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FSB publishes 2023 G-SIB list

Too Big to Fail Alert! Financial Stability Board: "One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed."

Highlights: One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed. The overall number of G-SIBs therefore decreases from 30 to 29. FSB member authorities apply the following requirements to G-SIBs:

The Nonbank Shadow of Banks

New York Fed economists conclusion: "the evolution of banks and nonbanks is highly intertwined."

The Nonbank Shadow of Banks Nicola Cetorelli and Saketh Prazad Source: https://libertystreeteconomics.newyorkfed.org/2023/11/the-nonbank-shadow-of-banks/ Highlights: * "In this post, we look at the joint evolution of banks—referred to as depository institutions from here on—and nonbanks inside the organizational structure of bank holding companies (BHCs)

South Korean Authorities Discuss Stock Short Sale Reform Measures.

South Korean Authorities Discuss Stock Short Sale Reform Measures. The authorities expect that these proposals will help to bring about improvements to the short selling system and boost fairness and efficiency in capital markets.

Source: https://www.fsc.go.kr/eng/pr010101/81093 Vice Chairman Kim So-young of the Financial Services Commission attended a meeting on short selling reform measures which brought together authorities from the private sector, the ruling party of the National Assembly and the government on November 16. At the meeting,

the Repurchase Rule is hereby stayed pending further Commission action.

SEC Alert! An order issuing a stay has been granted for the Share Repurchase Disclosure Modernization Rule. Rule now on hold due to Chamber of Commerce of the USA suing the SEC about the rule.

What are they so upset about? The proposal would establish new Form SR for reporting issuer share repurchases and enhance existing periodic disclosure. The proposed rules would require an issuer to provide a new Form SR before the end of the first business day following the day the issuer executes

October 31–November 1, 2023 FOMC Minutes

October 31–November 1, 2023 FOMC Minutes: "The staff provided an update on its assessment of the stability of the financial system and, on balance, judged that the financial vulnerabilities of the U.S. financial system were notable."

Developments in Financial Markets and Open Market Operations: The manager turned first to a review of developments in financial markets over the intermeeting period. Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly

FDIC board of directors establishes special committee to oversee independent review of agency culture.

After WSJ call out for 'toxic atmosphere' full of strip clubs, dick pics, & booze, the FDIC board of directors establishes special committee to oversee independent review of agency culture.

As we covered last week, the Wall Street Journal called out the FDIC's toxic work environment. Today, they announce an independent review of Agency Culture. The Federal Deposit Insurance Corporation (FDIC) Board of Directors today announced the establishment of a special committee of the Board to oversee an

CFTC's Market Risk Advisory Committee to meet on 12/11

CFTC's Market Risk Advisory Committee to meet on 12/11 to address central counterparty risk and governance, market structure developments, and innovative & emerging technologies affecting the derivatives & related financial markets.

Meeting details: What: Market Risk Advisory Committee Meeting Location: (in person/virtual) CFTC Headquarters (Conference Center) Three Lafayette Center 1155 21st Street N.W. Washington, D.C. *Virtual instructions below When: Monday, December 11, 2023 9:30 a.m. – 12:30 p.m. EST Viewing/Listening Instructions: Members of the