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With all those stock derivatives, could JPMorganChase be the broker for the U.S. government?
After all, as Pam and Russ Martens report below, the bank's position is far beyond disproportionate -- just as it is in silver. Would the bank be permitted to run those markets if it wasn't running them for the government? That would explain the failure of anti-trust and commodity market regulators to act.
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JPMorgan’s Federally-Insured Bank Holds $2.65 Trillion in Stock Derivatives, So How Did It Avoid the Archegos Blowup?
By Pam and Russ Martens
Wall Street on Parade
Monday, April 5, 2021
In late March the Office of the Comptroller of the Currency (OCC) released its quarterly report on “Bank Trading and Derivatives Activities.” Graph 15 of the report shows that using data submitted by banks on their form RC-R of their call reports, JPMorgan Chase's federally insured bank had exposure to $2.65 TRILLION in notional equity (stock) derivatives as of December 31, 2020. (Notional means face amount.)
That's a stunning figure for the largest federally insured bank in the United States to have in exposure to the stock market. But more stunning is that according to the OCC, JPMorgan Chase's equity derivative contracts represent 63 percent of the total $4.197 trillion of equity derivative contracts held by all federally insured banks and savings associations in the United States.
... Dispatch continues below ...
Trillium Gold Reports More High-Grade Gold Results at Newman Todd With Final 2020 Drill Results
via PRNewswire, New York
Thursday, April 1, 2021
VANCOUVER, British Columbia, Canada -- Trillium Gold Mines Inc. (TSXV: TGM, OTCQX: TGLDF, FRA: 0702) reports the final results from the company's 2020 drill program at its flagship Newman Todd property in Red Lake, Ontario. The Newman Todd Zone (NT Zone) is a 2.2-kilometer-long structural target situated 26 kilometers from Evolution Mining's Red Lake operations.
Results from the final 4 drill holes of the 2020 drill campaign (NT20-176, NT20-178, to 180 totalling 1,862 meeters) are now complete and compiled. The large backlog of samples at the lab has been rectified and overdue results from our 2021 drilling are now being received. This brings total drilling at Newman Todd in 2020 to 6,081 meters in 16 drill holes, the first drilling since 2013 on the property.
"Drilling at Newman Todd continues to deliver gold even as we step toward the northern boundary. These results have aided us significantly in our reinterpretation of the structures controlling mineralization within the NT Zone and have helped with the new modeling, which is directing our current drilling," says Bill Paterson, Trillium Gold's vice president of exploration. ...
... For the remainder of the announcement:
To put it another way, there were 5,033 federally insured banks and savings associations in the United States as of September 30, 2020, according to the Federal Deposit Insurance Corp. But just one of them, JPMorgan Chase, accounts for 63 percent of all equity derivatives.
Making the situation even more jaw dropping, of the $2.65 trillion that JPMorgan Chase holds in equity derivative contracts, 72 percent of them are private, bilateral contracts, known as over-the-counter contracts. This means that federal regulators likely have little to no knowledge of the terms of those contracts; who the counterparty is to JPMorgan Chase; and if that counterparty has also obtained leverage under similar contracts at other Wall Street banks and is at risk of blowing up the whole of Wall Street if it implodes. (Think Citigroup, AIG, and Lehman Brothers in 2008.) ...
... For the remainder of the analysis:
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Toast to a free gold market
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