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Federal Reserve Alert! Senior Credit Officer Opinion Survey March 2023. Dealers were asked about the current net positioning of their clients with respect to Interest Rate volatility

For hedge funds, 1/4 of respondents , on net, indicated either that most clients are net short. Source: https://www.federalreserve.gov/data/scoos/scoos-202303.htm Summary: The March 2023 Senior Credit Officer Opinion Survey on Dealer Financing Terms collected qualitative information on changes in credit terms and conditions in
dismal-jellyfish 📈 Macroeconomics

Commodity Futures Trading Commission (CFTC) Alert! CFTC Staff Issues No-Action Letter Regarding the Migration of Credit Default Swaps from ICE Clear Europe Ltd. Solutions

“require a temporary exemption from the trade execution requirement and required methods of execution.” Press Release: https://www.cftc.gov/PressRoom/PressReleases/8683-23 The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today published a no-action letter regarding the requirements in section 2(h)(8) of the Commodity
dismal-jellyfish 📈 Macroeconomics

SEC Alert! Administrative Proceedings for Barclays PLC and Barclays Bank PLC: SEC creates fund for the $200 million fine Barclays received for selling "an unprecedented amount of securities—cumulatively totaling approximately $17.7 billion"

In addition, due to its failure to establish any internal control to track the amount of securities that were offered or sold on a real-time basis, beginning on or around January 28, 2021, BBPLC offered and sold securities in excess of what was registered on the 2019 Shelf. Source: https:
dismal-jellyfish 🧱 Market Reform

SEC Alert! SEC proposes (OPEN for comment) to continue collecting information for “Rule 15c3-1”, which requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers.

https://public-inspection.federalregister.gov/2023-06628.pdf Rule 15c3-1 Requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers. The rule facilitates the monitoring of the financial condition of broker-dealers by the Commission and the various self-regulatory organizations. * It is estimated
dismal-jellyfish 🧱 Market Reform

SEC Alert! Chair Gary Gensler: "I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future"

"FY 2023 funding for the first time brought the agency’s staffing back above where we were seven years ago." Source: https://www.sec.gov/news/testimony/gensler-testimony-subcommittee-financial-services-and-general-government-032923 Highlights: Full-time equivalents (FTEs) at the SEC and in individual Divisions. Overall SEC FTEs include all Offices and Divisions. * The
dismal-jellyfish 📰 News

FDIC sends supplemental materials to Consolidated Reports of Condition & Income for 1st Quarter 2023 for Held-to-Maturity Assets (banks hold -$620 billion Unrealized losses as of 4th quarter).

"Amending to retroactively report a debt security in another category without evidence is inappropriate" Unrealized losses on available–for–sale and held-to-maturity securities totaled $620 billion in the fourth quarter Remarks by Chairman Martin J. Gruenberg before the Committee on Banking, Housing, and Urban Affairs * Unrealized losses on
dismal-jellyfish 📰 News