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SEC Proposes new rule to Improve Risk Management and Resilience of Covered Clearing Agencies that require a risk-based margin system that monitors intraday exposure on an ongoing basis and includes the authority & operational capacity

Proposed Rule (130 pages): Fact Sheet Press Release: https://www.sec.gov/news/press-release/2023-95 The Securities and Exchange Commission today proposed rule changes that would improve the resilience and recovery and wind-down planning of covered clearing agencies. The proposal would amend the existing rules regarding intraday margin and the

Haoxiang Zhu Director Division of Trading on proposed SEC changes:

"The changes would provide that the margin system must monitor intraday exposure and further specify the circumstances in which a covered clearing agency must have the authority and operational capacity to make intraday margin calls" Covered Clearing Agency Resilience and Recovery and Wind-Down Plans https://www.sec.gov/

Elizabeth Fitzgerald: "the proposed amendments to this rule would require that a covered clearing agency’s risk-based margin system monitor intraday exposure on an ongoing basis and include the authority and operational capacity..."

Elizabeth Fitzgerald: "the proposed amendments to this rule would require that a covered clearing agency’s risk-based margin system monitor intraday exposure on an ongoing basis and include the authority and operational capacity to make intraday margin calls as frequently as circumstances warrant" Covered Clearing Agency Resilience and

Gary Gensler: "Intraday margin calls played an important role in clearinghouses’ ability to respond to volatility during the January 2021 “meme-stock” events & during recent periods of heightened Treasury volatility."

"I think enhancing these intraday tools would help make our markets more resilient." https://www.sec.gov/news/statement/gensler-statement-clearinghouse-051723 TLDRS: "Current rules from 2016 also have important provisions for clearinghouses to have the authority and capacity to collect intraday margin." * "Intraday margin calls played

Inflation alert! Richmond Fed Governor Thomas Barkin: “I do want to learn more about what’s happening with all these lagged effects. But I also want to reduce inflation,” “And if more increases are what’s necessary to do that I’m comfortable doing that.”

Source: https://www.bloomberg.com/news/videos/2023-05-16/fed-s-barkin-on-inflation-banks-and-path-of-policy-video Article on interview: https://www.bloomberg.com/news/articles/2023-05-16/fed-s-barkin-says-he-s-willing-to-raise-rates-again-if-needed Federal Reserve Bank of Richmond President Thomas Barkin said he was still looking to be convinced that inflation has been defeated and that he’d support raising interest rates further

Inflation Alert! Cleveland Fed Governor Loretta J. Mester believes interest rates should go higher:

"And so the question, you know, in my mind is have we gotten to that rate yet? And at this point, given the data we've gotten so far, I would say no, I don't think we're at that rate yet." https://www.

DTC Alert! Change in Funding Accounts for USD payments on Canadian securities, DTC will be changing the funding account from the account held at the Bank of Montreal (BMO) & will transition all payments to either the DTC account held at the Royal Bank

DTC Alert! Change in Funding Accounts for USD payments on Canadian securities, DTC will be changing the funding account from the account held at the Bank of Montreal (BMO) & will transition all payments to either the DTC account held at the Royal Bank of Canada or account at J.