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2021-03-30

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Global bank losses may top $6 billion on Archegos downfall<blockquote>Archegos垮台导致全球银行损失可能超过60亿美元</blockquote>

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Nomura shares closed down 16.3%, a record one-day drop, while Credit Suisse shares tumbled 14%, their biggest fall in a year. Deutsche Bank dropped 5% and UBS was off 3.8%.<blockquote>摩根士丹利股价下跌2.6%，高盛集团下跌1.7%。野村证券股价收跌16.3%，创单日跌幅纪录，瑞信股价暴跌14%，创一年来最大跌幅。德意志银行下跌5%，瑞银集团下跌3.8%。</blockquote> Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks including ViacomCBS and Discovery on Friday, a source familiar with the matter said.<blockquote>一位知情人士称，由前老虎亚洲经理Bill Hwang经营的Archegos Capital Management的亏损引发了周五维亚康姆哥伦比亚广播公司(ViacomCBS)和Discovery等股票的抛售。</blockquote> “This is a challenging time for the family office of Archegos Capital Management, our partners and employees,” company spokesperson Karen Kessler said in a statement. “All plans are being discussed as Mr. Hwang and the team determine the best path forward.”<blockquote>公司发言人凯伦·凯斯勒(Karen Kessler)在一份声明中表示：“对于Archegos Capital Management的家族办公室、我们的合作伙伴和员工来说，这是一个充满挑战的时期。”“黄先生和团队正在讨论所有计划，以确定最佳的前进道路。”</blockquote> Archegos was unable to meet banks’ calls for more collateral to secure equity swap trades they had partly financed. After those positions fell sharply in value, lenders sold big blocks of securities to recoup what they were owed, the sources said.<blockquote>Archegos无法满足银行的评级，以获得更多抵押品来确保其部分融资的股权互换交易。消息人士称，在这些头寸价值大幅下跌后，贷方出售了大量证券以收回所欠债务。</blockquote> “This is the kind of thing that happens in a speculative environment. You start finding that things go wrong,” said Richard Bernstein, chief executive of Richard Bernstein Advisors. “When you have people making certain bets based on what has outperformed in the past and the tide turns they get burned. The question is how much leverage they used.”<blockquote>Richard Bernstein Advisors首席执行官Richard Bernstein表示：“这是在投机环境中发生的事情。你开始发现事情出错了。”“当人们根据过去的表现进行某些押注并且潮流发生逆转时，他们就会被烧伤。问题是他们使用了多少杠杆。”</blockquote> Nomura, Japan’s largest investment bank, warned of a possible $2 billion loss, while Credit Suisse said a default on margin calls by a U.S.-based fund could be “highly significant and material” to its first-quarter results.<blockquote>日本最大投行野村证券（Nomura）警告称，日本可能损失20亿美元，而瑞士信贷（Credit Suisse）表示，一家美国基金的保证金评级违约可能对其第一季度业绩产生“非常重大和实质性”的影响。</blockquote> Two sources said Credit Suisse’s losses were likely to be at least $1 billion. One of them said the losses could reach $4 billion, a figure also reported by the Financial Times. Credit Suisse declined to comment.<blockquote>两位消息人士称，瑞信的损失可能至少为10亿美元。其中一人表示，损失可能达到40亿美元，英国《金融时报》也报道了这一数字。瑞士信贷拒绝置评。</blockquote> But several other banks appeared to be relatively unscathed. The financial impact on Goldman Sachs was immaterial, a separate source said. Likewise, Morgan Stanley, which sold $4 billion in stocks related to Archegos on Friday, did not incur major losses, CNBC reported.<blockquote>但其他几家银行似乎相对毫发无损。另一位消息人士称，对高盛的财务影响并不重大。同样，据CNBC报道，摩根士丹利周五出售了40亿美元与Archegos相关的股票，但并未遭受重大损失。</blockquote> Deutsche Bank said in a statement it had significantly de-risked its Archegos exposure without incurring any losses and was managing down its “immaterial remaining client positions,” on which it did not expect to incur a loss.<blockquote>德意志银行在一份声明中表示，它已显着降低了Archegos的风险，没有造成任何损失，并正在管理其“非实质性的剩余客户头寸”，预计不会造成损失。</blockquote> The broader market impact was muted with the U.S. S&amp;P 500 benchmark closing slightly lower, while financials ended down more than 2%.<blockquote>美国标普500基准指数收盘小幅走低，而金融股收盘下跌超过2%，对大盘的影响减弱。</blockquote> “You continue to see strength in the overall market. There is not fear of selling stocks all together, there’s just fear in pockets of the market,” said Dennis Dick, head of market structure at Bright Trading LLC in Las Vegas.<blockquote>拉斯维加斯Bright Trading LLC市场结构主管丹尼斯·迪克(Dennis Dick)表示：“你继续看到整体市场走强。人们并不担心全部抛售股票，只是市场的某些部分感到恐惧。”</blockquote> REGULATORS WATCHING CLOSELY<blockquote>监管机构密切关注</blockquote> Investors questioned if the full impact of Archegos’ problem had been realized.<blockquote>投资者质疑Archegos问题的全面影响是否已经实现。</blockquote> Market observers noted that only in February, hedge funds took major losses on short positions during the run-up in GameStop Corp stock. That forced hedge fund Melvin Capital Management to borrow money from another fund to stay afloat. Hedge fund de-leveraging also contributed toward turmoil in the U.S. Treasuries market in March 2020.