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The FDIC determined that the Citigroup plan is not credible

The FDIC and Fed announce results of resolution plan review for largest and most complex banks and they identified weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.

Today, the FDIC and Fed announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The agencies did not identify any weaknesses

This week the SEC has approved whistleblower awards totaling more than $5.1 million

Whistleblower Alert! This week the SEC has approved whistleblower awards totaling more than $6.3 million--meaning the fines levied from these tips ranged from $21-$63 million.

Korea's FSC abolishing the need for 'investment registration certificates'

Do you like how Korea is cracking down on illegal shorting? Good news! Korea is improving market access for foreign investors by abolishing the need for 'investment registration certificates'.

Kepler overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares.

From December 2016 to October 2022, Kepler Capital Markets overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares. Penalty? Without admitting to the findings, a censure and $475k fine.

SEC Chair Gary Gensler

SEC Chair Gary Gensler: "looking forward, it raises the question as to whether further shortening beyond T+1 may be appropriate."

CFTC Awards Over $8 Million to Whistleblower

CFTC Awards Over $8 Million to Whistleblower who "helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects of trades."

Today the Fed held a CLOSED board meeting to discuss an update on bank stress tests

Reminder: Today, as it was determined that the public interest did not require opening the meeting, the Fed held a CLOSED board meeting to discuss an update on bank stress tests set to be released to the public on 6/26/24.

📰 News

CFTC Awards Over $8 Million to Whistleblower

CFTC Awards Over $8 Million to Whistleblower who "helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects of trades."

The Commodity Futures Trading Commission today announced it awarded over $8 million toa whistleblower who provided significant information and assistance that led the CFTC and other agencies to bring multiple enforcement actions. The whistleblower helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects

Today the Fed held a CLOSED board meeting to discuss an update on bank stress tests

Reminder: Today, as it was determined that the public interest did not require opening the meeting, the Fed held a CLOSED board meeting to discuss an update on bank stress tests set to be released to the public on 6/26/24.

Korea's Financial Service Commission to Implement Short Sale Reform Measures

Korea's Financial Service Commission to Implement Short Sale Reform Measures Introduced to Prevent Illegal Trading Activities and Protect Investors.

Short Sale Ban Extended Until March 30, 2025

Korea Financial Service Commission: Short Sale Ban Extended Until March 30, 2025.

Fed holding a closed meeting Friday

Federal Reserve Alert! The Fed to hold a CLOSED meeting at 9:30 a.m. on Friday, June 14, 2024 for an update on Bank Stress Tests.

The amount of interest paid to live another day? $6,951,197,000

Bank Term Funding Program Alert! As of May 31, 2024 the total outstanding amount of all advances under the BTFP was $107,946,342,000. The amount of interest paid to live another day? $6,951,197,000.

ACS Execution Services

From June 2017 to the present, ACS Execution Services effected at least 10 million short sales to facilitate net trading by its broker-dealer clients without locating shares available for borrowing.

📈 Macroeconomics

The FDIC determined that the Citigroup plan is not credible

The FDIC and Fed announce results of resolution plan review for largest and most complex banks and they identified weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.

Today, the FDIC and Fed announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The agencies did not identify any weaknesses

Stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT

Federal Reserve Board announces that results from its annual bank stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT. This year, 32 banks with $100 billion or more in total assets are subject to the stress tests.

FDIC Quarterly Banking Profile: Unrealized losses on securities totaled $516.5 billion in the first quarter, an increase of $38.9 billion (8.2 percent) from fourth quarter 2023.

Fed supervisors summarize assessments of large financial institutions using LFI rating system--in 2023, only 1/3 of large financial institutions had satisfactory ratings.

Fed supervisors summarize assessments of large financial institutions using LFI rating system--in 2023, only 1/3 of large financial institutions had satisfactory ratings.

Financial Stability Report: Leverage at hedge funds reached its highest level since data became available.

Financial Stability Report: Leverage at hedge funds reached its highest level since data became available.

Bank Term Funding Program (BTFP) aka the liquidity fairy usage continues to explode--usage up 9.7% in a week

Bank Term Funding Program (BTFP) aka the liquidity fairy usage continues to explode--usage up 9.7% in a week and 30.5% since 12/13/23. The program is confirmed to expire 3/11/24 but usage continues to rapidly pick up speed!

