Revisiting quotes since April, hedgies are fucked?
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FICC - GOV Alert! GSD Capped Contingency Liquidity Facility® (CCLF®) – Changes to the Reset Date and Look-Back Period - Effective as of June 2, 2023
https://www.dtcc.com/-/media/Files/pdf/2023/5/19/GOV1481-23.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 Framework (‘‘Framework’’), **which broadly describes FICC’s liquidity risk management strategy and
$57 billion withdrawn from commercial banks in the last week (May 3rd-10th). Since 2/22/2023, $590 billion in deposits have been pulled. $1,058 billion in deposits has been pulled since the all time hit 4/13/22. The bank run continues and picks up speed!
Source: https://www.federalreserve.gov/releases/h8/20230519/
https://fred.stlouisfed.org/series/DPSACBW027SBOG
EDIT: I was originally using the not seasonally adjusted data instead of seasonally adjusted data. Have edited all the numbers to reflect (outside of the title). Apologies for the mix up--what I get for trying to
Fed Governor Michelle W. Bowman: "The banks that recently failed were unique in their operations and business models. These failures alone do not justify layering on inefficient and overly complex supervision on a broad range of other banks."
Source: https://www.federalreserve.gov/newsevents/speech/bowman20230519a.htm
Considerations for Revisions to the Bank Regulatory Framework Governor Michelle W. Bowman At the Texas Bankers Association Annual Convention, San Antonio, Texas
Highlights:
* Regulators already have a comprehensive toolkit at their disposal to encourage issue resolution, and frankly, we need to
SEC Alert! Mellissa Campbell Duru Named Division of Corporation Finance’s Deputy Director for Legal and Regulatory Policy.
Ms. Duru said, "I look forward to our work ahead and developing data-driven and pragmatic policies and rule recommendations to the Commission."
Source: https://www.sec.gov/news/press-release/2023-96
The Securities and Exchange Commission today announced that Mellissa Campbell Duru has been named Deputy Director for Legal
SEC Chair Gary Gensler: "Though I’m not suggesting that such individual funds areas large as today's largest banks, as noted in the Federal Reserve’s recent Financial Stability Report, the largest hedge funds by gross asset value have at times on..."
SEC Chair Gary Gensler: "Though I’m not suggesting that such individual funds areas large as today's largest banks, as noted in the Federal Reserve’s recent Financial Stability Report, the largest hedge funds by gross asset value have at times on average exceeded 20-to-1 leverage."
Federal Deposit Insurance Corporation (FDIC) Alert! FDIC is seeking PUBLIC comment on the proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors
Federal Deposit Insurance Corporation (FDIC) Alert! FDIC is seeking PUBLIC comment on the proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors in connection with SVB & Signature Bank--$15.8 billion.
Source: https://public-inspection.federalregister.