Reporting on activity in the foreign currency derivative
Reporting on activity in the foreign currency derivative, index derivative, and interest rate derivatives market
In order to improve the Bank of Israel’s ability to achieve the objectives of monetary policy and of policy in the foreign currency sector, and within the framework of monitoring developments in the foreign exchange and capital markets, the Bank of Israel needs detailed data on foreign currency, index, and interest rate derivative trades executed by relevant entities.
As such, the Bank of Israel established, through two Orders, a daily reporting requirement on the details of every conversion transaction between Israeli currency and foreign currency, as well as every transaction involving Israeli currency in foreign currency, index, and interest rate derivatives to be submitted not later than one trading day after the trade was executed. A monthly report of the inventory of open such trades is to be submitted not later than one trading day after the end of the month being reported.
The reporting requirement applies to a resident of Israel or to a nonresident that carries out a foreign currency derivative transaction, and to whom one of the following applies:
(1) The entity is a banking corporation, excluding a foreign bank regarding its branches outside of Israel.
(2) The entity is a portfolio manager, Tel Aviv Stock Exchange member, or foreign bank with regard to its branches outside of Israel, that carried out foreign currency derivative transactions in the 12 preceding months, whether on its own behalf or for others, at an average daily amount of at least $15 million.
(3) The entity is a nonresident or financial intermediary, that carried out foreign currency derivative transactions in the 12 preceding months, whether on its own behalf or for others, at an average daily amount of at least $15 million.
- The abovementioned reporting requirement was imposed by power of the Governor’s authority, pursuant to Section 39(a) and Section 39(b) of the Bank of Israel Law, 5770-2010. Failure to report as noted or an incorrect or incomplete report is a violation of this requirement, and is subject to financial sanction.
- This Order goes into effect on January 1, 2017 - 3 Tevet 5777.
- These Orders cancel Bank of Israel (Data on trades in foreign currency derivatives and in short-term debt instruments) Order, 5771-2011.
Reports are to be submitted via Cyber-Ark secured vault, in an XML file. Assistance in producing the reports may be accessed by the following methods:
- Excel (daily, monthly)
- XSD (daily, monthly)
- Download daily reporting file in XSD
- Download monthly reporting file in XSD
- Download sample daily reporting file in XML
- Download sample monthly reporting file in XML
- To receive Excel files, please send a request to the contacts below.
Questions may be addressed to: