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Handy info from my notes –


Securities Industry Association (SIA)

http://www.sifma.org/
Securities Industry and Financial Markets Association
[Another lobby for the securities industry]

ABOUT SIFMA

SIFMA is a non-profit industry association that represents the shared interests of participants in the global financial markets. SIFMA members include international securities firms, U.S.-registered broker-dealers, and asset managers.

The Association represents the industry on regulatory and legislative issues and initiatives, and also serves as a forum for outreach, training, education, and community involvement. Member participation is the very core of who we are and the key to our effectiveness.

SIFMA has offices in New York, Washington, London, and Hong Kong, where our sister organization, the Asia Securities and Financial Markets Association (ASIFMA), is located.

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Government Affairs

* Current Hill Activities
* State Issues
* Federal Issues
* International Issues
* SIFMA Staff Testimonies
* Legislative Correspondence
* Advocacy 101 – Landmarks and Primers
* SIFMA-PAC
* Washington Weekly

[Find these links about current activities of this organization on the left-hand side by clicking on the words “Government Affairs.”]

http://www.sifma.org/

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http://www.sifma.org/research/research.aspx?ID=10256


Federal Facilities

Visit our new web page for an up to date summary of the various US federal facilities.
[link above]
SIFMA Research and Statistics

Last Updated: 3/12/09
Underlying Data (excel): Federal Facilities Data

Quick Jumps
Total Reserves
Primary Credit
Primary Dealer Credit Facility
Agency Mortgage-Backed Securities Purchase Program
Asset-Backed Commercial Paper Money Market Mutual Funds Liquidity Facility
Commercial Paper Funding Facility
Term Auction Facility
Term Securities Lending Facility
Money Market Investor Funding Facility
Term Asset-Backed Securities Loan Facility
Total Reserves

Total Reserves

Links: Federal Reserve
http://www.federalreserve.gov/releases/h41/
Source: Federal Reserve

As of January 28, 2009, the Federal Reserve started breaking out central bank currency swaps from other assets; currency swaps are now broken out of  Other Credit Facilities.  For more detail on the breakdown of currency swap holdings: link

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Primary Credit Borrowing

Primary Credit

Links: Federal Reserve
Source: Federal Reserve

*&&*

Primary Dealer Credit Facility ( PDCF )

Primary Dealer Credit Facility
Source: Federal Reserve Bank of New York
Links: Main, FAQ, Terms and Conditions

Loans are made available to primary dealers on an overnight basis.
Loans settle on the same business day and mature the following business day
Collateral: Includes all collateral eligible for pledge in open market operations, plus investment grade corporate securities, municipal securities, mortgage-back securities, and asset-backed securities. Collateral not priced by the clearing banks will not be eligible.
Rate: Made at rate equal to primary credit rate in effect at FRBNY.
Addendum:

* 9/15/2008: Collateral broaded to closely match the types of collateral that can be pledged in tri-party repo systems of the two major clearing banks.

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Agency Purchase Program

Mortgage-Backed Securities – Purchases
GSE Purchases

Mortgage-Backed Securities – Sales
GSE Purchases

Direct Obligations – Purchases
GSE Purhcases
Source: Federal Reserve Bank of NY
Links: FAQ

Type: Outright purchase of up to $100 billion in direct agency obligations and $500 billion in agency mortgage-backed securities.

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My Note –

So, if they could do this for a bunch of financial firms that create nothing but did make the mess in the first place, why can’t they do it for schools, for school systems, for state budgets, for colleges and universities? All the speeches and agreements and demands that education is important and then when it gets right down to it, they strip the funds out of education or allow financial losses from the same financial plays that were sold to them by Wall Street firms to undermine our entire educational system?

We can’t go back and fix the days, weeks and months of those students’ lives to restore those moments of learning and growth that should’ve been there. But we can hand out billions of taxpayer dollars to shield the financial firms, banks, and Wall Street investment groups from harm?

They have been allowing those for-profit businesses to use our Treasury as a private bank and personal money machine, especially in the last three years during this crisis, but I wouldn’t be allowed to borrow money when I can’t pay my bills – why did they get to do that? And, since they did get to do that, why can’t everybody else including the schools and universities do that?

I don’t understand. Is the US and all of its states, nothing but a field of lies? Do they simply say education is important but not really mean it? Are the men (and women) who produce money by gambling with money really more valuable than everyone else? I don’t get it. Why does our government cater to them and to their every whim while hanging the rest of us out in the wind?

Do they really think it is acceptable that 90% of Americans don’t know how many countries are in the world, and in other countries they can speak four languages, think in calculus terms and design software for their own computers when they need it? Do they really think that is funny anymore?

