Swiss lawmakers have called for tighter financial sector regulations following a detailed inquiry into Credit Suisse's collapse, attributing the crisis primarily to management failures while criticizing regulatory authorities for their lack of transparency and oversight. The report, which includes 30 recommendations, emphasizes the need for stronger capital requirements for systemically important banks and better communication among officials during crises. Despite the chaos, the committee found no direct misconduct by authorities, asserting they prevented a global financial crisis.
The FDP blames former Finance Minister Ueli Maurer for the Credit Suisse crisis, citing his failure to establish a liquidity safety net and provide transparent communication. In contrast, Die Mitte calls for stronger financial regulation, while the SP accuses bourgeois politicians of weakening FINMA, advocating for UBS downsizing and increased capital requirements. FINMA supports the call for enhanced powers and acknowledges the need for improved supervision following the crisis.
The crypto market experienced a sharp downturn, with Bitcoin plunging nearly 10% to $93,000 and Ethereum dropping almost 15% to $3,100, following the Federal Reserve's hawkish monetary policy update. Over $1.2 billion in liquidations impacted 377,618 traders, primarily affecting long positions. Market analysts highlight increased uncertainty due to the Fed's firm stance and reduced rate cut forecasts for 2025.
XRP has surged 105.06% in the past month, maintaining its position as the fourth-largest cryptocurrency despite recent price consolidation. Key metrics indicate mixed market conditions, with support at $2.28 crucial for potential upward movement to $2.53 and $2.90. Meanwhile, Solana faces challenges with a bearish trend, testing critical support levels, while JetBolt emerges as a notable contender with innovative zero-gas technology and a successful presale.
Bitget has partnered with SunPump to enhance the growth of TRON's memecoin ecosystem, providing support for innovative projects through expedited listings and marketing. This collaboration aims to leverage Bitget's global reach and resources, fostering sustainable development and visibility for TRON-based initiatives. SunPump, known for its fair-launch platform, has already seen success with projects like SunDog and NextMate, contributing to the vibrant TRON network.
The Swiss National Bank emphasizes the need to strengthen regulations following the Credit Suisse crisis, urging lessons to be learned from the incident. The central bank plans to analyze the Parliamentary Commission of Inquiry's report and has already highlighted the importance of enhancing capital and liquidity requirements in its Financial Stability Report 2024. Discussions on necessary regulatory adjustments are ongoing at both national and international levels.
Finma has expressed support for the Parliamentary Commission of Inquiry's recommendation to expand its responsibilities, acknowledging that it has long sought such changes. The financial markets supervisory authority also accepts the criticism directed at it and emphasizes its commitment to enhancing supervision and learning from the Credit Suisse case.
Binance Alpha has launched its 4th batch of 9 new tokens, allowing users to trade low-cap cryptocurrencies through the Binance Web3 wallet, which supports various blockchains. This initiative aims to promote real applications while ensuring user protection against suspicious projects, particularly in the growing memecoin ecosystem. The selected tokens, including BANANA and KOGE, reflect community interest and potential for future listings on Binance's exchange.
Postfinance is facing challenges in finding a successor for departing CFO Kurt Fuchs, who will leave at the end of February 2025. Until a new CFO is appointed, Marc Bonfils, currently Head of Treasury and Deputy CFO since 2008, will serve in an interim capacity starting in March. The bank plans to announce Fuchs' permanent successor in the first half of 2025.
The Parliamentary Investigation Committee has issued 20 recommendations to the Federal Council, highlighting the need for improved enforcement and legislative measures regarding the "Too Big to Fail" (TBTF) framework, particularly for globally active banks. Key proposals include enhancing coordination among financial authorities, increasing transparency in bank inspections, and strengthening the enforcement powers of the Swiss Financial Market Supervisory Authority (Finma). The Federal Council is expected to respond to these recommendations in the Spring 2025 session.
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings