How are the various TIC data series on securities related?
The monthly aggregate transactions data and the detailed annual surveys form a complementary system for analysis of cross-border activity in long-term securities (that is, securities with an original maturity of over one year). The annual surveys collect security-by-security information on positions and are thus considered to be highly accurate, but they cannot be produced in a time frame useful for analysis of current activity. The monthly data provide more timely but less detailed data on cross-border transactions in long-term securities. It is possible to combine these two data sources to make estimates of monthly holdings of securities (for example, as in website table on Major Foreign Holders of U.S. Treasury Securities), but users should be aware of the difficulties, particularly in regard to country attribution, associated with this methodology (see FAQ number 7 below).
