Bank failure defined as being taken over by the federal government of the USA.
Time decay arb. FDIC only closes banks on fridays and this market failed to update downward on Friday the 24th
Resolving as YES due to SVB, Silvergate Capital, and Signature Bank?
@camelwrangler Silvergate Capital was not taken over by the government, they are just liquidating privately, as far as I understand.
They are not on https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
If you agree this resolution was in error, you can ask the admins to undo it and reopen the market.
@jack sorry did i misread the article correctly? thanks, if incorrect how do i reach out to the admins?
@camelwrangler I'm getting a paywall, what does that article say about Silvergate?
Can ping @DavidChee to undo the resolution.
@jack The bank failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership,” the state’s Department of Financial Services said in an emailed statement Tuesday. “The decision to take possession of the bank and hand it over to the FDIC was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday.”
@camelwrangler Interesting. I wonder if they initially planned to hand it to the FDIC, then changed their mind.
the California Department of Financial Protection and Innovation, or DFPI, said it will facilitate "the safe and expeditious voluntary liquidation" of Silvergate.
With the liquidation being supervised by the DFPI, it is unlikely that the agency will appoint the FDIC as receiver for Silvergate, at least for now, said John Popeo, partner at financial regulatory advisory firm The Gallatin Group.
@jack hi @DavidChee please undo the resolution of the market, Jack is correct.