But we have people who work on Wall Street that can create a sophisticated shell game that destroyed economies around the world, and Ponzi schemes so elegantly crafted that governments and investors around the world fell for them, and cons contrived to dupe even the most intelligent capable financial asset managers to gamble state and pension and taxpayer funds in them.

And the news media hangs on their every word like it is gold and the senators take their calls and opinions as if they emitted from the word of God. And, the leaders of the world make every accommodation to them even after knowing that Wall Street and the investment firms and the huge conglomerate bankers screwed them and the real damage it is causing. But, then those same leaders tell us how important education is, how critical to our national standing and our national security and our national future while taking away every asset of education from the people and underwriting the gamblers at the top to keep gambling and manipulating and paying off their losses for them personally.

I just don’t get it.

– cricketdiane, 04-22-10

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Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility ( AMLF )

Asset-Backed Commercial Paper Money Market Liquidity Facility
Source: Federal Reserve Bank of Boston
Links: Main, Outstanding, FAQ, Terms and Conditions

Borrowers: All US depository institutions, bank holding companies (parent companies or broker-dealer affiliates), US branches & agencies of foreign banks.
Assets: USD denominated issues from a US issuer, rated First-Tier under 2a-7 (not lower than A1, F1, or P1) by at least 2 NRSROs, or top rating by 1 NRSRO. Must be issued by entity organized under US law under program in existence as of 9/18/08. Administered by Federal Reserve Bank of Boston.
Expiration: October 30, 2009

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Commercial Paper Funding Facility ( CPFF )

Commercial Paper Funding Facility
Source: Federal Reserve Bank of NY
Links: Press Release, FAQ, Terms and Conditions

Type: Credit facility to a special purpose vehicle (SPV) that serves as funding backstop to facilitate issuance of term commercial paper by eligible issuers.
Assets: 3-month USD denominated commercial paper at spread of 3 month OIS overnight swap rate. Must be rated at least A1/P1/F1 by at least 1 NRSRO, not below A1/P1/F1 by at least 1 NRSRO. Commercial paper must be issued by US issuers.
Asset Purchase Limit: Greatest amount of USD-denominated CP issuer had outstanding between 1/1/08 – 8/31/08.
Expiration: October 30, 2009
Addendum:

* 1/23/09: CPFF to no longer purchase ABCP from issuers inactive prior to creation of CPFF; inactivity defined if issuer did not issue ABCP to institutions other than sponsoring institution for any consecutive 3-month period between 1/1/08 – 8/31/08.

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Term Auction Facility ( TAF )

Term Auction Facility – Regular
Term Auction Facility – Regular

Term Auction Facility – Europe
Term Auction Facility – Europe
Source: Federal Reserve
Links: Main, FAQ, Terms and Conditions

Type: Credit facility to ensure liquidity provisions can be disseminated efficienctly when unsecured interbank markets are under stress.
Collateral: Aggregate sum of all advances with term of maturity exceeding 28 days to not exceed 75% of collateral value, effective July 30, 2008
Bid Limits: Maximum bid to not exceed 10% of Offering amount
Stop Out Rate: Lowest accepted interest rate in an auction.
Addendum:

* 8/18/08: 84-day TAF is in conjunction with the ECB.
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Term Securities Lending Facility ( TSLF )

Term Securities Lending Facility – Schedule 1
Term Securities Lending – Schedule 1

Term Securities Lending Facility – Schedule 2
Term Securities Lending – Schedule 2
Source: Federal Reserve Bank of New York
Links: Main, Auctions, FAQ, Terms and Conditions

Chart does not include TOP auctions, which provide additional short-term liquidity during periods of heightened collateral market pressures (e.g., quarter end dates)
Type: 28-Day facility that offers Treasury general collateral to FRBNY primary dealers in exchange for program-eligible collateral in order to promote liquidity in the financing markets for Treasury & other collateral, fostering the functioning of financial markets generally.


Collateral:

* Schedule 1: All collateral eligible for tri-party repurchase agreements arranged by the Open Market Trading Desk; investment grade debt securities.
* Schedule 2: All Schedule 1 collateral; AAA/Aaa-rated Private-Label Residential MBS; AAA/Aaa-rated Commercial MBS; Agency CMOs; Other AAA/Aaa-rated ABS

Definitions:

* Stop Out Rate: Represents lowest accepted fee rate for which the accepted propositions are rewarded. The lending fee can be thought of as approximately equivalent to the spread between the Treasury general collateral rate and the general collateral rate for the pledged collateral over the terms of the loan.

Addendum:

* 9/15/08: Eligible collateral for Schedule 2 auctions now include all investment-grade debt securities; auctions to be held weekly; auctions increased to total of $150 billion from $125 billion (total $200 billion from $175 billion).

