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FICC in Proposed Rule Change (OPEN for comment): "Currently messages regarding pair-offs are transmitted between buyers and sellers by electronic mail using spreadsheets, which creates some risk that information sharing is incomplete, incorrect"

FICC in Proposed Rule Change (OPEN for comment): "Currently messages regarding pair-offs are transmitted between buyers and sellers by electronic mail using spreadsheets, which creates some risk that information sharing is incomplete, incorrect, inconsistent and not timely." [REDACTED] exhibit. https://www.dtcc.com/-/media/Files/pdf/2023/
dismal-jellyfish 🧱 Market Reform

NY Fed: Banks’ balance-sheet constraints impact MMFs’ investment in ON RRP (as they push excess deposits into affiliated MMFs, causing an increase in the size of the MMF industry ON RRP usage) with banks reduced demand for short-term borrowing causing MMF

NY Fed: Banks’ balance-sheet constraints impact MMFs’ investment in ON RRP (as they push excess deposits into affiliated MMFs, causing an increase in the size of the MMF industry ON RRP usage) with banks reduced demand for short-term borrowing causing MMF to replace private repo lending with ON RRP. Banks’
dismal-jellyfish 📊 Data

Fed Governor Philip N. Jefferson: "Wage growth has continued to run ahead of the pace consistent with 2 percent inflation... Wage gains are welcome as long as they are consistent with price stability."

"But outside of energy and food, the progress on inflation remains a challenge." The U.S. Economic Outlook and Considerations for Monetary Policy Governor Philip N. Jefferson At the 2023 International Insurance Forum, National Association of Insurance Commissioners (NAIC) https://www.federalreserve.gov/newsevents/speech/jefferson20230518a.htm Highlights:
dismal-jellyfish 📈 Macroeconomics

SEC Commissioner Hester M. Peirce: "Periodically revisiting the rules to ensure they are working properly is important. For that reason, I am supporting today’s proposal."

SEC Commissioner Hester M. Peirce: "Periodically revisiting the rules to ensure they are working properly is important. For that reason, I am supporting today’s proposal. That support comes with a plea for input from the public despite the as-is-now-usual unduly short comment period." https://www.sec.gov/
dismal-jellyfish 🧱 Market Reform

CFTC's Division of Clearing and Risk (DCR) staff issue advisory having "recently encountered potential DCO registration issues involving prime brokerage arrangements used by swap execution facilities (“SEF”) or those seeking to register as SEFs"

Source: (downloads a pdf) CFTC Staff Advisory No. 23-06 Press release: https://www.cftc.gov/PressRoom/PressReleases/8705-23 The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) today issued a staff advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis
dismal-jellyfish 🧱 Market Reform

Jessica Wachter Chief Economist SEC: "The proposed amendments would require that the clearing agency mark positions to market at least daily, monitor risk on an ongoing basis & have the capability to collect margin depending on changes in clearinghouse"

Jessica Wachter Chief Economist SEC: "The proposed amendments would require that the clearing agency mark positions to market at least daily, monitor risk on an ongoing basis & have the capability to collect margin depending on changes in clearinghouse conditions, such as a breach of risk capacity" Covered
dismal-jellyfish 🧱 Market Reform