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Reporting on Market Activity in Foreign Exchange Derivatives, Makam and
Short-Term Government Bonds
 
In order to facilitate the Bank of Israel's ability to achieve its monetary and foreign exchange policy goals and in conjunction with its monitoring of developments in domestic foreign exchange (FX) activity, the Bank orders the following mandatory reporting requirements.
Residents and nonresidents are required to report regarding NIS/ FX swap and forward contract intraday transactions totaling USD 10 million or more. Details are to be provided regarding these transactions and also regarding holdings in these assets and in NIS/FX options. Nonresidents are also required to report on makam (short-term Bank of Israel bills) and short-term government bond intraday transactions totaling NIS 10 million or more. Nonresidents are to provide details regarding these transactions and also regarding holdings in these assets.
Reporting is required of residents and nonresidents who are not financial intermediaries and of financial intermediaries acting on behalf of others or on behalf of themselves.
Residents and nonresidents who are not financial intermediaries should report in one of two ways:
1) Downloading a reporting form and sending it to: FX.Decree.Reports@boi.org.il
or
2) Reporting through the financial intermediary executing the transactions.
Click here to download the reporting form.
Financial intermediaries executing transactions for their clients or on their own behalf, including transactions carried out with other financial intermediaries, should report using a dedicated secure reporting site. Financial intermediaries that are banking institutions in Israel who report to the Bank of Israel by Cyber-Ark, may choose to send reports using Cyber-Ark. Registration is required prior to entering the reporting site or sending reports by means of Cyber-Ark.
Please note that the reporting requirement is mandated by the BOI Governor's authority under chapter 39(b) of the Bank of Israel Law 5770-2010. Failure to report or misreporting is a violation of the said law and may lead to monetary penalties.
Click here to download the financial intermediary registration form which should be sent upon completion to: Fin.Inter.Reg@boi.org.il
For questions and answers regarding the order - Click here.
For the complete text of the order - Click here. This order will go into effect on July 1, 2011.