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Money Market Investor Funding Facility ( MMIFF )

Source: Federal Reserve Bank of New York
Links: Press Release, FAQ, Terms and Conditions

Type: Credit facility intended to restore liquidity to the money markets; facility provided to private sector special purpose vehicles (PSPVs) to purchase eligible money market instruments using financing of MMIFF and issuance of asset backed commercial paper.
Eligible Assets: Eligible assets for puchase at amortized cost USD-denominated CDs, bank notes, and commercial paper with maturity of less than 90 days. Each PSPV to purchase eligible assets from 10 institutions each designated in operational documents. Minimum rating A1/P1/F1 by at least 2 NRSROs.
Asset Limit: Debt instruments of single institution may not make up 15% of PSPVs’ portfolio.


Eligible Investors:
US money market mutual funds, US based securities lending cash-collateral reinvestment funds, portfolios, or accounts (securities lenders); and US based investment funds that operate in manner similar to money market funds.
Financing: Purchases made by borrowing under MMIFF, each seller will be issued ABCP worth 10% of asset purchase price, ABCP maturity equal to that of purchase, rated at least A1/P1/F1 by at least 2 NSRSOs. FRBNY to commit to lend 90% of purchase price until maturity of asset at overnight basis, primary credit rate; loans are senior to ABCP and secured by assets of PSPV.
Downgrades: In case of downgrade, PSPV must cease all asset purchases until downgraded assets have matured; upon default PSPV must cease all asset purchases and repayment of ABCP.
Expiration: October 30, 2009
Addendum:

* 1/7/09: Eligible institutions expanded from US money market mutual funds to other money market investors
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Term Asset-Backed Securities Loan Facility ( TALF )

Source: Federal Reserve Bank of New York
Links: Press Release, Press Release 2, FAQ, Terms and Conditions, White Paper

Type: Credit facility to facilitate issuance of ABS and improve market conditions; up to $200 billion available under TALF; $20 billion credit protection to be provided by US Treasury. Creation of SPV to purchase/manage assets in connection with TALF. FRBNY to enter forward agreement with SPV which SPV will agree to purchase all assets secured by a TALF loan equal to TALF loan amount + accrued/unpaid interest. TARP to purchase subordinated debt to finance first $20 billion of asset purchases, FRBNY to lend the rest; FRBNY loan senior to TARP loan, secured by all SPV assets.
Loan Terms: 3 year term, non-recourse to the borrower, fully secured by eligible ABS
Collateral: USD cash (non-synthetic) ABS with long term credit rating in highest investment category from 2+ NSRSO; must not have less than highest category by any one NSRSO. Credit exposures of underlying ABS new or recently originated to US domiciled obligors, to be initially auto loans, student loans, credit card loans, small business loans guaranteed by US Small Business Administration; to possibly in the future include CMBS, non-agency RMBS, etc. Exposures must not include cash or synthetic ABS. Collateral may not be loans originated by borrower or affiliate of borrower.
Eligible Borrowers: All US persons with eligible collateral: US citizen, business entity organized in US, US branch or agency of foreign bank.
Credit Extensions: Non-recourse loans secured by eligible collateral. Substitution not allowed. Loans not subjected to MTM or remargining requirements.
Haircuts: Established by FBNRY, ranging from 5% to 16% for ABS with expected life of 0-5 years; haircuts of 1% per every 2 years of life beyond 5.

Pricing: Monthly basis; sealed bid auction process (each bid with credit + interest rate spread over 1 Year OIS)
Expiration: December 31, 2009

http://www.sifma.org/research/research.aspx?ID=10256

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Investment Company Institute (ICI)
http://www.ici.org/

Advancing the interests of investment companies, their shareholders, directors, and investment advisers is a core element of ICI’s mission. ICI has worked on behalf of this community to secure a variety of public policy objectives by supporting effective legislation and regulation.

A considerable portion of the Institute’s work is devoted to representing the fund industry and its shareholders before Congress, the Securities and Exchange Commission, other regulatory agencies, as well as state and foreign regulators.

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From my notes 02-09-09

I was trying to understand where to find the data for a comprehensive look at the economy and what would be involved. These are my notes from last year that I made about it – I still don’t believe that the economy is based on people nor on people’s attitudes about it.

It is a system and looks more like any fluid thermodynamic system where time, influences or pressures, openings in resistance, flows, and relative comparisons or channeling of values in relation to each other by comparison and “bumping up against one another” is defining its parameters and integrity at any given time.

However, my dad says that economics is a “people system” and as such, does not equate in such a mathematically direct way given that people will do things and define things within such a system using their emotions, their whims and their rational or irrational ideas of the moment which may not reflect anything that is real or tangible in the system or its elements.

That might be the truth of it and most economists would agree with my dad on that fact. However, most economists were wrong in defining the status of the overall system in the recent economic crisis. So, why not try to look for what makes up the tangible parts and construct a fluid model for it?

