QA2019-64 - Omnibus accounts

Owned by SRB Services
Feb 01, 2024
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QA2019-64

Question


What is meant by “indirect access” in combination with omnibus accounts


Response


The value on client accounts and number of clients only need to be reported when the institution provides indirect access to the FMI to these clients. If the reporting bank has clients that can be considered to be indirect participants in any FMI (i.e. if it acts as intermediary providing such indirect access to (some of) its clients), it should report the value on such client accounts and the number of clients in the template. These clients (indirect participants in the eyes of the FMI) may have individual accounts or their assets/cash can be aggregated in client omnibus accounts. This is particularly relevant for CCPs and ICSDs.