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Financial Stability Board releases report

Financial Stability Board releases report on Financial Stability Implications of Multifunction Crypto-asset Intermediaries. Tokens (remember all those GME crypto tokens?) called out as interconnected-contagion risk!

Wut Mean?: * MCIs generate revenue through proprietary trading and investments, including in self-issued crypto-assets. * They often operate from offshore financial centers, are privately owned, and lack transparency in corporate structure, financial accounts, and product/service descriptions. * In some cases, this opacity seems intentional, hindering understanding of their activities and risks.
dismal-jellyfish 📚 Due Diligence
FDIC Systemic Resolution Advisory Committee to Meet Next Week.

FDIC Systemic Resolution Advisory Committee to Meet Next Week. The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions.

* The Federal Deposit Insurance Corporation’s (FDIC’s) Systemic Resolution Advisory Committee (SRAC) will meet on Tuesday, December 5, 2023, at 9:00 am ET. * The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions.  * The
dismal-jellyfish 📰 News
M1 lowest since 2021

Seasonally adjusted M1 (-$90.5B) (-.5%), M2 (-$29.5B) (-.1%), and currency in circulation (-$2800M) (-.1%) all dropped in October.

1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of
dismal-jellyfish 📈 Macroeconomics
Reserve requirements for depository institutions

The Federal Reserve Board today announced technical details related to reserve requirements for depository institutions, which will remain zero...

Wut Mean?: * The Federal Reserve Board announced that the reserve requirements for depository institutions will remain at zero. * However, as legally required, it provided annual adjustments to the reserve requirement exemption amount and the low reserve tranche for 2024, clarifying that these do not represent a change in reserve requirements.
dismal-jellyfish 📰 News
Gary Gensler

Gary Gensler : "I am pleased to support this rule as it fulfills Congress’s mandate to address conflicts of interests in the securitization market, a market which was at the center of the 2008 financial crisis."

Source: https://www.sec.gov/news/statement/gensler-statement-securitizations-112723 Today, the Commission adopted a rule to prohibit certain market participants in the asset-backed securities (ABS) market from taking positions against the products they help bring to market. I am pleased to support this rule as it fulfills Congress’s mandate to
dismal-jellyfish 📰 News
Hester Peirce: "As burdensome as it would have been for the Commission and commenters to formally re-engage, the consequences of getting this rule wrong loom large enough to warrant one more round of comment. Accordingly, I dissent."

Hester Peirce: "As burdensome as it would have been for the Commission and commenters to formally re-engage, the consequences of getting this rule wrong loom large enough to warrant one more round of comment. Accordingly, I dissent."

Source: https://www.sec.gov/news/statement/peirce-statement-securitizations-112723 Although not covering as many eras as this year’s most watched concert tour,[1] this rulemaking comes close. Like its musical counterpart, a rule that is more than a decade and multiple iterations in the making should be really good.[2]
dismal-jellyfish 📰 News