Dismal's Smacks

🌙 ☀️

Sign in Subscribe

📰 News

SEC Alert! SEC Charges Merrill Lynch and Parent Company for Failing to File Suspicious Activity Reports. From January 2009 to November 2019, Merrill failed to file hundreds of SARs on no-suspect criminal activity involving Merrill customers.

https://www.sec.gov/litigation/admin/2023/34-97872.pdf Wut mean? * Between January 2009 and November 2019, Merrill didn't file certain Suspicious Activity Reports (SARs) as required by law. These reports are important because they help detect potential illegal activities, like money laundering or fraud, within financial transactions.

FICC-GOV & FICC-MBS Alert! Capped Contingency Liquidity Facility (“CCLF”) Annual Attestation. GSD & MBSD Clearing Members Given Deadline of Sep 20, 2023 to Certify CCLF Obligations. CCLF is a financial safety net.

https://www.dtcc.com/-/media/Files/pdf/2023/7/10/GOV1509-23.pdf Wut mean? * Netting Members of the Government Securities Division (GSD) must submit their Officers' Certificate relating to CCLF obligations by September 20, 2023. * The Officers' Certificate certifies that Netting Members have included their Individual Total

Fed Vice Chair for Supervision Michael S. Barr Proposes Major Banking Regulation Overhaul.

Proposed changes aim to make banks more cautious in lending and trading practices by requiring them to hold more capital & wouldn't be able to use their own models for certain hard-to-model market risks. Source: https://www.federalreserve.gov/newsevents/speech/barr20230710a.htm Highlights: Barr's speech

CFTC Approves Trading of Certain Overnight Index Swaps: A New Layer of Transparency? and Its Potential Ripple Effects on GME

Source: https://www.cftc.gov/PressRoom/PressReleases/8745-23 Wut mean? * The Commodity Futures Trading Commission (CFTC) has approved a made-available-to-trade (MAT) determination submitted by TW SEF LLC for certain U.S. Dollar (USD) Secured Overnight Financing Rate (SOFR) overnight index swaps (OIS) and Pound Sterling (GBP) Sterling Overnight Index Average

Holy cow, FINRA ACTUALLY expelled a member!! Monmouth Capital Management LLC. Monmouth excessively traded 110 accounts: "Over a 20-month period, Monmouth effected 61 trades in the 13-year old’s account

https://www.finra.org/sites/default/files/fda_documents/2022076459303%20Monmouth%20Capital%20Management%20LLC%20CRD%20290248%20AWC%20vr.pdf Good evening Superstonk and Happy weekend!! I would like to share some more FINRA 'discipline' with y'all--this one is 'real'. As these releases convey a

FICC - MBS, FICC - GOV Alert! SR-FICC-2023-009 Modify the GSD Rules, MBSD Rules, and EPN Rules. Talks about Fails to Deliver and Reverse Repo. This one looks important!

Source: https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2023/FICC/SR-FICC-2023-009.pdf This is 240 pages and going to take some reviewing but some interesting items at first glance: Overview: The proposed rule change of Fixed Income Clearing Corporation (“FICC”) is annexed hereto as Exhibit 5 and

BHP Capital's Alleged Shenanigans: Unregistered Dealing and Possible Short Selling Playground?

Operation allowed them to transform over 100 convertible notes into about four billion new common stock shares, earning them millions in profits and a perfect opportunity to naked short sell. https://www.sec.gov/litigation/admin/2023/34-97847.pdf From December 2017 through mid-2022 (“relevant period”), BHP Capital was a