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Options Clearing Corporation (OCC) alert! Approval of proposed rule to amend & enhance the OCC's Model Risk Management Policy.

Looks to address OCC model risk that if not managed properly could potentially cause OCC to under-collect the collateral used to cover credit risk posed by a Clearing Member https://www.sec.gov/rules/sro/occ/2023/34-97763.pdf Background: * Options Clearing Corporation ("OCC") is a central counterparty

Inflation Alert! Chicago Federal Reserve Bank President Austan Goolsbee has to ‘do more sniffing’ on inflation before being open to raising rates again: “I have not decided what should be the rate decision more than a month from now” ”I am a data dog."

https://globalfood.wsj.com/#speakers https://www.marketwatch.com/story/goolsbee-says-fed-has-to-do-more-sniffing-on-inflation-before-raising-rates-again-565128ce The president of the Chicago Federal Reserve said the U.S. central bank needs to “do more sniffing” on the economy and inflation before determining whether to resume raising interest rates. “I have not decided what should be the

Bank of Canada minutes on immediate rate hike: "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously expected."

"members felt that enough data had accumulated to convince them that more restrictive policy was needed." Source: https://www.bankofcanada.ca/2023/06/summary-governing-council-deliberations-fixed-announcement-date-june-7-2023/ Highlights: * "the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously

SEC Alert! SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies. The firm has agreed to pay a $10 million penalty... in 2020/2021 there were 860 SPAC IPOs. Over 400 of these audited by Marcum.

https://www.sec.gov/litigation/admin/2023/34-97773.pdf TLDRS: * The SEC has charged audit firm Marcum LLP with significant quality control failures and audit standard violations in audits of hundreds of SPAC clients since 2020. * This misconduct resulted from Marcum tripling its public company clients, mainly SPACs, thereby revealing

Inflation Alert! Jerome Powell to Congress: "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year."

"inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go." Source: https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm Highlights: * We at the Fed remain squarely focused on our dual mandate to promote maximum employment

From SEC Memorandum on Swaps data: Figure 8 shows the number of market participants with at least 1 gross position exceeding a $1 billion. Figure 8A shows the number of market participants with at least 1 gross position exceeding $1 billion.

From SEC staff Memorandum: Figures 9B and 10B display daily counts of gross positions that surpass 7% and 10% of a U.S. listed security's market cap, respectively.

A single participant can hold multiple large positions, hence the count can exceed the total number of market participants... Source: Memorandum from the Division of Economic and Risk Analysis Look at how everything spikes in 2021... If you would like to comment about this, check out this post: SEC REOPENS