Over the past month, the BDA conducted a survey in response to the SEC proposed exemptive relief for MAs. The survey asked firms how they plan to adapt their business model if the order is enacted in its current form. The results can be viewed here. The survey addresses questions that have stemmed from the…
Author: Bond Dealers of America
BDA Calls on Fed to Include all Banks and Dealers who Provide Liquidity in Emergency Programs
Today, the BDA submitted additional comments to the Federal Reserve on their continued intervention in the capital markets to discuss market structure, and the need to expand their emergency programs to include all banks and dealers who provide liquidity to the market. The letter can be viewed here. **All BDA COVID-19 correspondence can be viewed here.…
SEC Hosts Virtual FIMSAC Meeting
The SEC’s Fixed Income Market Structure Advisory Committee conducted a virtual meeting today. The Committee considered several issues of interest including recommendations regarding pre-trade transparency and the TRACE Pilot. The agenda can be viewed here. Recommendation Concerning Pre-Trade Transparency in the Municipal Securities Market The Committee unanimously approved a recommendation encouraging the SEC to further…
House to Consider Infrastructure Legislation in June: BDA Engages with Ways and Means Sharing Market Priorities
The BDA has learned that House Leadership plans to take action on infrastructure in June. As the House moves to consider infrastructure legislation, today the BDA engaged with the House Committee on Ways and Means and submitted a priorities document to the Committee. The BDA principles document can be viewed here. The BDA calls on the…
Senate Signals Stimulus
In a week where the House of Representatives voted via proxy for the first time in American history, and the Senate began to signal that a new stimulus package may come in the next month, skeptics remain that state and local governments need more direct funding, even as a vast majority of cities have yet to receive any…
Fed Publishes MLF Sample Purchase Rates
Today, the New York Fed published the first sample purchase rates for the Municipal Liquidity Facility, and plans to release new rates each week solely to provide indicative pricing information to market participants. The MFL Sample Purchase Rates can be viewed here. Key Points: Actual transactions will be priced according to the specifics of each transaction…
Federal Housing Finance Authority Follows BDA Recommendation for Agency Capital Requirement
Today, the Federal Housing Finance Authority (FHFA) released a proposal setting capital requirements for Fannie Mae and Freddie Mac in an effort to move the agenciesout of federal government control. The release follows BDA recommendations that agencies should be allowed to retain profits to grow capital. *The BDA GSE White Paper can be viewed here. The…
OCC Finalizes Community Reinvestment Act FDIC Announces it will not Join Final Rule
Today, the Office of the Comptroller of the Currency announced it is finalizing the updated CRA Rule.The treatment of municipal securities is unchanged in the updated CRA. Initially the FDIC signed onto the proposal but is not participating in the final rule. The rule will take effect in October although compliance with the regulation will be…
Fed Chair: Municipal Liquidity Facility to Launch by End of Month
Today, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin virtually testified before the Senate Committee on Banking providing a quarterly update on the Main Street Lending Program and the Municipal Liquidity Facility as required by the CARES Act. *The BDA continues to be active with the Fed and all letters can be found here.…
New York Fed Releases Application Materials for the Municipal Liquidity Facility
The Federal Reserve continues to take steps to operationalize the Municipal Liquidity Facility, today releasing asample applicationand form documents and certifications with detailed information for potential issuers who wish to sell eligible notes to the MLF. The Municipal Liquidity Facility Application materials can be found here. This follows last weeks Federal Reserve announcement of the release of the…