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...... t l l FEDERAL RESERVE statistical release June 26, 1996 C.2 Aggregate Summaries of Annual Surveys of Securities Credit Extension, as of June 30, 1995 Data collected by the Federal Reserve Board in annual surveys of margin account credit extensions by lenders subject to the provisions of Regulations T and G (covering brokers and other nonbank lenders, respectively) are summarized in the attached release. This information also will be available in the Annual Statistical Di~est to be published later this year. SECURITIES CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATION1 (Millions of dollars) Regulation T Lenders Credit Total Margin accounts4 NYSE2 members Other brokers3 and dealers Total Regulation G Lenders 55,341 0.02 55,341 7,562 55,341 0.02 55,341 387 55,728 7,175 7,175 Plan lenders5 Total 62,903. SECURITIES CREDIT BY SOURCE (in million of dollars) Brokers Others Total 1 1979 11,921 170 12,091 1980 1981 11,619 15,269 173 260 11,792 1982 11,870 277 12,147 1983 18,742 208 18,950 1984 22,506 276 22,782 1985 23,605 507 24,112 1986 30,649 366 1987 1988 1989 37,502 29,754 580 1,474 31,015 38,082 32,485 3,534 1990 1991 1992 30,054 34,536 6,838 7,675 42,211 37,309 8,239 45,548 1993 44,757 52,760 1994 55,264 8,003 8,243r 1995 55,341 2 7,562 62,903 Outstanding on June 30 15,529 31,228 36,019 36,892 63,507r r - revised 1. Collection of comparable annual data for bank lending under Regulation U ceased after June 1977. 2. After the 1995 suiVey was collected, four firms were identified that carry margin accounts but were not included in the sUIVey. It is estimated that debit balances due from public customers is understated by about 4 percent. 3. Includes data for firms that are members of the AMEX but not the NYSE. 4. Includes credit extended on stock, non-convertible bonds, and convertible bonds under a consolidated method of reporting under Regulation T. 5. Includes credit extended to finance purchases through qualified stock option and employee stock purchase and ownership plans. ,---------------- -- REPORT OF BROKERS CARRYING MARGIN ACCOUNTS 1 As oflast business day of June 1995 ASSETS 1. Debit balances due from public customers in: a. Margin accounts 2 .................................................. . b. Cash accounts .................................................... . c. Nonsecurities accounts .............................................. . d. Other accounts .................................................... . e. Total (Sum of items 1a through 1d above) .............................. . 2. Debit balances in firm investment and trading accounts ...................... . 3. Amount to be received for securities held under repurchase agreements ......... . 4. All other assets ...................................................... . 5. Total Assets (Sum of items 1 through 4 above) ............................. . LIABILITIES AND CAPITAL 6. Credit balances due to public customers in: a. Margin accounts ................................................... . b. Cash accounts .................................................... . c. Nonsecurities accounts .............................................. . d. Other accounts .................................................... . e. Total (Sum of items 6a through 6d above) .............................. . 7. Credit balances in firm investment and trading accounts ..................... . 8. Balances due on loans from: a. U.S. banks ....................................................... . b. Foreign banks ..................................................... . c. Other lenders ..................................................... . d. Total (Sum of items Sa through 8c above) .............................. . 9. Amount to be repaid for securities sold under repurchase agreements ........... . 10. All other liabilities and capital .......................................... . 11. Total Liabilities and Capital (Sum of items 6 through 10 above) MEMORANDUM 12. Number of margin accounts in:3 a. Debit status ....................................................... . b. Credit status ...................................................... . c. Total (Sum of items 12a through 12b above) ............................ . Dollar Amounts tbousaDds millions 55.340 ':\_ll':\7 911 484 60374 1 '\':\ 0'\R 224.002 198.521 635.957 24.284 27.489 6326 686 132 729 933 480 986 483 878 827 RO_R1ll 066 325 569 013 973 742 6215 1790 17.686 25 693 277 576 168 789 635 957 995 779 871 645 670 797 827 24_9R1 83.080 Actual Count 1.084 652 2.263.309 3.347.961 1. Includes NYSE member firms and Amex member firms. See Federal Reserve Annual Statistical Diaest for comparable data from previous years. 2. Conceptually equivalent to margin credit at broker-dealers, as reported monthly in the Federal Reserve Bulletin table, "Stock Market, Selected Statistics." 3. One firm was excluded from the memorandum item 12, because it cannot provide numbers for Debit status and Credit status. NOTE: After the 1995 survey was collected, four firms were identified that carry margin accounts but were not included in the survey. It is estimated that debit balances due from public customers is understated by about 4 percent.
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