Aline Darbellay, a specialist in banking and capital market law, has been appointed to the Board of Directors of FINMA, effective January 1, 2025. She succeeds Susan Emmenegger, who is leaving to become Dean of the Faculty of Law at the University of Bern. With over 15 years of experience, Darbellay is currently an assistant professor at the University of Zurich, focusing on commercial and business law.
Political turmoil in Washington is driving stocks toward their worst weekly performance of the year. Investors are reacting to the uncertainty, which has heightened concerns about market stability and economic outlook. The situation continues to evolve, impacting investor sentiment significantly.
The Swiss Bankers Association (SBA) supports the findings of the Parliamentary Commission of Inquiry (PCI) regarding the Credit Suisse crisis, emphasizing the need for responsible management, effective supervision, and enhanced liquidity provision. The report highlights that mismanagement led to a loss of confidence in Credit Suisse, and calls for targeted reforms in management accountability and supervision by FINMA. Additionally, it advocates for strengthening liquidity measures, including formalizing the Public Liquidity Backstop and expanding the Swiss National Bank's liquidity support for all banks to ensure financial stability.
Investors are hoping for a "Santa Claus Rally" as December shows disappointing returns, despite a strong overall performance in 2024. The S&P 500 is up over 23% for the year, but rising Treasury yields and a lack of broad market strength raise concerns about future gains. With eight of the eleven sectors in negative territory, analysts suggest caution before buying into the market.
A commission of inquiry has found Credit Suisse's Board and management responsible for the bank's loss of confidence, while criticizing the Swiss banking regulator, Finma, for its "partial inefficiency." The report highlights Finma's failure to act decisively despite numerous warnings and calls for stricter regulations for systemically important banks. The merger with UBS raises concerns about the future stability of Switzerland's banking sector.
The FTSE 100 has dropped over 3% this week, facing significant risk aversion due to U.S. Federal Reserve rhetoric, potential government shutdown, and tariff threats from Donald Trump. The index is testing a crucial support level at 8,000 points, with a favorable risk/reward ratio for potential buying, while a break below this level could signal a bearish outlook for the market.
IG
The Parliamentary Commission of Inquiry's report on Credit Suisse's downfall highlights years of mismanagement, scandals, and a lack of compliance with regulatory authorities, leading to a crisis that necessitated an emergency merger with UBS. The report criticizes the "too big to fail" legislation for being overly lenient and calls for improved cooperation among authorities and better risk management. It also emphasizes the need for lessons to be learned, as Switzerland now has only one globally systemically important bank.
Ethereum's price has dipped below $3,400 amid a broader market downturn, with Bitcoin falling under $96,000. The cryptocurrency has seen a 12.44% decline over the past week, facing increased selling pressure and significant outflows from Ethereum ETFs, including a $58.13 million sell-off by Grayscale. As whales offload tokens to repay debts, the critical support level at $3,035 is under scrutiny, with potential further declines towards $2,942 if the bearish trend continues.
Kenneth Michael from E-Magine Ventures emphasized the importance of community engagement in Web3 during a recent discussion. He introduced Rewardable, a task-to-earn platform launched in November 2024, which features a unique ID score system and mandatory KYC to ensure genuine user participation and trust. The platform offers diverse task templates and rewards users with $REWARD tokens, aiming to bridge Web2 and Web3 while enhancing user experience and engagement quality.
The crypto market is experiencing volatility, with Ripple's XRP recently surging above $2.70 before facing rejection, while analysts predict potential growth to $5.85. Meanwhile, the DTX Exchange has gained traction, hitting an all-time high and raising over $10.4 million in its presale, positioning itself as a significant player in the crypto space.

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