S&P Settles SEC’s Stale
Alicia McElhaney, 17 May 2021
S&P Dow Jones Indices has settled with the SEC over charges that it published stale valuations of a volatility-related index.
The Securities and Exchange Commission announced Monday that S&P had agreed to pay a $9 million fine without admitting or denying the SEC’s findings.
The regulator’s charges had centered on the S&P 500 VIX Short Term Futures Index ER, a volatility-tracking product that S&P licensed to certain issuers, including Credit Suisse, which used the S&P product for an exchange-traded note that tracked the index. Continue reading “Article: S&P Settles SEC’s Stale Valuation Charges”
Market Manipulation Case Reopening Adds to Credit Suisse’s Woes
Alicia McElhaney, 28 April 2021
Although appellate court judges threw out some claims against the bank, they said that market manipulation allegations were “plausible.”
Credit Suisse is having another rough week.
A U.S. Appeals Court reopened a 2018 case alleging that Credit Suisse had engaged in market manipulation of some exchange-traded notes that short the VIX, a popular proxy for volatility. Continue reading “Article: Market Manipulation Case Reopening Adds to Credit Suisse’s Woes”
After Taking $4.7 Billion Hit, Credit Suisse Executives Step Downs
Alicia McElhaney, 06 April 2021
The hits keep coming for investment banking giant Credit Suisse.
The firm announced Tuesday that it expects to take a CHF 4.4 billion (USD $4.7 billion) writedown following losses related to family office Archegos Capital Management’s failure to meet its margin requirements.
Executives are stepping down, and the firm has launched two investigations: one into Archegos, and another into Credit Suisse’s purchase of Greensill Capital’s supply chain debt. Thomas Gottstein, chief executive officer of the firm, called the losses tied to Archegos “unacceptable.” Continue reading “Article: After Taking $4.7 Billion Hit, Credit Suisse Executives Step Downs”
The Fake Larry Fink Letter
That Duped Reporters
Alicia McElhaney, 16 January 2019
Asset management giant BlackRock is investigating a fake letter sent to reporters by someone posing as the firm’s chief executive officer Larry Fink, a spokesperson said Wednesday. “Don’t be fooled by imitations…Larry’s real CEO letter coming soon,” BlackRock tweeted Wednesday. The Financial Times was duped by the letter, which focused on climate change, a report from the news outlet said Wednesday. Continue reading “Article: The Fake Larry Fink Letter That Duped Reporters”