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Careening Toward Clearing: Statement On Rules To Improve Risk Management In Clearance And Settlement And To Facilitate Additional Central Clearing For The U.S. Treasury Market, SEC Commissioner Hester M. Peirce, Dec. 13, 2023

Date 13/12/2023

Thank you, Mr. Chair. A government that routinely runs substantial deficits needs to be cautious when structuring the rules for the markets in which it borrows. Additional central clearing in the U.S. Treasury market may be one way to strengthen the market to ensure that it can absorb the ever-increasing Treasury issuances, but how we get to increased central clearing matters. The recommendation that the Commission is considering today would commit the market to what may be a reckless ride down the path to mandatory clearing, with no brakes or off-ramps in the event the market takes a bad turn. Accordingly, I cannot support it.
IMFC Selects Saudi Arabia’s Minister Of Finance Mohammed Aljadaan As New Chair

Date 13/12/2023

The members of the International Monetary and Financial Committee (IMFC), the policy advisory body of the Board of Governors of the International Monetary Fund (IMF), have selected Saudi Arabia’s Minister of Finance, Mr. Mohammed Aljadaan, as Chair of the Committee for a term of three years, effective January 4, 2024. Mr. Aljadaan will succeed Ms. Nadia Calviño, Spain’s First Vice President and Minister for Economic Affairs and Digital Transformation, who has chaired the IMFC since January 3, 2022.
Federal Reserve Issues FOMC Statement

Date 13/12/2023

Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.
Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The December 12-13 FOMC Meeting

Date 13/12/2023

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the December 12-13 meeting.
Opening Statement Of CFTC Commissioner Caroline D. Pham Regarding CFTC Open Meeting On December 13, 2023

Date 13/12/2023

For our third open meeting of 2023, I would like to start by thanking the staff rulemaking teams here with us this morning. I appreciate your time and dedication and look forward to the presentations today. I’d also like to thank the rest of the CFTC staff, the Chairman, my fellow Commissioners, the work of Commissioner Goldsmith Romero’s Technology Advisory Committee, and the work of the other CFTC advisory committees in informing some of the important issues that we’re going to be addressing today.

US Office Of The Comptroller Of The Currency Reports Third Quarter 2023 Bank Trading Revenue

Date 13/12/2023

The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $13.2 billion in the third quarter of 2023. The third quarter trading revenue was $470 million, or 3.4 percent, less than in the previous quarter and $474 million, or 3.7 percent, more than in the third quarter of 2022.
SEC Approves 2024 PCAOB Budget And Accounting Support Fee

Date 13/12/2023

The Securities and Exchange Commission today approved the 2024 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. The 2024 PCAOB budget totals $384.7 million, and the accounting support fee totals $358.8 million, of which $331.0 million will be assessed on public company issuers and $27.8 million will be assessed on registered broker-dealers.
SEC Adopts Rules To Improve Risk Management In Clearance And Settlement And Facilitate Additional Central Clearing For The U.S. Treasury Market

Date 13/12/2023

The Securities and Exchange Commission today adopted rule changes to enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions. The rule changes update the membership standards required of covered clearing agencies for the U.S. Treasury market with respect to a member’s clearance and settlement of specified secondary market transactions. Additional rule changes are designed to reduce the risks faced by a clearing agency and incentivize and facilitate additional central clearing in the U.S. Treasury market.
SEC Adopts Rules To Improve Risk Management In Clearance And Settlement And Facilitate Additional Central Clearing For The U.S. Treasury Market

Date 13/12/2023

The Securities and Exchange Commission today adopted rule changes to enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions. The rule changes update the membership standards required of covered clearing agencies for the U.S. Treasury market with respect to a member’s clearance and settlement of specified secondary market transactions. Additional rule changes are designed to reduce the risks faced by a clearing agency and incentivize and facilitate additional central clearing in the U.S. Treasury market.
Statement On Final Rules Regarding Treasury Clearing, SEC Chair Gary Gensler, Dec. 13, 2023

Date 13/12/2023

Today, the Commission is considering whether to adopt rules regarding the central clearing of U.S. Treasury securities. I am pleased to support these rules because they will help to make this vital part of our capital markets more efficient, competitive, and resilient.