U.S. cross-border derivatives data: a user's guide

Introduces the U.S. data on transactions in, and holdings of, cross-border derivatives, which have been collected through the Treasury International Capital (TIC) reporting system since March 2005. The article discusses the ways in which the data will improve U.S. external-sector reports, introduces the form on which the data are collected (TIC form D), and summarizes the information collected on the form. It also presents the 2006 data and explains their relation to the derivatives data reported by other countries. The article concludes with a discussion of the use of the data to estimate risk exposures.