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CFTC submits special filing to consider litigation matters

CFTC submits a special filing at 4:15 p.m. for a CLOSED meeting that occurred today at 4:00 p.m. to consider litigation matters.

The Commodity Futures Trading Commission (CFTC) held a closed meeting today at 4:00 p.m. to address litigation matters. A special filing regarding the meeting was submitted at 4:15 p.m. No further details about the litigation matters discussed were provided but it is always curious when they

S&P Global: US bankruptcy filings spiked in August

S&P Global: US bankruptcy filings spiked in August (63) after a July slowdown, leading to the highest total for the first eight months of the year since 2020 and the second-highest since 2010.

SEC announces settled charges against 7 public companies

SEC announces settled charges against 7 public companies for using employment, separation, and other agreements that violated rules prohibiting actions to impede whistleblowers from reporting potential misconduct to the SEC.

NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

The vast majority of community banks (96.7%) reported unrealized losses on securities.

FDIC Second Quarter Quarterly Banking Profile: "The vast majority of community banks (96.7%) reported unrealized losses on securities."

Patrick Harker’s tenure will conclude on June 30, 2025

Philadelphia Fed launches search for its next president and CEO, as current president and CEO Patrick Harker’s tenure will conclude on June 30, 2025.

Multivariate Core Trend (MCT) inflation increased to 2.5% in July from 2.2% in June.

Multivariate Core Trend (MCT) inflation increased to 2.5% in July from 2.2% in June. The MCT gauges inflation’s persistence across 17 core sectors of the personal consumption expenditures (PCE) price index.

📰 News

CFTC submits special filing to consider litigation matters

CFTC submits a special filing at 4:15 p.m. for a CLOSED meeting that occurred today at 4:00 p.m. to consider litigation matters.

The Commodity Futures Trading Commission (CFTC) held a closed meeting today at 4:00 p.m. to address litigation matters. A special filing regarding the meeting was submitted at 4:15 p.m. No further details about the litigation matters discussed were provided but it is always curious when they

The vast majority of community banks (96.7%) reported unrealized losses on securities.

FDIC Second Quarter Quarterly Banking Profile: "The vast majority of community banks (96.7%) reported unrealized losses on securities."

SEC Charges 6 Credit Rating Agencies with significant recordkeeping failures.

SEC Charges 6 Credit Rating Agencies with significant recordkeeping failures. The Firms admit to wrongdoing and agree to pay penalties totaling more than $49 million to settle SEC charges.

SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a “public good.”"

SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a “public good.”"

CFTC Awards Over $4 Million to Insider Whistleblower

CFTC Awards Over $4 Million to Insider Whistleblower, meaning the fine levied ranged between $13.33 million to $40 million.

BofA failed to have a supervisory system reasonably designed to detect and prevent potentially manipulative trading

From December 2015-present, Merrill and, since 2019, BofA, failed to have a supervisory system reasonably designed to detect and prevent potentially manipulative trading by the firm's customers.

From 2018-2023, Bank of New York Mellon repeatedly failed to correctly report at least 5,000,000 swap transactions

CFTC: From 2018-2023, Bank of New York Mellon repeatedly failed to correctly report at least 5,000,000 swap transactions & failed to properly supervise its swap dealer business with respect to swap data reporting & monitoring.

📈 Macroeconomics

S&P Global: US bankruptcy filings spiked in August

S&P Global: US bankruptcy filings spiked in August (63) after a July slowdown, leading to the highest total for the first eight months of the year since 2020 and the second-highest since 2010.

US bankruptcy filings surged in August after a slowdown in July, reaching the highest total for the first eight months of the year since 2020, according to data from S&P Global Market Intelligence. A total of 63 public and certain private companies filed for bankruptcy in August, up

Patrick Harker’s tenure will conclude on June 30, 2025

Philadelphia Fed launches search for its next president and CEO, as current president and CEO Patrick Harker’s tenure will conclude on June 30, 2025.

Multivariate Core Trend (MCT) inflation increased to 2.5% in July from 2.2% in June.

Multivariate Core Trend (MCT) inflation increased to 2.5% in July from 2.2% in June. The MCT gauges inflation’s persistence across 17 core sectors of the personal consumption expenditures (PCE) price index.

S&P Global: The delinquency ratio for CRE loans across US banks rose 16 basis points in Q2 to 1.40%

S&P Global Market Intelligence: Commercial real estate loan delinquencies reaccelerate as loan growth slows. The delinquency ratio for CRE loans across US banks rose 16 basis points in Q2 to 1.40%

Real gross domestic product (GDP) increased at an annual rate of 3.0% in Q2:2024

Real gross domestic product (GDP) increased at an annual rate of 3.0% in Q2:2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis, which was up from 2.8% in the 'advance' estimate.

FOMC Minutes: "The staff provided an update on its assessment of the stability of the U.S. financial system and, on balance, continued to characterize the system's financial vulnerabilities as notable." Ruh-roh...

FOMC Minutes: "The staff provided an update on its assessment of the stability of the U.S. financial system and, on balance, continued to characterize the system's financial vulnerabilities as notable." Ruh-roh...

Individuals who reported searching for a job in the past four weeks rose to 28.4% from 19.4% in July 2023.

SCE Labor Market Survey: The proportion of individuals who reported searching for a job in the past four weeks rose to 28.4% from 19.4% in July 2023, highest reading since March 2014.

🧱 Market Reform

NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

NSCC's Rule 22 lets officials change/ignore rules at will and skip actions like closing failing trades (e.g., GME) if it might "disrupt the market". These changes don’t need full public disclosure and can last up to 60 days without extra approval. Awful, right? Send your petition!

NSCC Rule 22 For Throwing Out Rules, Procedures, and/or Regulations

PETITION TO ENFORCE RULES! NOT WAIVERS!

SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a “public good.”"

SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a “public good.”"

Hester Peirce "I cannot support this rulemaking."

Hester Peirce in her statement on the Adoption of Form N-PORT & N-CEN Reporting: "the Commission oversells the benefits of today’s amendments and gives too little attention to the costs" "I cannot support this rulemaking."

SEC awards $98 million to two whistleblowers

Whistleblower Alert! The SEC awards $98 million to two whistleblowers, meaning the fine levied ranged between $326,666,666.67 and $980,000,000 dollars.

NSCC Proposed Rule Change OPEN For Comment: Updates to Accommodate Certain Trades from Fractional Share Trading Program.

NSCC Proposed Rule Change OPEN For Comment: Updates to Accommodate Certain Trades from Fractional Share Trading Program.

Ape comments are DIRECTLY referenced in the SEC's response extending the comment period.

Remember how Wall Street is big mad about FINRA's Securities Lending and Transparency Engine (SLATE) Rule? Ape comments are DIRECTLY quoted in the SEC's response extending the comment period.

🗣 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

Multivariate Core Trend (MCT) inflation increased to 2.5% in July from 2.2% in June. The MCT gauges inflation’s persistence across 17 core sectors of the personal consumption expenditures (PCE) price index.

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.

💡 Education

NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

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

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