UBS advocates for a targeted and proportionate adjustment of banking regulations, emphasizing alignment with international standards following its acquisition of Credit Suisse. The bank supports most recommendations from the Federal Council aimed at enhancing the Swiss financial sector's resilience, while noting it now faces an additional $20 billion in capital requirements.
The Parliamentary Commission of Inquiry (PUK) has released a report attributing the downfall of Credit Suisse to its Board of Directors and Executive Board, citing their resistance to regulatory interventions. The investigation highlighted failures in communication and coordination among Swiss authorities during the crisis, particularly criticizing former Finance Minister Ueli Maurer's information policy. The PUK emphasizes the need for improved risk management and regulatory measures to prevent future financial crises.
Ueli Maurer, the former Finance Minister, remains silent on the Parliamentary Investigation Commission's report regarding Credit Suisse's downfall, stating he needs time to review it. The report criticizes his lack of communication with the Federal Council and insufficient handover to his successor. UBS acknowledges the report, attributing CS's collapse to poor management and supports most proposals to enhance financial stability, while the Green Liberal Party emphasizes that bad management cannot be regulated away.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, attributing the failure primarily to the bank's management while acknowledging the authorities' lack of transparency and haphazard crisis response. The inquiry's report recommends strengthening regulatory frameworks and ensuring better communication among officials to prevent future crises. UBS's acquisition of Credit Suisse has left Switzerland with only one major international bank, prompting calls for reforms to enhance financial stability.
On December 19, US spot Ethereum ETFs experienced significant outflows totaling $60.47 million, ending an 18-day inflow streak, primarily driven by the Grayscale Ethereum Trust, which saw $58.13 million exit. This downturn coincided with a broader crypto market decline, as Ether's price dropped over 9% to $3,371 amid inflation concerns following the Federal Reserve's interest rate cuts. Despite the recent setbacks, spot Ether ETFs have accumulated $2.4 billion in net positive flows since their launch in July, with 81% of ETH holders still profitable at current prices.
Swiss lawmakers have attributed the failure of Credit Suisse to "years of mismanagement," while acknowledging that authorities averted a global financial crisis by facilitating its sale to UBS in March 2023. The parliamentary inquiry criticized the financial watchdog Finma for providing regulatory relief to Credit Suisse and noted that the country's "too big to fail" legislation was inadequately designed for a crisis of confidence. The report emphasized that the bank's collapse stemmed from strategic errors and reliance on significant regulatory concessions.
Swiss MPs have criticized authorities for their failures leading to the collapse of Credit Suisse, citing excessive capital relief and insufficient oversight by the Financial Market Supervisory Authority (Finma). The Parliamentary Commission of Inquiry concluded that the bank's mismanagement was the primary cause of the crisis, which culminated in an emergency takeover by UBS in March 2023. The report calls for urgent reforms in banking regulation, including stricter capital requirements and improved information exchange among authorities to prevent future crises.
North Korean hackers have intensified their crypto theft activities in 2024, stealing an estimated $1.34 billion across 47 incidents, a 102.88% increase from 2023. This surge accounts for 61% of all global crypto thefts, with a notable rise in high-value hacks exceeding $50 million. Despite a slowdown in the latter half of the year, the overall scale of North Korean cybercriminal operations remains significant, with decentralized finance platforms being the primary targets early in the year.
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.
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