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Mic Drop

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    A nearly $500 million settlement agreement by four investment banks over control of the stock-loan market is prompting changes to bank practices and warning the industry to take antitrust violations more seriously,

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    https://news.bloomberglaw.com/antitrust/big-banks-500-million-settlement-puts-wall-street-on-notice?source=newsletter&item=body-link&region=text-section

    The funds in 2017 filed suit, accusing the Wall Street giants of conspiring to thwart all-electronic trading systems that match stock lenders and borrowers in an effort to preserve the banks’ privileged role as a broker on every stock loan trade.

    This SoCal shopping mall will reportedly require teens to wear ID tags

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    https://www.foxla.com/news/moreno-valley-mall-mob-brawls-crackdown-teen-fights-violence-safety

    RIVERSIDE COUNTY, Calif. - Multiple brawls among teens across Southern California recently has prompted one shopping mall to take action in an effort to combat the violence and protect customers. 

    At Moreno Valley Mall, multiple fights took place at the popular mall Sunday just after 6 p.m. Hundreds of people were at the mall as the movie theater was offering $4 movie tickets as part of National Cinema Day.

    City Lights California GIF

    FDIC putting the screws on Banks - This will affect us all

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    Large banks would be required to maintain a minimum amount of eligible long-term debt equal to the greater of 6 percent of risk weighted assets, 3.5 percent of average total consolidated assets, and for banks subject to the supplementary leverage ratio, 2.5 percent of total leverage exposure under the supplementary leverage ratio.  Additionally, the proposal would: 

    • Prohibit large banks from engaging in certain activities that could complicate their resolution; and
    • Disincentivize banks from holding long-term debt issued by other banks to reduce interconnectedness.

    Because large banks generally pose less risk than the largest and most complex banks, the proposed requirement would be calibrated at a lower level relative to existing requirements for the eight largest and most complex banks.  Under existing rules, the largest and most complex banks are subject to total loss-absorbing capacity (TLAC) requirements, including minimum and buffer requirements, as well as a long-term debt requirement.  Under the proposal, a large bank with total assets of $100 billion or more that is not one of the largest and most complex banks would not be subject to TLAC requirements. 

    https://www.fdic.gov/news/fact-sheets/ltd-resolution-8-29-23.html

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