– cricketdiane, 04-23-09

These elements below are from my notes last year –

Total money supply + total outstanding credit (all types, all sources) + total stock values (all, preferred, common, etc.)

Note – does that give total system value? (my note at the time, but now I believe it would not give the total value because it misses derivatives, junk bonds and other financial synthetic currencies)

if, using the Schrodinger time dependent equation and the time values for 4 years, 8 years, 10 / 12 years past + now + projecting 2 years, 4 years out – would it show the overall economic system dimensionally in a fluid, dynamic equation using the real values, if I can find them?

if, the total employment in $ value

if, the total shareholders / shares $ value + quantity

if, total asset values / fixed & liquid capital assets

plus total illiquid, leveraged & debt obligations

> Note – Fourier transformation  / cartesian derivative

(and then my notes go on to describe what other quantities would need to be included – )

+ government / sovereign treasury debt / assets

(quantity divided by expected obligation)

like slip-stream modeling with time, temp, degree of change, % progression of change to time, allowing pressure fluctuations + constraints (but using – )

fixed assets

totals sales dollars

total tax revenues

total inventories?

total interest paid or obligated

total insurance costs

total service delivery costs

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> note: using spherical harmonics with integration of total system analysis versus outside determining factors (with and without [i])

incorporating also –

fixed property values

complete total mortgage values

depreciation / market change / costs on property & loan

> needs consideration both in original asset values and as changing / unfolding event sequence of the last three years (since 2007) to show alterating change in values

Section 13.3 of Treasury (wartimes powers from 1930’s US Code) – note from (bloomberg 02-09-09, 1.01 pm)

How many physical properties exist in the US?

How many residential? How many commercial?

How many mortgages of each?

How many asset pools of mortgage-backed securities?

And, what dollar amounts for each (above)?

Which dollar values would need to be used in a total system equation – or do one analysis using the pre-2007 crash values and another with current values?

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Adding to these notes as of today when I’m posting them on my blog –

How many businesses are in the US?

What is the total revenue currently for those businesses?

What is thought to be the total obligations for those businesses (in total)?

My Note –

What if a three-dimensional system model for our real economy could be created that would include real system values for all the elements and time and incorporate influences that are already known to drive, pressure or alter the system?

Wouldn’t it be like fluid dynamics that has equations modeling flows and distributions of flows and influences, etc.? I can almost see it in my mind when I look at the pages and pages of data that are collected about our economic system.

That, somehow it does resemble a natural model that does make sense and has very little to do with the whims of the humans involved in it. I saw a set of fractal models in a book once that didn’t look at all like the demographics upon which they were based, however they did model the information in ways that suggested a more natural dispersal was in effect than might have been seen by simply seeing the numbers (data) alone.

Anyway, its a thought and something that would be pretty nifty to do and handy to have available – I mean, it would be handy to create a three-dimensional time varying fluid (dynamic) system model for economics that portrays reality more completely, and accurately.

That would help make judgments and decisions about the economy, business and financial systems more readily in touch with reality rather than of analysis by opinion or propaganda or the “sales talk” of persuasive reasoning used by financial analysts and experts.

It would be nice to have. It is possible to write the equations for it without having the absolute real values available at the first stage. Maybe I’ll try to use the dimensional models I was using before the Feb.2007 crash and just re-work them to include more comprehensive sets of data ( or information groups – the original set of models only included housing, employment, tax revenues and business scope – assets to losses) . . . Hmmmm. . . That’s a thought.

If they can model weather in dimensional models then surely economics and the influences affecting it at any given time can be modeled in an accurate dimensional model that flexes in the same way considering real conditions.

I ran all over the international econometrics community a couple years ago looking for such things and didn’t find quite the same thing as weather systems get to use – or anything close. Oh well, I just thought I would put my notes on the blog and see – even if I can’t get it done, maybe someone else can or maybe it will take what any number of us can do in order to extraordinarily represent with accuracy the complexities of the system in real time.

– cricketdiane, 04-22-10

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Last note – and I do think – I do believe it is important to have accurate economic equations and accurate depictions of the facts about our economic system in larger three-dimensional displays because of the damage that is done when people who need to know and make decisions about it don’t have accurate modern computer models to understand it. That is something that can be fixed.

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Oh yeah and totally off the subject – I found the niftiest map that shows the earthquake fault lines and volcanoes / tectonic plates, etc. around the world –

World Map of Volcanoes, Earthquakes, Impact Craters, and Plate Tectonics

World Map of Volcanoes, Earthquakes, Impact Craters, and Plate Tectonics

Very nifty – just had to post it. The Iceland volcano that is erupting right now can be seen right along the seam of tectonic plates from the Atlantic. Pretty extraordinary.

(from)

USGS

http://pubs.usgs.gov/imap/2800/

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