Independent thinking for complex markets and current events
via BossBlunts1: WHY THE CFTC NO-ACTION LETTER MATTERS It allows UBS to absorb toxic Credit Suisse swaps quietly — no clearing or margin requirements kick in. It shields these legacy exposures from public scrutiny. It suggests the risk is so large or complex, that the CFTC believes enforcing margin and clearing rules now could cause …
The Swiss government-sponsored rescue of Credit Suisse and U.S. bank salvages in March 2023 doused the immediate fires kindled by a run at little-known U.S. regional lender Silicon Valley Bank. But regulators and lawmakers are only starting to address how banks could better withstand deposit runs, and whether they need easier access to emergency cash. …
This is because the risks are too high for Swiss bank UBS, which recently took over its rival in a government-brokered merger. It is not clear exactly which Russians are affected, the paper wroteExternal link. However, they are said to be primarily Russian offshore clients: clients with a Russian passport who live abroad and who …
by Dismal-Jellyfish https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230724a1.pdf The Federal Reserve Board on Monday announced a consent order and a $268.5 million fine with UBS Group AG, of Zurich, Switzerland, for misconduct by Credit Suisse, which UBS subsequently acquired in June 2023. The misconduct involved Credit Suisse’s unsafe and unsound counterparty credit risk management practices with its former counterparty, Archegos …
*UBS PREPARING TO CUT MORE THAN HALF OF CREDIT SUISSE WORKFORCE — zerohedge (@zerohedge) June 27, 2023 JUST IN: UBS, $UBS, is cutting over half of Credit Suisse's workforce starting next month — unusual_whales (@unusual_whales) June 27, 2023 BREAKING: UBS is planning to cut more than half of Credit Suisse’s workforce starting next month as …
by quad-beep-05 via WSJ: The Swiss National Bank has offered UBS UBS -0.93%decrease; red down pointing triangle Group AG around $100 billion in liquidity to help it take on the operations of Credit Suisse Group AG, according to the people familiar with the matter. Details of the liquidity offer couldn’t be learned but are part of the talks to engineer …
