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The downfall of Credit Suisse has prompted a parliamentary commission of inquiry to investigate the failures of federal authorities, including the Federal Council, Swiss National Bank, and FINMA. The commission, led by Isabelle Chassot, aims to uncover the reasons behind the bank's collapse and the inadequacies of the too-big-to-fail regulations. Key figures from Credit Suisse, including former chairmen and CEOs, are expected to testify, while the inquiry seeks to address institutional shortcomings that contributed to the crisis.
The second Trump presidency is expected to shift regulatory focus towards growth and innovation in banking, with changes in leadership at key financial agencies. Anticipated reforms may ease capital standards and facilitate fintech and cryptocurrency activities, while tax reform will likely prioritize the renewal of provisions from the 2017 Tax Cuts and Jobs Act. Additionally, the SEC is poised for a change in enforcement and rulemaking, particularly regarding climate disclosure rules, as the new administration may seek to repeal recent mandates and adjust the agency's focus on capital formation.
WhiteBIT, Europe's leading cryptocurrency exchange, achieved a record annual trading volume of $2.7 trillion in 2024, marking a 200% increase from the previous year. The platform, which serves over 30 million users and has onboarded 1,300 institutional clients, surpassed major competitors like Kraken and is now the second-most visited crypto exchange globally. With a strong focus on security and innovative trading solutions, WhiteBIT continues to expand its global reach and enhance its competitive edge in the market.
Binance's liquid staking token, BNSOL, has surpassed $1 billion in Total Value Locked (TVL) within three months of its launch, solidifying its position as the largest exchange-backed SOL liquid staking token. The token's success is attributed to strategic integrations with over 20 Web3 projects, low fees, and attractive APR promotions, enhancing its utility in the DeFi ecosystem. As Solana's ecosystem expands, Binance plans to further capitalize on BNSOL's growth with additional airdrops and protocol integrations, aiming to create new use cases for liquid staking tokens by 2025.
WhiteBIT, Europe's leading cryptocurrency exchange, achieved a record trading volume of $2.7 trillion in 2024, marking a 200% increase from the previous year. With a market capitalization of $38.9 billion, the platform has become the second-most visited crypto exchange, attracting over 1,300 institutional clients through innovative strategies and a robust technical infrastructure. The exchange is committed to security, holding top certifications and expanding its global reach, serving over 30 million users worldwide.
Deutsche Bank is developing a layer-2 blockchain solution for Ethereum to tackle regulatory challenges faced by financial institutions using public blockchains. This initiative, part of Project Dama 2 under Singapore's MAS Project Guardian, aims to mitigate risks such as transaction validation and fees to sanctioned entities. The bank plans to launch a minimum viable product next year, allowing for a curated list of validators and enhanced regulatory oversight.
UBS will relocate its Brugg branch to Hauptstrasse 1 on January 13, 2025, consolidating around 180 employees from various units. The move follows the acquisition of Credit Suisse, with plans for a shared space between UBS and the city administration after the transition. Meanwhile, the former UBS location at Bahnhofstrasse 11 is being marketed for new tenants.
WhiteBIT, Europe's leading cryptocurrency exchange, achieved a record trading volume of $2.7 trillion in 2024, marking a 200% increase from the previous year. With a market capitalization of $38.9 billion, the platform has become the second-most visited crypto exchange, attracting over 1,300 institutional clients through innovative strategies and a robust technical infrastructure. The exchange is committed to security, holding top certifications and plans to expand into the US market.
UBS shares fell by 3.5% to CHF 26.85, marking a significant loss in the SMI, with a daily turnover of over 5 million shares. The stock is currently 9.20% below its 52-week high of CHF 29.57 and has seen a low of CHF 22.53 this year. Analysts project earnings per share of USD 1.75 for 2024, with the next quarterly results due on February 4, 2025.
UBS has maintained a "Neutral" rating for ABB with a target price of 50 francs ahead of the company's quarterly results. Analyst Andre Kukhnin anticipates a mixed performance for the final quarter, although the outlook for 2025 remains positive.
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investigation into credit suisse downfall examines regulatory failures and management decisions
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