Many eyes are focused on Washington DC as the U.S. Senate and House of Representatives try to wrap up a "lame duck" session before recessing for the Christmas holidays. The Republican Party will be taking over the majority of the House of Representatives with the start of the 118th Congress on January 2nd, 2023.
Liquidity, less liquidity, liquidity (or suddenly very much less), very little liquidity... and suddenly major institutional investors cannot get their money out of highly illiquid, generally private, investment vehicles because they are "gated" - investment withdrawals limited to cash available and with very high redemption fees!!
Lars Toomre has been extremely consumed with his Object Management Group ("OMG") technology standards work this week. Lars is the chair of the OMG Government Domain Task Force ("GOVT DTF") that focuses on topics like RegTech, Compliance, Central Bank Digial Currencies ("CBDCs"), Government Statistics, and Secure and Trustworthy Elections. As always, Lars is dealing with a plethora of acronyms and various defined phrases, so OMG even has a working group focused on that topic too, Vocabularies for Community of Interest ("VCOI")! .
These are crazy, confusing times with low broker/dealer liquidity, I keep reminding myself. How else does one explain the Dow up +737 points after Federal Reserve Jerome Powell repeated what he said four weeks ago? In short, the Fed is going to continue raising the Fed Funds rate until it gets above the intermediate-term inflation rate (around five percent give or take a percentage point), and then it is going to keep it there for a considerable period to shake inflationary expectations.
As a result of the 2022-11-28 WILT post, a former Capital Markets client inquired about what Lars was going to do professionally in 2023. We then had a long conversation in which we:
The mission of BRC FinTech Corporation ("BRC FinTech") is to help prevent another major financial crisis (like the 2008 Great Financial Meltdown) by ensuring managers and regulators have access to robust, timely financial reports and near real-time risk analytics. To achieve its mission, BRC FinTech
Lars Toomre, the Managing Partner of BRC FinTech Corporation, was one of the attendees at the 2019 MIT Chief Data Officer Information Quality symposium. It was a very well attended event and it was clear that the event had outgrown the space available at the MIT Sloan School, which in the scheme of things is excellent news.