Reserve Banks increased the deferred asset by $133.0 billion so far...

Odds & Ends: Fed's 2023 expenses exceeded estimated earnings by $114.3 billion, Waller on inflation, Bowman & industry question Basel reform--South Korea strengthens it, Beige book calls out cooling labor market, CFTC meeting & rules

🧱 Market Reform

This week the SEC has approved whistleblower awards totaling more than $5.1 million

Whistleblower Alert! This week the SEC has approved whistleblower awards totaling more than $6.3 million--meaning the fines levied from these tips ranged from $21-$63 million.

This week, the SEC awarded multiple whistleblower awards totaling more than $6.3 million. The Whistleblower Program was created by Congress to provide monetary incentives for individuals to come forward and report possible violations of federal securities laws to the SEC. Under the program, eligible whistleblowers are entitled to an

Korea's FSC abolishing the need for 'investment registration certificates'

Do you like how Korea is cracking down on illegal shorting? Good news! Korea is improving market access for foreign investors by abolishing the need for 'investment registration certificates'.

Kepler overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares.

From December 2016 to October 2022, Kepler Capital Markets overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares. Penalty? Without admitting to the findings, a censure and $475k fine.

SEC Chair Gary Gensler

SEC Chair Gary Gensler: "looking forward, it raises the question as to whether further shortening beyond T+1 may be appropriate."

Korea's Financial Service Commission to Implement Short Sale Reform Measures

Korea's Financial Service Commission to Implement Short Sale Reform Measures Introduced to Prevent Illegal Trading Activities and Protect Investors.

Short Sale Ban Extended Until March 30, 2025

Korea Financial Service Commission: Short Sale Ban Extended Until March 30, 2025.

SEC Chair Gary Gensler

SEC Chair Gary Gensler: "Without additional resources, the oversight of markets is at risk. Our ability to find bad actors is at risk. Our responsiveness to market participants is at risk."

🗣 Discussion / Question

Catching up: BTFP usage explodes & program end date announced, credit card debt jumps 17.7% in November, $28 million to whistleblowers, Uyeda new term, Korea punishes illegal short selling, GameStop NFT Project update, and much more!

DTC received notification from Deutsche Bank Trust Company America, the MMI issuing/paying agent for OVERSEA-CHINESE BANKIN (OVR*), Deutsche refuses to pay maturity presentments for this issuer’s institutional certificate of deposit.

New bank failure incoming? FDIC held a CLOSED meeting at 3:12 pm yesterday to consider matters related to the Corporation’s supervision, corporate, and resolution activities.

Is IBKR okay? Effective Tuesday, October 31, 2023 INTERACTIVE BROKERS LLC/IBKR SECURITIES SERVICES LLC will withdraw from membership in the Netting and Repo Netting of the Government Securities Division.

I have been blocked from accessing dtcc.com. Has anyone else also been blocked by the DTCC and unable to access dtcc.com?

🌡️ Inflation

Reserve Bank of Australia Statement on Monetary Policy: "forecasts for both headline and underlying inflation over the year ahead have been revised higher" "The inflation forecasts out to 2025 have also been revised higher."

U.S. Revolving credit (credit cards) grew From August to September by $3.1 billion and increased at an annual rate of 8.6%.

BLS: Unemployment holds at 3.9% with a minimal shift in jobless figures. Hourly earnings climb to $34.00, more fuel for the inflation fire!

Federal Reserve issues FOMC statement: the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

Inflation Alert! ADP National Employment Report: Private Sector Employment Increased by 113,000 Jobs in October; Annual Pay was Up 5.7% for stayers, 8.4% for job changers.

💡 Education

To the people familiar with the matter complaining DFV updates are market manipulation, please revisit Gary Gensler's testimony from Thursday, May 6, 2021

Time is ticking away, with only 2 days remaining to support the rejection of SR-OCC-2024-001: Have you sent your comment to the SEC yet?

REGULATORY KILL SHOT - Rule proposal: SR-OCC-2024-001 has been shut down by the SEC. Let's drive this win home.

Template Letter for SR-OCC-2024-001 ✅ 📢 Ready to Copy, Edit & Send. Deadline - Monday 4th March

🚨🇬🇧 UK Government Unveils Draft Legislation to Replace EU Short Selling Rules, Prompting Need For Public Scrutiny.

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