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finma orders ubS to revise emergency plans after credit suisse takeover

UBS has been instructed by the Financial Market Authority (Finma) to revise its emergency plans following the takeover of Credit Suisse. Current plans only address reorganization or restructuring, but the recent crisis highlights the need for provisions for emergency sales of business segments or the entire bank. As a globally systemically important institution, UBS must meet specific crisis prevention requirements, which Finma reviews annually.
zentralplus
Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:48 15.10.2024

ubs urged to enhance emergency plans by swiss regulator

The Swiss financial market regulator, FINMA, has called on UBS to enhance its emergency plans amid concerns over crisis preparedness following the Credit Suisse situation. UBS's annual assessment of its contingency plans has been suspended while it reviews its strategies for potential insolvency scenarios.
MarketScreener
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:48 15.10.2024

us markets show complacency amid rising inflation and resilient economic data

US core CPI inflation rose to 3.3%, while core PCE inflation increased to 2.7%, prompting concerns that markets may be underestimating inflation resilience and anticipating excessive rate cuts. Fed officials express worries about inflation, with recent bond market volatility reflecting this sentiment, yet equity markets remain largely unaffected, suggesting potential investor complacency amid geopolitical tensions and upcoming elections.
IG
United States Dollar Apple Inc. Dow Jones & Company USA Raphael Bostic Jerome Powell Thomas Barkin Show more
TradFi, Market Report
09:47 15.10.2024

ubs revises recovery and emergency plans after credit suisse takeover

UBS is revising its recovery and emergency plans following the takeover of Credit Suisse, as mandated by the Swiss Financial Market Supervisory Authority (FINMA). The integration has created obstacles that require adjustments to ensure continued resolvability, including enhanced resolution planning and liquidity measures. FINMA has suspended the annual assessments for 2024, emphasizing the need for UBS to prepare for potential insolvency scenarios while maintaining systemically important functions.
FX News Group
Credit Suisse Anlagestiftung UBS SA CHE
TradFi, Market Report
09:41 15.10.2024

ubs faces scrutiny over crisis management and restructuring plans

UBS faces scrutiny from the Financial Market Authority (Finma) regarding its crisis management plans, particularly after the Credit Suisse takeover. Finma has determined that UBS's current restructuring and liquidation strategies are inadequate, necessitating revisions to enhance crisis preparedness and ensure stability without taxpayer intervention. The authority emphasizes the need for more conservative and comprehensive planning, taking lessons from the recent CS crisis into account.
Zofinger Tagblatt
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Joe Biden Pascal Mora
TradFi, News Article
09:35 15.10.2024

Finma labels UBS a major risk amid crisis preparedness concerns

Finma has declared UBS a major risk for Switzerland, suspending the approval of its resolution plans due to obstacles arising from the integration of Credit Suisse. The regulator emphasizes the need for UBS to standardize its structures and revise its stabilization and emergency plans, as the current strategy is insufficient for managing a crisis involving such a large institution.
muula.ch
Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:34 15.10.2024

ubs revises contingency plans following credit suisse integration challenges

UBS is required to revise its contingency plans following the integration of Credit Suisse, as mandated by Finma. The authority has suspended UBS's annual approval of its stabilization plan for 2024, emphasizing the need for improved liquidity planning and options for intervention in case of insolvency. UBS asserts it has a robust business model and a loss-absorbing capacity of approximately $200 billion, and is already working on enhancing its resolution planning based on lessons learned from the Credit Suisse crisis.
Corriere del Ticino
Swiss Franc United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Sergio Ermotti Joe Biden
TradFi, Market Report
09:34 15.10.2024

trends transforming thai healthcare industry in 2024

In 2024, Thailand's healthcare industry is experiencing significant changes, including a 30% rise in telemedicine usage and a shift towards a fully aged society, with 20% of the population over 60. The private healthcare sector is projected to grow by 15%, generating 322 billion baht, while a 25% shortage of doctors in the public sector drives the need for technological innovations to enhance service delivery. Health tech solutions are crucial for addressing these challenges and improving efficiency in medical services.
nationthailand
Thai Baht Backyard Group THA Ekarit Thammakun
Healthcare, Market Report
09:33 15.10.2024

DAX 40 rallies towards 21000 amid positive economic signals and election anticipation

The DAX 40 has reached a new record of 19,501 points, gaining 0.7% as it benefits from positive economic data and strong performances from major companies like SAP and Airbus. With a bullish medium-term outlook, the index could target 20,000 and potentially 21,000 points, especially following the upcoming U.S. presidential election on November 5, which historically has led to significant gains.
IG
Euro Allianz SE Deutsche Telekom AG SAP SE Airbus SE DEU USA Deutsche Telekom SAP Airbus Allianz Show more
TradFi, Market Report
09:32 15.10.2024

FINMA instructs UBS to update crisis management plans after Credit Suisse acquisition

FINMA has instructed UBS to revise its stabilization and contingency plans following the acquisition of Credit Suisse. The integration necessitates adjustments to ensure the bank's recovery and liquidation capabilities, with annual plan approvals suspended. UBS has acknowledged the need for these changes and is already working on enhancing its existing plans.
rsi
Swiss Franc Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:31 15.10.2024
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