Dismal's Smacks

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Report to Congress Pursuant to Section 13(3) of the Bank Term Funding Program (AKA collateral never losing value). As of 3/31/23: Total outstanding amount of all advances under the BTFP was $64,595,880,000.

Source: https://www.federalreserve.gov/publications/files/13-3-report-btfp-20230411.pdf Bank Term Funding Program: The Bank Term Funding Program (BTFP) was created to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their

"Idiosyncratic Factors help explain fails": Settlement fails in corporate securities increased sharply in 2022, reaching levels not seen since the 2007-09 financial crisis.

As a fraction of trading volume, fails that involve primary dealers reached an all-time high in the week of March 23, 2022. Good morning, hoping to call out a bit of data that I buried the lead on in a larger post overnight. About the image: Authors’ calculations, based on

Federal Reserve Report Alert! Settlement fails in corporate securities increased sharply in 2022, reaching levels not seen since the 2007-09 financial crisis.

As a fraction of trading volume, fails that involve primary dealers reached an all-time high in the week of March 23, 2022. The 2022 Spike in Corporate Security Settlement Fails Michael J. Fleming, Or Shachar, and Peter Van Tassel Source: https://libertystreeteconomics.newyorkfed.org/2023/04/the-2022-spike-in-corporate-security-settlement-fails/ Settlement fails in

New York Fed President John Williams: "I personally don’t think it was the case that the pace of rate increases was really behind the issues at the two banks back in March". Counterargument that it is the Fed's fault detailed inside.

Sources: https://thebrunswicknews.com/news/business/fed-s-williams-dismisses-link-between-rapid-rate-hikes-and-bank-stress/article_f8fb3bf7-7ed0-5eaf-89ba-d78a14c3acd5.html https://money.usnews.com/investing/news/articles/2023-04-10/feds-williams-doubts-monetary-policy-spiked-banking-sector-stress https://www.bloomberg.com/news/articles/2023-04-10/williams-dismisses-link-between-rapid-fed-hikes-and-bank-stress New York Fed President John Williams. He is also vice-chairman of the rate-sett

Commodity Futures Trading Commission Alert! CFTC Orders Goldman Sachs to Pay $15,000,000 for Violations of Swap Business Conduct Standards.

Goldman opportunistically solicited or agreed to enter into same-day swaps only on days & at times that were financially advantageous to Goldman & not clients. Source: https://www.cftc.gov/media/8376/enfgoldmanorder041023/download (Requests that you download the PDF, relevant sections added below). Background: The order finds that in

Federal Reserve Alert! Today, a CLOSED meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures as it was determined that the public interest did not require opening the meeting.

https://www.federalreserve.gov/aboutthefed/boardmeetings/20230410closed.htm Discount Window/Primary Credit: https://fred.stlouisfed.org/series/WLCFLPCL Tool3/153/223/294/5Discount Window/Primary Credit$152.85 billion$110.248 billion$88.157 billion$69.705 billion Primary Credit allows banks to borrow against collateral at the current federal

SEC Alert! SEC will hold an OPEN Meeting Friday, April 14, 2023 at 10:00 a.m. to consider whether to reopen the comment period for proposed amendments to Rule 3b-16: Amendments Regarding the Definition of ‘‘Exchange’’ and Alternative Trading Systems (ATS)

Source: https://public-inspection.federalregister.gov/2023-07755.pdf SEC will hold an OPEN Meeting Friday, April 14, 2023 at 10:00 a.m. to consider whether to reopen the comment period for proposed amendments to Rule 3b-16: Amendments Regarding the Definition of ‘‘Exchange’’ and Alternative Trading Systems (ATS) That Trade U.