A commission report has criticized Switzerland's financial watchdog, Finma, for its failure to prevent the Credit Suisse crisis, attributing the bank's downfall to its management's loss of confidence. The report highlights Finma's "partial ineffectiveness" and calls for stricter regulations for systemically important banks, especially after the merger with UBS. The findings underscore the need for lessons learned from past financial crises to avoid future risks.
The Swiss National Bank has issued a response following the report on the collapse of Credit Suisse. This development highlights the ongoing concerns regarding the stability of financial institutions in the region. Further details can be obtained by contacting the provided email or phone numbers.
A Swiss parliamentary inquiry has identified significant failures by authorities leading to the collapse of Credit Suisse, attributing the crisis primarily to the bank's mismanagement rather than regulatory shortcomings. The report criticizes the Financial Market Supervisory Authority for excessive capital relief and insufficient intervention, while recommending reforms to prevent future banking crises, including stricter capital requirements and improved regulatory powers. The inquiry also highlights the need for better information exchange among authorities and proposes measures to eliminate performance bonuses tied to poor business outcomes.
A parliamentary commission's investigation into Credit Suisse's collapse revealed significant failures by Swiss authorities, particularly the Financial Market Supervisory Authority (Finma), which granted excessive capital relief and lacked assertiveness. The report emphasizes the need for improved regulatory measures and accountability, highlighting that mismanagement at Credit Suisse was the primary cause of the crisis. It also outlines 30 lessons to prevent future banking failures, including stricter capital requirements and the prohibition of bonuses during institutional failures.
Solana has surged over 10,000% since 2020, becoming a top cryptocurrency. Analysts are now highlighting Remittix (RTX), a DeFi altcoin poised to capitalize on the $250 trillion cross-border payment market, with predictions of up to 100x growth by the end of the bull market. Remittix offers instant crypto-to-fiat transactions, aiming to disrupt traditional payment systems.
The Parliamentary Commission of Inquiry into the downfall of Credit Suisse has concluded that years of mismanagement by the bank's leadership were the primary cause of its crisis. While acknowledging the role of regulatory easing and supervisory shortcomings, the commission emphasized the need for improved too-big-to-fail regulations, more effective provisions for systemically important banks, and clearer cooperation rules among authorities.
Ethereum layer 2 networks have reached a record $13.5 billion in stablecoin supply, reflecting increasing demand in the cryptocurrency market. Tether (USDT) and USD Coin (USDC) lead the stablecoin market, which has surpassed $205 billion in total circulation. Analysts predict continued growth for stablecoins, particularly with upcoming regulatory developments in the EU and the US.
Switzerland's parliamentary report on the Credit Suisse collapse has made 30 recommendations to prevent future crises, emphasizing the need for stricter regulations on systemically important banks like UBS. Key suggestions include limiting executive bonuses during downturns, enhancing financial oversight, and improving information sharing among officials. The report also criticized the financial regulator FINMA for its leniency and called for a public liquidity backstop to stabilize banks in distress.
Switzerland's parliamentary report on the Credit Suisse collapse outlines 30 recommendations to prevent future crises, emphasizing the need for stricter regulations on systemically important banks like UBS. Key proposals include limiting executive bonuses during downturns, enhancing FINMA's powers, and establishing a public liquidity backstop to stabilize the financial system. The report also highlights the importance of improved information sharing among key officials during crises.
UBS anticipates a weaker fourth quarter for ABB, projecting a 10% reduction in adjusted EBITA, which may lead to a 4-5% stock reaction. Despite this, estimates for 2025 remain stable. ABB has also lowered its 2024 sales growth forecast to below 5% and adjusted its operating margin target to slightly above 18%.
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