Dismal's Smacks

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SEC Alert! The SEC's 24th CLOSED door meeting this year via the Sunshine Act set for today to consider enforcement proceedings rescheduled yet AGAIN!--was 2 p.m., then 10 a.m., then 9:15 a.m., now 7:30 p.m. Why the need to shift a CLOSED door enforcement

https://public-inspection.federalregister.gov/2023-13171.pdf Previously Scheduled: https://public-inspection.federalregister.gov/2023-12638.pdf https://public-inspection.federalregister.gov/2023-12822.pdf https://public-inspection.federalregister.gov/2023-12996.pdf Hypothesis: Reading between the lines of what they are saying and comparing it to their actions (24 CLOSED door ENFORCEMENT meetings so far this

Paywall: Fed, SEC Probing Goldman Sachs’s Role in SVB’s Final Days. The Justice Department has subpoenaed Goldman over the Silicon Valley Bank matter, say people familiar with the matter.

Source: https://www.wsj.com/articles/fed-sec-probing-goldman-sachss-role-in-svbs-final-days-a4683b5b Reddit Post

FIC-GOV Alert! GSD Capped Contingency Liquidity Facility® (CCLF®) will reset each Netting Member’s CCLF Cap on 7/1/23. If a member defaults, the FICC would tap into the CCLF, which could drain liquidity from other members.

A CCLF failure could trigger a liquidity domino effect throughout the market. https://www.dtcc.com/-/media/Files/pdf/2023/6/15/GOV1495-23.pdf What is the Capped Contingency Liquidity Facility (“CCLF®”)? On April 25, 2017, the Commission approved FICC’s adoption of the Clearing Agency Liquidity Risk Management

SEC Alert! Comment period OPEN to approve if SEC should continue to collect information provided for in Rule 15c2-11.

'The Rule is designed to prevent broker-dealers from publishing or submitting quotations for OTC securities that may facilitate a fraudulent or manipulative scheme.' https://public-inspection.federalregister.gov/2023-12851.pdf * Rule 15c2-11 governs the publication of quotations for securities in a quotation medium other than a national securities exchange

FICC-GOV Alert! Implementation of [REDACTED] SR-FICC-2023-003 set for 7/3/23. Revises the description of the stressed period used to calculate VaR Charge, amend the GSD QRM Methodology

https://www.dtcc.com/-/media/Files/pdf/2023/6/15/GOV1494-23.pdf Before going any further:The VaR is the most important calculation, apparently, in determining the clearing fund deposit requirement (which in simple terms is just a fraction of customer buys). * This is literally the reason why the

Interesting, DTC is 9 days out from migrating to a modernized Clearing Fund Management (CFM) application and some members have yet to confirm a migration date even though this is an ongoing membership requirement under DTC rules.

I wonder why some folks would slow walk modernized clearing?!?... /s Reddit Post

Federal Reserve issues FOMC statement: the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent.

Source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20230614a.htm Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient.