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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.

FIC-MBS Alert! MBSD Pair-Off available in PSE. Given the complexity of To-Be-Announced (TBA) trading and the potential for misuse, there are several potential areas where unscrupulous actors could take advantage of such systems. Details inside.

https://www.dtcc.com/-/media/Files/pdf/2023/6/14/MBS1233-23.pdf What is happening? "EPN Pair-Off" service is a newly introduced feature by the Fixed Income Clearing Corporation (FICC), specifically their Mortgage-Backed Securities Division (MBSD). This service seems to aim at streamlining the process of pairing

CFTC Alert! EXTENSION OF COMMENT PERIOD through 6/30/23 on Proposed Rules for Derivatives Clearing Organization Risk Management Regulations to Account for the Treatment of Separate Accounts by Futures Commission Merchants.

AKA codifying 'No meeting margin calls with another customer's position'... https://public-inspection.federalregister.gov/2023-12832.pdf On April 14, 2023, the Commission published in the Federal Register an NPRM proposing to amend the CFTC’s derivatives clearing organization (DCO) risk management regulations adopted under section 5b