, but most pages checked keep a January 2022 footer, and pages C-1 and C-2 of the FR 2004C section carry July 2024; the form PDF mixes 07/2024, 01/2022, 01/2015 and 03/2013 footers. The cover date and the Current link identify the package version; a page footer shows only when that page last changed.

What the 2 November entry changes, and what it leaves alone

Neighbouring entries in the same log show what a substantive posting looks like: draft FR Y-14 forms and instructions with a press release and an initial Federal Register notice on 2 October 2026, and an initial Federal Register notice for the FFIEC 031, 041 and 051 Call Reports on 27 October 2026. The FR 2004 line has none of that, and FR 2004 was not on the Board’s list of information collections under review on 3 November 2026.

A description-page edit, on its own, does not call for a systems change; that is an inference, because the update log does not say what changed. The instructions and forms define what dealers file, and both still read as they did after the July 2024 revision.

Ten reports on the description page, eleven in the 2024 approval

The description lists ten reports: the weekly FR 2004A (positions), FR 2004B (cumulative transactions), FR 2004C (financing and fails) and FR 2004SI (specific issues); the FR 2004SD, collected daily under certain circumstances, and the daily FR 2004WI for when-issued Treasury trading; and the settlement-cycle reports on agency and GSE TBA and specified pool activity, namely the FR 2004FA, FB and FC for Class A, B and C settlement dates and the month-end FR 2004FM.

The Board’s June 2024 final notice lists eleven, adding the Supplement to the Daily Report of Specific Issues (FR 2004SD ad hoc). An earlier Board supporting statement, prepared for revisions proposed to start with the July 2021 as-of date, describes it as up to 10 ad hoc data items collected when critical information for additional Treasury market surveillance is required, and footnotes it to the Board’s ad hoc clearance criteria, one of which limits such collections to cases where response is voluntary. Nothing in the update log says the supplement was discontinued, so a map of the family built from the description page alone would miss it.

All of these reports carry aggregates, which makes FR 2004 a different object from the trade-by-trade reports in our TRACE Rule 6730 guide and our MSRB RTRS reporting guide.

FR 2004 deadlines: the summary says next business day, the instructions name a time

For most rows the description page says “next business day” and the instructions add the 4:00 p.m. Eastern cut-off; FR 2004SD is the exception. The description says that, under certain circumstances, the report collects positions daily and “these data are reported the next week”. The instructions set a daily 4:00 p.m. deadline for the previous business day, running until FRBNY tells the dealer to stop. A calendar built from the description would schedule SD submissions a week late. The attestation printed on the forms refers to the instructions issued by FRBNY, so the instructions are the operative timetable.

Reports go through the Federal Reserve’s Reporting Central system. For electronic submission, the Federal Reserve’s November 2025 Reporting Central guides specify a text-file format for FR 2004A, B, C, FA, FB, FC and FM, and an XML-file format or data entry for FR 2004SI, SD and WI. Report definitions and content continue to follow the July 2024 Board forms and instructions. If data cannot be transmitted through Reporting Central, the instructions require a fax to FRBNY at 212-720-5030 or 646-720-5030 by the applicable deadline, and ask the dealer to call FRBNY’s Statistics Function at 212-720-7993 or 646-720-7993 before faxing. Faxed data must still be submitted through Reporting Central afterwards.

Who files: a respondent panel that changed twice in 2026

The respondent panel is all primary government securities dealers, meaning dealers designated by FRBNY, and participation is required to obtain the benefit of primary dealer status. The panel therefore follows FRBNY’s list. MUFG Securities Americas Inc. was added effective 15 January 2026 and NatWest Markets Securities Inc. withdrew effective 16 October 2026; the list now names 25 dealers, against the 24 respondents the Board estimated in its June 2024 notice.

Three of the 25 are branches or agencies of foreign banks: Bank of Montreal, Chicago Branch; Bank of Nova Scotia, New York Agency; and Societe Generale, New York Branch. The instructions call for data on the entire legal entity that functions as the primary dealer, including subsidiaries it consolidates in regulatory reports such as FOCUS or FOG. A branch or agency of a foreign banking organisation should reflect the activity of the foreign bank, beyond the designated branch or agency alone, unless FRBNY agrees otherwise, and activity with the head office or other branches and agencies of the same bank is eliminated. Business with unconsolidated affiliates counts as third-party; trades between desks or departments are left out.

The FR 2004C repo columns added in July 2024

The 2024 revision went to the FR 2004C, the Weekly Report of Dealer Financing and Fails. The Board’s notice says sponsored general collateral repo had gained significant popularity among clients of primary dealers and was not separately listed on the form. Each asset category gained three columns, 22 to 24, headed TriParty Excluding GCF, Sponsored General Collateral and split into overnight and continuing, term under 30 days, and term of 30 days or greater; on the form they carry item codes PT04 to PT60, with column 25 as the total.

Columns 22 to 24 take repos and reverse repos that a primary dealer submits as a sponsored transaction for clients and that are transacted and administered through a central triparty agent bank, excluding transactions reported in columns 16 to 21 (FICC GCF Repo in 16 to 18, other triparty general collateral repo in 19 to 21). Read literally, the definitions would leave 22 to 24 empty, since 19 to 21 take every triparty repo outside GCF and 22 to 24 exclude anything reported in 16 to 21. The Board added the columns to capture sponsored general collateral triparty repo separately, so reporting those trades in 22 to 24 and leaving them out of 19 to 21 is the reading that gives them effect; that placement is an inference. Weekly balances here are by collateral type, clearing arrangement and tenor, reported gross, a different level of data from the SFTR reporting guide.

Authority and publication: what the description leaves out

The description page carries no legal citation, and the two current documents differ. The forms cite 12 U.S.C. sections 225a, 263(c), 353-359 and 391; the instructions cite 12 U.S.C. sections 248(a)(2), 353-359 and 461(c).

Individual dealer data are treated as confidential under the Freedom of Information Act, and the instructions allow FR 2004 data to be shared with the Inter-agency Working Group for Treasury market surveillance (the Treasury, SEC, CFTC, Board and FRBNY). FRBNY publishes summary data from the FR 2004A, B, C and SI each Thursday and from the FA, FB, FC and FM monthly, with at least an eight-day lag.

Frequently Asked Questions

A dealer joins the primary dealer list part-way through the year. Which FR 2004 package does it build to?

For report definitions and content, the July 2024 instructions and forms under the Current links; for electronic submission, Reporting Central, using the November 2025 text-file guide for FR 2004A, B, C, FA, FB, FC and FM, or the XML-file guide or data-entry option for FR 2004SI, SD and WI. FRBNY provides technical assistance with creating Reporting Central files. The instructions require each report to be signed by a senior officer responsible for the internal controls over financial statements or trading operations, with the signed page kept on file; a copy of the attestation goes to FRBNY annually with the last as-of date of each year.

Can a cancelled trade from last week’s FR 2004B be fixed in this week’s figures?

Within limits. The instructions let cancels and corrections adjust the next period’s transactions by the amount of the error, unless that leaves a negative amount, in which case a revised prior-period report is submitted. An adjustment that significantly distorts the next period’s data may require a restatement.

Related Articles

• FR 2028 Reporting: FR 2028D and FR 2028B Form Updates: another Federal Reserve report family and its form changes.
• FR 2052a Reporting: Fed Liquidity Monitoring: the Federal Reserve’s complex institution liquidity monitoring report.
• TRACE Reporting: FINRA Rule 6730 for Corporate and Agency Bonds: trade-level reporting to FINRA for corporate and agency debt.
• SFTR Reporting Explained: the EU regime for reporting repos and other securities financing transactions.

Key Takeaways

• Amounts are reported in millions of dollars with no decimal places; the instructions allow negative values only in the FR 2004SI, SD and WI cells they name.
• The FR 2004 instructions (GEN-2) require a signed hard-copy duplicate of electronically submitted data to be kept for at least five years, unless generally applicable revisions to the submission requirements remove the duty. The instructions cite Operating Circular No. 5, whose text effective 15 May 2026 (provision 3.1) says use of an electronic connection leaves any requirement to sign and retain copies of reports unchanged and carries no hard-copy or five-year wording of its own.
• Outside the reports: securities of multinational institutions such as the World Bank, of corporations incorporated outside the United States or in U.S. territories and Puerto Rico, and fund shares including ETFs.

Sources and References

• Federal Reserve Board, FR 2004 Government Securities Dealers Reports: federalreserve.gov
• Federal Reserve Board, Recent Reporting Form Updates: federalreserve.gov
• Federal Reserve Board, Information Collections Under Review: federalreserve.gov
• Federal Reserve Board, FR 2004 instructions, effective July 2024 (PDF): federalreserve.gov
• Federal Reserve Board, FR 2004 current forms, OMB No. 7100-0003 (PDF): federalreserve.gov
• Federal Reserve Financial Services, Reporting Central User Guide, Text File Format, FR 2004 A/B/C/FA/FB/FC/FM Series, November 2025 (PDF): frbservices.org
• Federal Reserve Financial Services, Reporting Central User Guide, XML File Format, FR 2004 SI/SD/WI, November 2025 (PDF): frbservices.org
• Federal Register, 89 FR 48643-48644, 7 June 2024, FR Doc. 2024-12497: govinfo.gov
• OIRA, ICR 202406-7100-003, Government Securities Dealers Reports: reginfo.gov
• Federal Reserve Board, FR 2004 Supporting Statement (revisions proposed from the July 2021 as-of date): federalreserve.gov
• Federal Reserve Bank of New York, Primary Dealers: newyorkfed.org
• Federal Reserve Banks, Operating Circular No. 5, General Financial Service Provisions, effective 15 May 2026 (PDF): frbservices.org

FR 2004 checkpoints after the description update

The July 2024 forms and instructions remain the published basis for report content and deadlines, and the 2 November entry came with no new form or instructions. Electronic-file builds should follow the November 2025 Reporting Central text-file guide for FR 2004A, B, C, FA, FB, FC and FM, or the XML-file guide for FR 2004SI, SD and WI. Two dates need an owner: the annual attestation copy that goes to FRBNY with the last as-of date of 2026, and 30 June 2027, when the current OMB approval expires. In the last cycle the Board’s 60-day comment notice appeared on 29 January 2024 (89 FR 5539), five months before that approval expired; on the same spacing, a calculation rather than a published date, the Board’s review page is the place to watch from late January 2027 for a renewal or revision notice.

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.