Are TIC Form S data used to validate other statistical data?
A. Yes. Aggregate TIC Form S data is compared to the data reported on the Report of Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments (Form SHLA/Form SHL) and the Report of U.S. Ownership of Foreign Securities, including Selected Money Market Instruments (Form SHCA/Form SHC). The total net monthly purchases and sales reported by all reporters on TIC Form S, columns 1 through 8, adjusted for asset-backed security pay downs, stock swaps, and valuation changes, should be closely comparable to the change in holdings reported on successive Forms SHLA/ SHL. Likewise, the total net of monthly purchases and sales reported by all reporters on TIC Form S, columns 9 through 12, adjusted for valuation changes, should be closely comparable to the change in holdings reported on successive Forms SHCA/SHC. Information on Form SHLA/Form SHL and Form SHCA/Form SHC can be found at: http://www.treas.gov/tic/fpis.html.
