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The FDIC determined that the Citigroup plan is not credible

The FDIC and Fed announce results of resolution plan review for largest and most complex banks and they identified weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.

Today, the FDIC and Fed announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The agencies did not identify any weaknesses

This week the SEC has approved whistleblower awards totaling more than $5.1 million

Whistleblower Alert! This week the SEC has approved whistleblower awards totaling more than $6.3 million--meaning the fines levied from these tips ranged from $21-$63 million.

This week, the SEC awarded multiple whistleblower awards totaling more than $6.3 million. The Whistleblower Program was created by Congress to provide monetary incentives for individuals to come forward and report possible violations of federal securities laws to the SEC. Under the program, eligible whistleblowers are entitled to an

Korea's FSC abolishing the need for 'investment registration certificates'

Do you like how Korea is cracking down on illegal shorting? Good news! Korea is improving market access for foreign investors by abolishing the need for 'investment registration certificates'.

Have you been reading about how Korea extended its short sale ban to March 2025 and is taking additional steps to prevent illegal trading activities and thought it would be awesome to be in the Korean markets? Good news! Today, Korea's Financial Service Commission (FSC) is improving market

Kepler overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares.

From December 2016 to October 2022, Kepler Capital Markets overstated its trade volume in approximately 377,000 instances, by approximately 2.1 billion shares. Penalty? Without admitting to the findings, a censure and $475k fine.

Kepler overstated its advertised trading volume: Penalty?: How could this have impacted GameStop?: Inflated trading volumes can mislead the market as a whole about the liquidity and demand for a stock, potentially influencing trading decisions and stock prices unfairly. My understanding is this creates a false impression of market activity,

SEC Chair Gary Gensler

SEC Chair Gary Gensler: "looking forward, it raises the question as to whether further shortening beyond T+1 may be appropriate."

SEC Chair Gary Gensler highlighted the benefits of shortening the settlement cycle for securities transactions from two days (T+2) to one day (T+1) during his speech at a U.K. Conference. Gensler calls out this change, implemented smoothly in the U.S. last month, aligns the settlement timeline

CFTC Awards Over $8 Million to Whistleblower

CFTC Awards Over $8 Million to Whistleblower who "helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects of trades."

The Commodity Futures Trading Commission today announced it awarded over $8 million toa whistleblower who provided significant information and assistance that led the CFTC and other agencies to bring multiple enforcement actions. The whistleblower helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects

Today the Fed held a CLOSED board meeting to discuss an update on bank stress tests

Reminder: Today, as it was determined that the public interest did not require opening the meeting, the Fed held a CLOSED board meeting to discuss an update on bank stress tests set to be released to the public on 6/26/24.

Background: Last week, the Fed announced that results from its annual bank stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT. This year, 32 banks with $100 billion or more in total assets are subject to the stress tests. Additionally, aggregate results from the

2023:Q4 hedge fund liabilities hit $9,131.36 billion

In 2023:Q4 hedge fund liabilities hit $9,131.36 billion (the highest since 2022:Q1) up $333.87 billion from $8,797.49 billion in 2023:Q3.

Today the Fed released Enhanced Financial Account data, which provided various updated insights. For this post I am reviewing the updated hedge fund data for 2023:Q4. In 2023:Q4 hedge fund liabilities hit $9,131.36 billion (the highest since 2022:Q1) up $333.87 billion from $8,797.

Korea's Financial Service Commission to Implement Short Sale Reform Measures

Korea's Financial Service Commission to Implement Short Sale Reform Measures Introduced to Prevent Illegal Trading Activities and Protect Investors.

The Financial Services Commission announced the finalized version of short sale reform measures on June 13, which include plans to establish a completely electronic short sale processing system until March 2025, limit the length of stock repayment period for both institutional investors and retail investors to maximum 12 months, and

Short Sale Ban Extended Until March 30, 2025

Korea Financial Service Commission: Short Sale Ban Extended Until March 30, 2025.

The Financial Services Commission held an extraordinary session on June 13 and decided to extend the period of enforcing short sale ban currently set to expire at the end of this month until March 30, 2025. However, covered short selling by market makers and liquidity providers will continue to be

SEC Chair Gary Gensler

SEC Chair Gary Gensler: "Without additional resources, the oversight of markets is at risk. Our ability to find bad actors is at risk. Our responsiveness to market participants is at risk."

Today, SEC Chair Gary Gensler appeared before Congress to give testimony before the Subcommittee on Financial Services and General Government. According to Gary, the U.S. capital markets have seen significant growth and increased participation from everyday investors. Currently, 58% of U.S. households own stocks, up from 52% in

Fed holding a closed meeting Friday

Federal Reserve Alert! The Fed to hold a CLOSED meeting at 9:30 a.m. on Friday, June 14, 2024 for an update on Bank Stress Tests.

Last week, the Fed announced that results from its annual bank stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT. This year, 32 banks with $100 billion or more in total assets are subject to the stress tests. Additionally, aggregate results from the Board&

FINRA DELAYS for 45 days moving forward with Rule 6500

FINRA Alert! FINRA DELAYS for 45 days moving forward with Rule 6500 Series (Securities Lending and Transparency Engine (SLATE)) requiring reporting of securities loans and provide for the public dissemination of loan information.

FINRA is proposing, as required by Securities Exchange Act Rule 10c-1a, to adopt the new FINRA Rule requiring the reporting of securities loans and provide for the public dissemination of loan information. The proposed rule change was published for comment May 7, 2024 and a decision on the rule needed

The amount of interest paid to live another day? $6,951,197,000

Bank Term Funding Program Alert! As of May 31, 2024 the total outstanding amount of all advances under the BTFP was $107,946,342,000. The amount of interest paid to live another day? $6,951,197,000.

Back in January, the Fed announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11 and that the program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions. As the program