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CFTC to Hold a Commission OPEN Meeting on December 13 to consider Swap and Derivatives Rules.

CFTC to Hold a Commission OPEN Meeting on December 13 to consider Swap and Derivatives Rules.

Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Wednesday, December 13 at 9:30 a.m. (EST) at the CFTC’s Washington, D.C. headquarters. Members of the public are free to attend the meeting in person, listen by phone, or

U.S. Senator Sherrod Brown

U.S. Senator Sherrod Brown to Banks: Higher Capital Requirements Protect Consumers and Taxpayers From Wall Street's Risky Bets.

Source: https://www.banking.senate.gov/newsroom/majority/brown-to-banks-higher-capital-requirements-protect-consumers-and-taxpayers-from-wall-streets-risky-bets Sen. Brown’s remarks, as prepared for delivery follow: The eight bank CEOs appearing before us today lead the biggest global, systemically important banks in the United States. Your banks hold nearly $15 trillion in assets, manage trillions of dollars of

Final Rule: Prohibition Against Conflicts of Interest in Certain Securitizations

Prohibition Against Conflicts of Interest in Certain Securitizations prohibiting a sponsor of an asset-backed security (including a synthetic asset-backed security) that would result in conflicts of interest effective February 5, 2024.

Background: * The SEC proposed new Rule 192 to implement the prohibition in Securities Act Section 27B1 (“Section 27B”), which was added by Section 621 of the Dodd-Frank Act. * Section 27B(a) provides that an underwriter, placement agent, initial purchaser, or sponsor, or affiliates or subsidiaries of any such entity, of

CME/FICC Cross Margining Enhancements Implementation Notice

CME/FICC Cross Margining Enhancements Implementation effective 1/22/24. In 2020, CME exposures were large—likely in excess of $100bn notional. Savings with Enhanced Cross-Margining estimated at ~80% to protect the clearinghouses...

Background for this post: * https://www.cftc.gov/media/9591/gmac_FICC_CME110623/download * https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2023/FICC/SR-FICC-2023-010.pdf * https://www.dtcc.com/~/media/Files/Downloads/legal/rules/ficc_cme_crossmargin_agreement.pdf * https://www.dtcc.com/news/2023/july/18/

Fed Vice Chair for Supervision Michael S. Barr

"the discount window provides ready access to funding to help banks manage liquidity risks in normal conditions, it is also incredibly important that it be available to banks dealing with idiosyncratic or market-wide stress events."

Highlights: * "Credit Suisse came under renewed pressure in March 2023 after a long period of liquidity pressures that had been acute since the fall of 2022. Of course, Credit Suisse had been a troubled bank for some time, with doubts about its future viability after the Archegos and Greensill scandals

Federal Reserve Urged to Strengthen Guardrails for global systemically important banking organizations (GSIBs)

Senators urge Fed to strengthen guardrails on biggest banks: "These banks should be using more shareholders’ equity to fund their risky activities, so that they – not U.S. taxpayers – are on the hook if those bets do not pay off."

We strongly support the Board of Governors of the Federal Reserve System’s effort to make the U.S. banking system more resilient by strengthening the guardrails at global systemically important banking organizations (GSIBs). As we saw in the 2008 financial crisis, global megabanks took on layers of risky financial

S&P Global Market Intelligence: UBS is least efficient bank in Europe in Q3 2023.

S&P Global Market Intelligence: UBS is least efficient bank in Europe in Q3 2023.

Source: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/ubs-is-least-efficient-bank-in-europe-in-q3-2023-79149692 The Swiss bank recorded a third-quarter cost-to-income ratio of 99.56%, representing a 10.61-percentage-point increase from the previous quarter. UBS posted a third-quarter net loss attributable to shareholders of $785 million, compared to a $1.73 billion profit booked