Dismal's Smacks

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Why we should expect a rate hike in June: A review of what Fed officials have said and what incoming data is saying.

Good morning Superstonk! Jellyfish back with you to review what folks from the Fed have been saying and to pair it with data to show that we are likely to see a rate hike in June. Let's get to it! First, this all 'starts' back with

Commodity Futures Trading Commission staff advisory: All Derivatives Clearing Organization (“DCO”) Division of Clearing and Risk (“DCR”) Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.

Source: https://www.cftc.gov/csl/23-07/download >Over the past several years, DCR has observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services offered by DCOs, including related to digital assets. DCR reminds registrants and

Weekend deep dive--revisiting Talis Putnis' 2009 article Naked Short Sales and Fails to Deliver An Overview of Clearing and Settlement Procedures for Stock Trades in the US

"The US clearing and settlement system does not provide any significant disincentives for naked short selling." Happy weekend Superstonk! I hope everyone is able to enjoy the long weekend with loved ones and remembering those who make it possible for us to be doing so. However, if you

Janet Yellen in letter to congress says Treasury is set to run out of money on June 5th.

Source: https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress-Members-20230526-McCarthy.pdf >Dear Mr. Speaker: I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the operations of the federal government. Since

$29 billion deposited to commercial banks in the last week (May 10th-17th). $1,006 billion in deposits has been pulled since the all time hit 4/13/22. Since the run picked up momentum 2/22/2023, $538 billion in deposits have been pulled.

Happy Friday Superstonk, resident Jellyfish back with you to review this weeks commercial bank deposit data (and how deposit outflows are being 'made up' with borrowing from sweetheart liquidity programs for the banks. I hope everyone enjoys the long weekend! Let's get to it! https://www.

FINRA Disciplinary Actions! Vanguard Marketing Corporation (a wholly-owned subsidiary of The Vanguard Group) overstated projected yield & projected annual income for nine money market funds on approximately 8.5 million VMC account statements

from at least October 2019 - June 2021. $800k fine/censure Source: https://www.finra.org/sites/default/files/fda_documents/2020068469601%20Vanguard%20Marketing%20Corporation%20CRD%207452%20AWC%20gg.pdf The personal performance section of the account statement incorrectly identified the deposit as an increase in market value instead of

NSCC, FIC-MBS, FIC-GOV, DTC Alert! OPEN for comment: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Clearing Agency Investment Policy. The Investment Policy itself is COMPLETELY [REDACTED].

How is one supposed to intelligently comment on REDACTED materials? Sources: NSCC: SR-NSCC-2023-005 FIC-MBS, FIC-GOV: SR-FICC-2023-006 DTC: SR-DTC-2023-005 [REDACTED]: Exhibit 5 Purpose: * The proposed rule change amends the Clearing Agency Investment Policy (“Investment Policy”, or “Policy”) of FICC and its affiliates, The Depository Trust Company (“DTC”) and National Securities Clearing