Reporte cripto para o Fisco é obrigatório para transações já deste ano. Coimas chegam aos 22 mil euros

[Ulisses Pereira]

Um curioso artigo sobre a decisão da SEC (A CMVM dos States) em baixar as exigências em termos de margens e, no final, humor sobre a decisão da SEC sobre as "Margin calls" passarem a ser "friendly reminder calls"

"3. SEC Moves to Abolish Margin Calls

The SEC will likely approve an application from the NYSE to ease margin requirements in certain types of accounts. What does this mean?

First off, let's be clear: this is not a move to lower the Regulation T initial margin requirement, which is set by the Fed, as it applies to individual retail investors.

the initial margin rate, set by the Fed, for individual investors is 50%.

Institutions and hedge funds already "enjoy" far lower margin rates set by banks and broker-dealers.

This is a move to further relax margin standards and requirements for institutions and hedge funds.

The concept, called "portfolio margining" would adjust margin requirements based on the type of assets held in an account.

Proponents (basically the NYSE which, we might add, has a favored horse in the race) say the relaxation of margin requirements are necessary to compete with European markets and that the current cost of leverage is too high.

Funny, wasn't it just four weeks ago that the Fed's Timothy Geithner said in a speech in Hong Kong that margin requirements that are sensible in normal times may prove too thin in stressful market conditions and could actually aggravate violent market moves?

Yes, it WAS just four weeks ago!
But here is what he meant. "As financial firms demand more collateral, funds are forced to liquidate positions, adding to volatility and pushing down asset prices, leading to more margin calls and efforts by the major firms to reduce their exposure to future losses," he said.

Yes, margin calls beget margin calls, apparently, leading to exacerbated volatility.

Instead, the SEC will replace margin calls with friendly reminder calls.


Broker-Dealer "Friendly Reminder Call" Transcript

Broker-Dealer, Tom: Hi Darrell, Tom over at (inaudible), looks like you guys took a hit on the wheat/corn spread and have a slight negative equity problem, just wanted to give you a heads up.
Hedge Fund, Darrell: Ah, mmm, yeah, we're, uh, we're, uh, looking at that right now Tom.
Broker-Dealer, Tom: Oh sure, sure, no pressure, just giving you a heads up.
Hedge Fund, Darrell: Right. Look, Tom, you think maybe we can soft dollar that?
Broker-Dealer, Tom: Hmmm, wow. Soft dollar. Whew. Soft dollar. I can check with accounting and operations on that, but it would have to be in AMEX gift cards.
Hedge Fund, Darrell: Ouch. The gift cards are tough. We usually feed those through Scores.
Broker-Dealer, Tom: Hmmm, yeah. I can see that.
Hedge Fund, Darrell: Wait! What about some fruit baskets? We're swamped with fruit baskets since our investors got the Q3 letter. You guys like macadamia nuts over there?
Broker-Dealer, Tom: Hawaiian or Australian?
Hedge Fund, Darrell: Dude, be serious. Our investor minimum is $5 mil. These are the real deal. Australian.
Broker-Dealer, Tom: We can probably work with you guys on that. "

(in www.minyanville.com)