G20 to scrutinize SVB and Credit Suisse amidst the recent banking crisis.
In the meantime, HSBC renames SVB in the UK.
While the
issues involving Silicon Valley Bank (SVB) and Credit Suisse (CS) seem to be
resolved, regulators are not ready to let go of the banking sector just yet.
Klaas Knot, the Chairman of the Financial Stability Board of G20, announced today
(Thursday) that the circumstances surrounding these institutions and the entire
industry will be thoroughly scrutinized.
G20 to Investigate the
Collapse of SVB and Credit Suisse
The
Financial Stability Board primarily aims to investigate whether SVB and CS
complied with the prevailing banking regulations and how they calculated their
liquidity buffers.
SVB's
problems began in March. Later that same month, following its collapse, it was
sold to HSBC for a symbolic pound. Even though US regulators concluded that the
institution's issue was not systemic, thus its negative impact spilled over to
the European market. This was to such an extent that it drove the already
struggling Credit Suisse to the brink of bankruptcy.
Credit
Suisse could have collapsed if not for a takeover by takeover by UBS enforced by the
Swiss government, which used tools introduced after the 2008 global financial
crisis.
"This
is not just a European issue; it's a problem in other parts of the world as
well. Supervision on our side has clearly fared better than on the other side
of the Atlantic," Knot commented during an event organized by the European
Banking Federation.
As the
representative of the Financial Stability Board and the Dutch central bank’s head,
Knot maintains that it is crucial to scrutinize how American and Swiss
authorities responded to the internal banking system crisis. In his opinion, it
is high time to reconsider the liquidity coverage ratio, cash buffers, and
other liquid instruments. Banks must maintain them to cope with short-term
financing constraints.
"The level
of economic uncertainty is now as high as it has been since the depths of the
pandemic, with many fearing a repeat of the 2008 Global Financial Crisis,"
David Kindley, the Market Strategist at Orbex, commented.
From its
February peak, the NASDAQ Bank index has fallen 36%, and its twin index on
Euronext lost almost 18% over the same period.
The biggest
winner in this market uncertainty caused by failing banks turned out to be
Bitcoin (BTC). It began March by testing the psychological support level of $20,000,
only to reach its annual highs a month later, adding 70% to its value.
HSBC, the
new owner of Silicon Valley Bank, seeks to distance itself from its 'dark past'.
As a result, it will rename its UK division to HSBC Innovation Banking,
representatives of the institution announced earlier this week. However, the
question remains: is rebranding enough to conceal past mistakes?
Credit Suisse Returns Emergency Lifeline
Credit Suisse also repaid the emergency liquidity of the Swiss100 billion Swiss franc ($112.50 billion) loan it received as a lifeline from the Swisse government, the country's Finance Minister Karin Keller-Sutter confirmed.
"The federal guarantees, the 100 billion, have been repaid as of yesterday (Tuesday)," Keller-Sutter said.
Earlier, the Swiss lawmakers criticized the government's decision for offering the financial rescue package guarantee, and even voted against the move in the lower house of the Parliament. However, voting was symbolic, as lawmakers cannot overturn the state's commitment to the funds.
While the
issues involving Silicon Valley Bank (SVB) and Credit Suisse (CS) seem to be
resolved, regulators are not ready to let go of the banking sector just yet.
Klaas Knot, the Chairman of the Financial Stability Board of G20, announced today
(Thursday) that the circumstances surrounding these institutions and the entire
industry will be thoroughly scrutinized.
G20 to Investigate the
Collapse of SVB and Credit Suisse
The
Financial Stability Board primarily aims to investigate whether SVB and CS
complied with the prevailing banking regulations and how they calculated their
liquidity buffers.
SVB's
problems began in March. Later that same month, following its collapse, it was
sold to HSBC for a symbolic pound. Even though US regulators concluded that the
institution's issue was not systemic, thus its negative impact spilled over to
the European market. This was to such an extent that it drove the already
struggling Credit Suisse to the brink of bankruptcy.
Credit
Suisse could have collapsed if not for a takeover by takeover by UBS enforced by the
Swiss government, which used tools introduced after the 2008 global financial
crisis.
"This
is not just a European issue; it's a problem in other parts of the world as
well. Supervision on our side has clearly fared better than on the other side
of the Atlantic," Knot commented during an event organized by the European
Banking Federation.
As the
representative of the Financial Stability Board and the Dutch central bank’s head,
Knot maintains that it is crucial to scrutinize how American and Swiss
authorities responded to the internal banking system crisis. In his opinion, it
is high time to reconsider the liquidity coverage ratio, cash buffers, and
other liquid instruments. Banks must maintain them to cope with short-term
financing constraints.
"The level
of economic uncertainty is now as high as it has been since the depths of the
pandemic, with many fearing a repeat of the 2008 Global Financial Crisis,"
David Kindley, the Market Strategist at Orbex, commented.
From its
February peak, the NASDAQ Bank index has fallen 36%, and its twin index on
Euronext lost almost 18% over the same period.
The biggest
winner in this market uncertainty caused by failing banks turned out to be
Bitcoin (BTC). It began March by testing the psychological support level of $20,000,
only to reach its annual highs a month later, adding 70% to its value.
HSBC, the
new owner of Silicon Valley Bank, seeks to distance itself from its 'dark past'.
As a result, it will rename its UK division to HSBC Innovation Banking,
representatives of the institution announced earlier this week. However, the
question remains: is rebranding enough to conceal past mistakes?
Credit Suisse Returns Emergency Lifeline
Credit Suisse also repaid the emergency liquidity of the Swiss100 billion Swiss franc ($112.50 billion) loan it received as a lifeline from the Swisse government, the country's Finance Minister Karin Keller-Sutter confirmed.
"The federal guarantees, the 100 billion, have been repaid as of yesterday (Tuesday)," Keller-Sutter said.
Earlier, the Swiss lawmakers criticized the government's decision for offering the financial rescue package guarantee, and even voted against the move in the lower house of the Parliament. However, voting was symbolic, as lawmakers cannot overturn the state's commitment to the funds.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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