Here is a summary of the updated terms to the Main Street Lending Program, intended to provide loans to small to medium-sized businesses. Loans start at $500,000. The Programs has not launched yet, but borrowers and lenders should familiarize themselves w…lnkd.in/gyzNhmn

This Legal Alert will be of interest to Non-U.S. operators, sponsors and managers of Non-U.S. investment vehicles, whether an investment/hedge fund or part of a securitization. The CFTC is modifying a commonly relied upon registration exemption. To save…lnkd.in/dG_CYPh

SOFR's use in the loan market continues to get push-back. Here is a great article [paywall] and highlights the push for some element of a dynamic bank credit sensitivity be included so that loan rates can better correlate to the le…lnkd.in/eQ36DYh lnkd.in/e6eE9Qa

Crypto/Fintech firms seeking MSB approvals may find state-by-state registration getting to be much much easier: #fintech #crypto lnkd.in/eggMpJX

Lots from the #CFTC yesterday (1) to update their reporting rules, (2) provide some regulatory relief/help to non-U.S. DCOs with a smaller US membership and (3) revisions to the Part 190 Rules to expressly provide for a stay period…lnkd.in/epQUhtM lnkd.in/epPfYMa

Big no-action letter here from CFTC, legitimizing the use of virtual currencies as margin/security #fintech #crypto lnkd.in/eVEeu9a

There is no reason you should be using Robinhood after today.

If you have wondered "When will we see a Bitcoin/Crypto ETF?" Great article here on FX Markets about the near term possibilities in discussing products+risks from VanEck, WisdomTree and Grayscale lnkd.in/dhqMq-b

Here is an update to my prior post talking about Term SOFR and BSBY in the Loan Market. After a few questions, I have included some details about Ameribor and expanded on why the mismatch between Term SOFR and a SOFR Compounded In-…lnkd.in/eP2fpVSs lnkd.in/e4v3ZuYf

swapsandmarkets.substack.com/p/crypto-updat…

swapsandmarkets.substack.com/p/crypto-updat…

Unhedged Update: US Regulators Cancel Holidays & Bank Capital Rules swapsandmarkets.substack.com/p/unhedged-us-…

Unhedged: What Not to Say in WhatsApp open.substack.com/pub/swapsandma…

Unhedged: Pre-Hedging...Again (Sorry) open.substack.com/pub/swapsandma…

SD Non-Compliance Risk for Employees open.substack.com/pub/swapsandma…

Unhedged: CRE, BTFP, the Fed Window & Regional Banks open.substack.com/pub/swapsandma…

Unhedged: Credit/Synthetic Risk Transfers A primer for this product type: open.substack.com/pub/swapsandma…

Arch Indices CEO Yang Tang discusses the ongoing challenges for $NYCB: