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CFTC Alert! CFTC Orders HSBC to Pay a $30 Million Penalty for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods.

HSBC admitted their employees often communicated “off-channel” about securities business matters on their personal devices, using WhatsApp. Source: https://www.cftc.gov/PressRoom/PressReleases/8701-23 The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against HSBC Bank USA, N.A., a provisionally registered swap dealer,

CFTC Orders HSBC Bank USA, N.A. to Pay a $45 Million Penalty for Manipulative and Deceptive Trading in Connection with Swaps Related to Bond Issuances, Spoofing, and Supervision and Mobile Device Recordkeeping Failures

Source: https://www.cftc.gov/PressRoom/PressReleases/8702-23 The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against HSBC Bank USA, N.A. (HSBC), a provisionally registered swap dealer. The order charges HSBC with manipulative and deceptive trading related to swaps with bond issuers, spoofing,

U.S. Economy in a Snapshot - Overview of the May 2023 Snapshot: GDP growth slowed to a moderate pace in Q1, Consumer spending moderated in March and the personal saving rate increased, Core CPI inflation over the year was little changed in April

Overview of the May 2023 Snapshot: GDP growth slowed to a moderate pace in Q1, Consumer spending moderated in March and the personal saving rate increased, Core CPI inflation over the year was little changed in April, payroll growth up, unemployment rate fell. Source: https://www.newyorkfed.org/medialibrary/media/

Inflation Alert! Fed's Michelle Bowman: "In my view, the most recent CPI and employment reports have not provided consistent evidence that inflation is on a downward path"

"Calls for radical reform of the bank regulatory framework are incompatible with the fundamental strength of the banking system" The Evolving Nature of Banking, Bank Culture, and Bank Runs Governor Michelle W. Bowman At the 21st Annual Symposium on Building the Financial System of the 21st Century: An

CFTC Charges Tyche Asset Management LLC in a $6 Million Ponzi Scheme. "Tyche claimed it had achieved extraordinary rates of return of up to more than 200% annually in recent years, trading commodity futures and options while employing sophisticated techno

Source: https://www.cftc.gov/PressRoom/PressReleases/8700-23 The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Northern District of Illinois against Chicago-based Tyche Asset Management, LLC, a registered commodity pool operator, Phillip Galles, its principal and registered associated person,

Options Clearing Corporation (OCC) Alert! Completely [REDACTED] Model Risk Management Policy included with Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk

34-97484 Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk Management PolicyComments due: 21 days after publication in the Federal RegisterAdditional Materials: Exhibit 3, Exhibit 5 [REDACTED] https://www.sec.gov/rules/sro/occ/2023/

Remarks by Under Secretary for Domestic Finance Nellie Liang: "more recently, in the days immediately following the bank failures, substantial margin calls from clearinghouses to highly leveraged hedge funds...

Remarks by Under Secretary for Domestic Finance Nellie Liang: "more recently, in the days immediately following the bank failures, substantial margin calls from clearinghouses to highly leveraged hedge funds appears to have added to Treasury market volatility." https://home.treasury.gov/news/press-releases/jy1474 Highlights: * Excessive leverage can