The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
European traders are proactively hedging against potential tariff risks as the US election approaches, particularly in response to Donald Trump's tariff proposals that could negatively impact sectors reliant on US markets. This strategy includes betting against the euro and utilizing the Swiss franc and German bonds, as both presidential candidates' spending plans may further complicate interest rate forecasts in the region.
The DAX index fell by 0.6% to 19,148 points, reversing gains from the previous Friday. Despite an initial rise to 19,286, the index struggled to maintain momentum ahead of the US presidential elections. Key resistance levels are at 19,250 and 19,330, while support is found at 19,048 and 19,000.
Lombard Odier has appointed Nicolas Walon as the new Head of Global Market Services, effective March 2025. With 25 years of experience in cross-asset derivatives, he joins from Bank J. Safra Sarasin, where he led Financial Engineering, and has held senior roles at major investment banks in London and New York. Paul-Andre Pittard is currently overseeing the division on an interim basis.
UBS is under pressure to bolster its equity capital, with discussions around increasing it by 15 to 25 billion francs. While UBS argues against excessive capital requirements, it lags behind several European competitors in capital ratios, prompting calls from regulators for a stronger balance sheet. The Swiss Finance Institute is hosting an event to debate the future of banking capital requirements, highlighting the need for UBS to reassess its capital strategy.
Deutsche Bank has rehired Randy Russell as co-head of its media and telecommunications investment banking division, partnering with Jacqueline Gordon. Russell will operate from New York, as announced in a memo by Gavin Deane and Bruce Evans, the bank's leadership in TMT and Americas origination and advisory.
A group of banks led by Deutsche Bank AG is facing challenges after being unable to sell a portion of an $875 million term loan for the acquisition of protein bar brand FitCrunch. The debt remained unsold before 1440 Foods finalized the purchase on November 1. Jefferies Financial Group, Macquarie Group, and BNP Paribas also provided financing for the deal.
UBS has launched its first tokenized money market fund, the uMINT, on the Ethereum blockchain, responding to rising investor demand for tokenized assets. This initiative aligns with UBS's broader strategy in digital asset management and reflects a growing trend among major banks like Goldman Sachs and Deutsche Bank to explore tokenization in finance. As tokenization gains traction, Ethereum solidifies its position as a leader in the real-world asset sector, with a current market value of $3 billion.
The DAX index rebounded at the start of November, closing at 19,255 points after a 0.9% gain, recovering from a weak October. The upward momentum could lead to a break above the October low of 19,330, while a drop below 19,250 may test lower support levels. The index, consisting of 30 major German companies, is a key performance indicator for the Frankfurt stock market.
Tesla Inc. has successfully sold $499 million in bonds backed by loans for customers purchasing solar equipment. The five-tranche deal, marketed by Deutsche Bank, received investment-grade ratings from Fitch, reflecting the strong credit profiles of the borrowers involved.
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