Swiss banks under pressure as US hedge-fund defaults - FINMA

Monday, 29. March 2021 11:20

The Swiss Financial Market Supervisory Authority FINMA reported on Monday that it has been made aware of the situation regarding the default on margin calls by a US hedge-fund, and is in contact with the banks.

Credit Suisse Group AG informed the regulatory body on Monday that it is facing "highly significant and material" losses to its first-quarter earnings as a result of the default. FINMA stated that it is "aware of this international hedge-fund-case, (several banks and locations internationally are involved)," adding it was informed by the bank and is in contact with it.

The situation with the US hedge-fund, named by media outlets to be Archegos Capital Management, also caused a warning of a "significant" loss by Nomura Holdings Inc.

Related Links: Credit Suisse Group
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