| Author | Source |
|---|---|
| u/Antioch_Orontes |
Hey everybody, holy moly what a week. By the time you read this it’ll probably be Saturday morning, because I’ve been working on this between work and bunkering down for tornadoes.
A lot of new/requested SEC filings since Wednesday for me to turn into emojis, so let’s jump right in:
🦍💬 “I’m worried the SEC will filibuster NSCC-801 or reject it outright. Can you tell me something to steady my frail, trembling paper hands?”
If an institution gets liquidated and still can’t fulfill their liabilities in full, a portion of that cost passes down to other NSCC members, who don’t really want to foot the bill for someone else’s foolishness. Better to cut out the rot before the whole limb gets infected, get me?
🦍💬 “The concept of time is incomprehensible to me, which is why I buy options with less than 7 days to expiration. Just tell me when this thing will pop off.”
Edit: This is in no way a recommendation to purchase options, particularly those so close to expiry. This was intended as a tongue-in-cheek dig at the folks who did, and I used it as a hyperbolic proxy for impatience. Sorry for the confusion! Don’t mess around with options if you don’t know what you’re doing, it’s one of the fastest ways to lose money and there are some pretty fast ways out there.
🦍💭📅❔
🦍💭❎⏱
🤷♂️💎🙌
Don’t fucking sweat it my guys. Just sit your ass back and enjoy the ride and the popcorn. If you’re impatient, you’re feeling urgency, the urgency can lead to anxiety. The likelihood that the SEC is going to let it ride for the full sixty days is pretty darn low.
🦍💬 “A watched pot never squozes, but I want to fuckin’ do something while I wait, okay?”
You’re in luck, monke. Time for a special segment.
🦍✉️📬 [TA;DR Letters to the SEC]
I’ve been seeing comments being sent to the SEC regarding NSCC-801 start to get posted on their website. All the comments appear to be in favor, which is nice to see; it looks like they’re pretty quick about putting them up. Mine went up the day of posting, which I didn’t expect. You can see all of the comments here:
https://www.sec.gov/comments/sr-nscc-2021-801/srnscc2021801.htm
If anyone’s wondering which one is mine, it’s this one: https://www.sec.gov/comments/sr-nscc-2021-801/srnscc2021801-8541324-230521.htm
For the apes in the class who don’t want to snore through me sounding presentable for the suits, just read the start of each line for A Secret Message.
If you want to chime in yourself, and I encourage it, the form for submission can be reached from this page:
https://www.sec.gov/rules/sro/nscc-an.htm#SR-NSCC-2021-801
🦍💬 [SR-OCC-2021-801] - Notice of Filing of Advance Notice Relating to OCC’s Establishment of Persistent Minimum Skin-In-The-Game
Here’s the whole banana, if you want to give the ol’ brain meats a workout: https://www.sec.gov/rules/sro/occ/2021/34-91184.pdf
TL;DR - The OCC is making a more concrete gameplan about whose money exactly goes where if someone in the commission’s equity goes absolutely tits up. Brokerages that deal with options markets are the relevant entities here (Apex Clearing being the more commonly-known amongst them), and the OCC is asking everyone to pony up some cash to build up a reserve that they can dip into if someone racks up a default loss so huge it spills over to the rest of the gang.
TA;DR - The country club full of option market makers are worried that one of the option market makers in their club is selling so many naked calls that they’re going to bring the country club down onto everyone’s heads, so they whipped up a ruling that asks everyone for some cash to throw into the pot to patch things up if someone burns it all down, and if anyone looks like they’re carrying around too many matches, they’re going to get the money punched out of them.
🦍💬 [85-FR-20578] Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks From the Supplementary Leverage Ratio
TL;DR - Back around last year, the Fed said “hey COVID’s pretty rough on the economy, so we’re gonna let banks and other institutions not count all the Treasury securities and deposits towards their leverage,” which basically means “we’re giving you more margin to work with so that you can still give people loans and shit while the economy is fuk”.
That provision only lasts until 3/31 of this year, and the folks who were banking on it getting renewed were in for a gnarly surprise. It’s four days ‘til and no sign of that happening. So when this rule expires, bam, those Treasury securities are going to count towards that leverage ratio again, and if there was anyone abusing the extra margin (or exposed to it, like being a Treasury bond ETF AP like Jane Street) and doesn’t have the liquidity to bail the fuck out before the timer on this rule runs out, badabing badaboom. Dragon kick your ass into the Milky Way.
🦍💬 TA;DR -
🦍🌡️🏦💰🦔
🕓🕟🕢🕗🕚
‼️🦔🚫💰‼️
🔥🔥🦔🔥🔥
🦍💬 [Form 10-K] Gamestop Corp. Annual report [Section 13 and 15(d)]
I ain’t gotta do this one, u/luridess went absolutely buckwild on it. Y’all have probably seen this already, but there’s a part two in case you missed it.
https://www.reddit.com/r/GME/comments/mc5jbj/breakdown_of_the_sec_legalese_from_a_fellow/
https://www.reddit.com/r/GME/comments/mdzuuf/breakdown_of_gamestops_sec_10k_from_legalese_to/
🦍💬 [Sunshine Act Meetings] SEC Closed Meeting on Mar. 25.
https://www.sec.gov/news/closedmeetings/2021/ssamtg032521.htm
u/Conscious-Sea-5937 already did this one with hella citations: https://www.reddit.com/r/GME/comments/mdegxq/re_sec_closed_meeting_today_3252021/
I’ll do a reeeeally quick one:
TL;DR - You wanted a whistleblower? Sure fucking sounds like this meeting had one. No guarantee it’s a Citadel / GME / etc. thing, but even if it isn’t, it’s a step in the right direction. Wouldn’t be upset to see this pan out with a whistleblower reward disclosure and have it kick off an avalanche of snitches
🦍💬 TA;DR -
🐻🗡️
🦍💬 “Hey, where are those crayon drawing lessons? Me and my single brain cell are ready to learn!”
Sorry! Got my ass beat by tornadoes. I’m going to be tidying up and setting up r/TOO_APE_DIDNT_READ over the weekend and doing the non-GME related informational writeups there, so keep an eye out I guess. Feel free to pop any links to regulatory filings you want me to look at, and I can also try my hand at crossposted DD in the event that someone wants a second opinion, or clarification on a finer point.
😸👍 Have a good weekend! Hope I provided an opportunity to make the wait before Monday’s market open less excruciating!