Source: The NY Fed newyorkfed.org/markets/standi…

Here is the list of the 43 banks who have access to the Fed’s SRF - Standing Repo Facility

Notice anything? Ally Bank Bank of America, National Association Banco Popular de Puerto Rico Banco Santander, S.A., New York Branch Barclays Bank PLC, New York Branch BMO Bank N.A. Canadian Imperial Bank of Commerce, New York Branch Capital One, National Association Charles Schwab Bank, SSB Charles Schwab Premier Bank, SSB Charles Schwab Trust Bank Citibank, N.A. Citizens Bank, N.A. Comerica Bank Credit Agricole Corporate and Investment Bank East West Bank Fifth Third Bank, National Association First-Citizens Bank & Trust Company First Horizon Bank Goldman Sachs Bank USA HSBC Bank USA, N.A. JPMorgan Chase Bank, N.A. KeyBank National Association Manufacturers & Traders Trust Company Mizuho Bank, Ltd., New York Branch Morgan Stanley Bank, N.A. Morgan Stanley Private Bank, National Association MUFG Bank, Ltd., New York Branch Natixis New York Branch Navy Federal Credit Union PNC Bank, National Association Regions Bank Royal Bank of Canada, Three World Financial Center Branch State Street Bank and Trust Company Sumitomo Mitsui Banking Corporation, NY Branch The Bank of New York Mellon The Huntington National Bank The Norinchukin Bank, New York Branch Truist Bank USAA Federal Savings Bank U.S. Bank National Association Wells Fargo Bank, N.A. Zions Bancorporation NA

Those bolded are non-US/non-Japanese banks who have access. The Fed doesn’t publish the names of the banks that use the SRF, just the amount borrowed through the facility.

/1 **

I publish this here to remind everyone that 9 out of the 43 banks on the list have direct international ties to countries who are right now TODAY very angry with the US, primarily the UK, France and Canada.

Then there are at least 4 Japanese banks.

When someone wants to scare you with "ZOMG... the big banks borrowed Umpty-gazillion dollars from the Fed! Here’s a lighter for your hair!

the first thing everything thinks is, "JPM or BofA is in trouble.

Maybe, maybe not.

/2 **

There are a lot of massive banks on this list, many of whom are shitting bricks this morning with Nicolas Maduro in US custody, because they are intimately involved in the Venezuelan story.

Expect there to be a "banking Crisis" soon as one or more of these banks get into trouble and have to borrow at the SRF rate to get the dollars they need.

/3 **

If Trump continues true to current form the next Fed chair will cancel or not honor US dollar swap lines from any foreign Central Bank we know to be involved in these games. There will be selling of US Treasuries as well to raise cash, keep banks liquid.

Watch the Smartmatic/Dominion angle on VZ carefully, Countries like France and the UK now know the flow of Dollars is going away. Expect changes to the SRF policy rates as well as the Foreign Repo facility rate in the future, i.e. to be held above Fed Funds.

/4 **

The Canary is singing in New York. Just down the road a lot of folks are trying to figure out how to keep the grift going and what it’s going to cost to do so.

The main point here is don’t always assume a 1:1 correlation between SRF usage and problems with major US money center banks.

It’s an assumption... and depending on how loud and coordinated the cries are will be a tell as to why was actually doing the financial walk of shame.

cc: @sorenthek @ArcadiaEconomic @DavidBCollum **