Group 1 - The Federal Reserve revealed that Morgan Stanley has requested a reduction in its capital requirements, which is under evaluation and a decision is expected by September 30 [1] - The annual stress test process has concluded, assessing the resilience of major U.S. banks under hypothetical economic scenarios, with updated Common Equity Tier 1 (CET1) ratio requirements effective from October 1 [1][2] - Morgan Stanley anticipates its CET1 ratio requirement to decrease from 13.5% to 12.6% based on the stress test results [1] Group 2 - A total of 22 banks, including Morgan Stanley, participated in this year's Federal Reserve stress tests, all passing comfortably even under a scenario of over $550 billion in losses [2] - The capital requirements announced include a minimum CET1 ratio of 4.5% and additional capital buffers for globally systemically important banks [2] - The Federal Reserve is considering reforms to the stress testing process, including a proposal to use a "two-year average" for capital requirement calculations to reduce volatility [2] Group 3 - The Federal Reserve plans to lower the Enhanced Supplementary Leverage Ratio (ESLR) and advance a new risk-based capital plan, which has been advocated by Wall Street [3]

Core Viewpoint - The Federal Reserve's proposal to relax the Enhanced Supplementary Leverage Ratio (ESLR) regulations aims to provide relief to large U.S. banks, potentially improving their capacity to mediate in the U.S. Treasury market, but the underlying motivations and potential costs require careful evaluation [1][3]. Group 1: Regulatory Changes - The Federal Reserve plans to lower capital requirements for holding companies from 5% to a range of 3.5% to 4.5%, with equivalent adjustments at the subsidiary level [1]. - This reform is seen as a response to banks' long-standing calls for regulatory changes, as the current rules do not differentiate between low-risk assets, thereby reducing the resilience of the financial intermediation system [3]. Group 2: Market Dynamics - The U.S. Treasury market has seen a rapid expansion in debt to $29 trillion, with increased trading demand, but large banks have reduced their positions due to regulatory constraints, leading to wider bid-ask spreads and increased volatility in yields [3]. - The relaxation of the ESLR is intended to address these issues, but it may also weaken the regulatory framework that ensures banks can withstand extreme market conditions [3]. Group 3: Potential Implications - There is uncertainty regarding whether the relaxation of leverage ratios will genuinely enhance market liquidity, as banks may prefer to use the released capital for stock buybacks or other high-yield assets rather than increasing their Treasury holdings [4]. - Structural issues in the Treasury market, such as persistent fiscal deficits and inefficient auction mechanisms, may not be resolved solely through regulatory relaxation [4]. - The timing of this adjustment is notable, as the Federal Reserve is currently in a high-interest-rate observation phase, and the regulatory easing may be intended to provide banks with breathing room during a transitional period [4].

【市场要闻速递】 全球最大黄金etf--iSharesSilverTrust持仓报告显示，6月25日黄金etf持有量为953.39吨，较上一交易日减 持2.29吨。周三(6月25日)截止收盘，现货黄金报3331.90美元/盎司，涨幅0.25%，日内最高上探3336.95 美元/盎司，最低触及3311.69美元/盎司。 摘要全球最大黄金etf--iSharesSilverTrust持仓报告显示，6月25日黄金etf持有量为953.39吨，较上一交易 日减持2.29吨。周三(6月25日)截止收盘，现货黄金报3331.90美元/盎司，涨幅0.25%，日内最高上探 3336.95美元/盎司，最低触及3311.69美元/盎司。 美联储公布了其计划放宽一项重要资本规则的提案，大型银行此前称该规则限制了它们持有更多美国国 债并在29万亿美元市场中充当中介的能力。美联储于当地时间周三投票提议修改所谓的强化补充杠杆率 （ESLR），该规则适用于美国银行、摩根大通和高盛集团等美国大型银行。美联储提议把控股公司根 据该比率的资本要求从目前的5%降至3.5%至4.5%的范围，其银行子公司的这一要求将从6%降至相同范 围。美联储主席鲍 ...

KVB官网发现在全球金融市场的核心舞台上，美联储的一举一动都牵动着世界经济的神经。近期，美联储 公布了一项极具争议的提案 —— 计划放宽一项关键资本规则，这一消息瞬间在金融界掀起轩然大波。大型 银行长期以来一直抱怨该规则，认为它像一道枷锁，严重限制了它们在规模高达 29 万亿美元的美国国债市 场中大展拳脚，无法充分发挥中介作用、大量持有美国国债。 对于银行来说，周三的提案虽然没有完全满足它们的诉求 —— 银行此前呼吁将美国国债等某些资产直接排 除在 ESLR 的计算之外，但也算是部分胜利。实际上，银行业一直积极推动特朗普政府放宽监管，试图挣 脱现有规则的束缚，在市场中获取更大的利益空间。 回顾历史，ESLR 于 2018 年正式生效，它采取 "一刀切" 的方式，对所有资产同等对待，初衷是为其他资 本规则提供有力支持。其他资本规则会根据不同贷款和债券的风险程度给予不同权重。但政策制定者也承 认，对一些银行而言，ESLR 比那些风险加权法规更为严格，这就导致在市场压力时期，银行增持美国国 债的能力受限。而且，批评修改 ESLR 规则的人也提出质疑，他们不确定银行是否真的会利用放宽后的灵 活性去购买国债，还是会将增 ...