Dismal's Smacks

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FICC - GOV New Sponsored Member Alert! FICC is pleased to announce that effective May 22, 2023, the following firm will be added as a Sponsored Member of the Government Securities Division: Citadel Energy Marketing LLC.

Source: https://www.dtcc.com/-/media/Files/pdf/2023/5/15/GOV1475-23PDF.PDF Citadel Energy Marketing: Founded in 2014 as a merchant trading business, we have established one of the largest physical natural gas businesses in North America with a portfolio of transportation and storage assets. We are focused

Secretary of Treasury Janet Yellen to congress: "I am writing to note that we still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit..."

Secretary of Treasury Janet Yellen to congress: "I am writing to note that we still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially

Vice Chair for Supervision: "Federal Reserve supervisors did not fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity."

"This meant that SVB remained well-rated through the summer of 2022, even as significant risk to the bank's safety and soundness were growing." https://www.federalreserve.gov/newsevents/testimony/barr20230516a.htm Vice Chair for Supervision Michael S. Barr Before the Financial Services Committee, U.S. House

Quarterly Report on Household Debt and Credit (May 2023). The current extension of the student loan pause will continue until 60 days after either June 30 or the date of a Supreme Court decision.

Whenever this happens, looks for delinquencies to increase across the board for (18-29) and (30-39). Source: Quarterly Report on Household Debt and Credit (May 2023) Source on student loan forgiveness date: https://www.forbes.com/sites/adamminsky/2023/05/15/student-loan-pause-update-why-biden-may-not-extend-it-again-and-how-it-relates-to-loan-forgiveness/?sh=64f26da14eee First, look at how much of the

From 1st quarter 2022 to 1st quarter 2023, total household debt has increased $1,205 billion to $17.05 trillion (+7.57%)

Mortgage balances ($864 billion), HELOC ($22 billion), Student loans ($14 billion), Auto loans ($93 billion), Credit Card debt ($145 billion), Other ($67 billion). Reddit Post

3 times now in the last 5 days hedge funds have been called out for receiving the vast majority of their repo financing in the non-centrally cleared market, where haircuts or initial margin requirements are not necessarily applied

3 times now in the last 5 days hedge funds have been called out for receiving the vast majority of their repo financing in the non-centrally cleared market, where haircuts or initial margin requirements are not necessarily applied and that this might create greater risk in times of stress. Why?

SEC Chair Gary Gensler: "Finance, time and again, also has seen regulatory gaps lead to fires. Such gaps can occur when financial regulations don’t treat like activities alike. Market participants may then arbitrage such differences here in the United.."

"Finance, time and again, also has seen regulatory gaps lead to fires. Such gaps can occur when financial regulations don’t treat like activities alike. Market participants may then arbitrage such differences here in the United States and between countries." “Lessons from Mrs. O’Leary’s Cow:” Remarks