<blockquote>市场观察人士指出，仅在2月份，对冲基金在游戏驿站公司股票上涨期间空头头寸就遭受了重大损失。这迫使对冲基金梅尔文资本管理公司从另一只基金借钱来维持生计。对冲基金去杠杆化也导致了2020年3月美国国债市场的动荡。</blockquote> In the case of Archegos, the opaque and complex nature of its derivative trades, lightly regulated structure as a family office and high leverage - fueled by historically low interest rates - prompted concern about potential systemic risk.<blockquote>就Archegos而言，其衍生品交易的不透明和复杂性质、家族理财室监管宽松的结构以及高杠杆率（由历史低利率推动）引发了人们对潜在系统性风险的担忧。</blockquote> Regulators in the United States, UK, Switzerland and Japan said they were closely monitoring developments.<blockquote>美国、英国、瑞士和日本的监管机构表示，他们正在密切关注事态发展。</blockquote> Archegos bought derivatives known as total return swaps, which allow investors to bet on stock price moves without owning the underlying securities, according to one source familiar with the trades. The fund posts collateral against the securities rather than buying them outright with cash.<blockquote>据一位熟悉交易的消息人士透露，Archegos购买了被称为总回报掉期的衍生品，这种衍生品允许投资者在不拥有标的证券的情况下押注股价走势。该基金以证券为抵押，而不是用现金直接购买。</blockquote> Archegos’ positions were highly leveraged. The firm had assets of around $10 billion but held positions worth more than $50 billion, according to the source who declined to be identified.<blockquote>Archegos的头寸杠杆率很高。据不愿透露姓名的消息人士称，该公司拥有约100亿美元的资产，但持有价值超过500亿美元的头寸。</blockquote> Thomas Hayes, chairman of Great Hill Capital LLC in New York, said Hwang was known to run “a very concentrated, highly leveraged book.”<blockquote>纽约Great Hill Capital LLC董事长托马斯·海斯(Thomas Hayes)表示，众所周知，黄禹锡经营着“非常集中、高杠杆的账簿”。</blockquote> The underlying shares were held by Archegos’ prime brokers, which lent it money and structured and processed its trades. They included Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse and Nomura.<blockquote>相关股票由Archegos的主要经纪商持有，这些经纪商向其提供贷款并构建和处理其交易。其中包括高盛、摩根士丹利、德意志银行、瑞士信贷和野村证券。</blockquote> Unwinding the positions led banks to sell large blocks of stock. Shares of ViacomCBS and Discovery each tumbled around 27% on Friday, while U.S.-listed shares of China-based Baidu and Tencent Music plunged as much as 33.5% and 48.5% last week.<blockquote>平仓导致银行出售大量股票。维亚康姆哥伦比亚广播公司(ViacomCBS)和探索频道(Discovery)的股价周五分别下跌约27%，而百度和腾讯控股音乐在美国上市的股价上周分别暴跌33.5%和48.5%。</blockquote> Other stocks caught up in Archegos-related liquidations included Baidu Inc, Tencent Music Entertainment Group, Vipshop Holdings Ltd, Farfetch Ltd, iQIYI Inc and GSX Techedu Inc.<blockquote>其他陷入Archegos相关清算的股票包括百度公司、腾讯控股音乐娱乐集团、唯品会控股有限公司、Farfetch有限公司、爱奇艺公司和跟谁学公司。</blockquote> Hwang, who ran Tiger Asia from 2001 to 2012, renamed the hedge fund Archegos Capital and converted it to a family office, according to a page capture of the fund’s website. Family offices act as private wealth managers and have lower disclosure requirements than other investment companies.<blockquote>根据该基金网站的页面截图，2001年至2012年经营Tiger Asia的Hwang将对冲基金更名为Archegos Capital，并将其转变为家族办公室。家族办公室充当私人财富管理机构，披露要求低于其他投资公司。</blockquote> Hedge fund managers said they wondered why Hwang, whom several described as a “smart guy,” had made such big bets on ViacomCBS and Discovery, given the large wagers against the companies. The pair are not seen as high-growth plays, in contrast to other media stocks that have outperformed during the COVID-19 pandemic, the sources said.<blockquote>对冲基金经理表示，他们想知道为什么被一些人描述为“聪明人”的黄禹锡在ViacomCBS和Discovery上下了如此大的赌注，因为这些公司的赌注很大。消息人士称，与在COVID-19大流行期间表现出色的其他媒体股相比，这两只股票并不被视为高增长股票。</blockquote> Hwang and his firm in 2012 paid $44 million to settle Securities and Exchange Commission insider trading charges.<blockquote>2012年，黄和他的公司支付了4400万美元来和解美国证券交易委员会的内幕交易指控。</blockquote> Reporting by Megan Davies, Ira Iosebashvili and Kenneth Li in New York, Juby Babu and Sagarika Jaisinghani in Bengaluru, Rachel Armstrong and Julien Ponthus in London, Tom Sims in Frankfurt, Svea Herbst-Bayliss in Boston and Matt Scuffham, Herbert Lash and Elizabeth Dilts and John McCrank in New York; Writing by Jane Merriman and David Randall Editing by Carmel Crimmins, Susan Fenton, Cynthia Osterman and Richard Chang<blockquote>Megan Davies、Ira Iosebashvili和Kenneth Li在纽约、Juby Babu和Sagarika Jaisinghani在本加卢鲁、Rachel Armstrong和Julien Ponthus在伦敦、Tom Sims在法兰克福、Svea Herbst-Bayliss在波士顿以及Matt Scuffham、Herbert Lash和Elizabeth Dilts和John McCrank在纽约的报道；作者：简·梅里曼和大卫·兰德尔编辑：卡梅尔·克里明斯、苏珊·芬顿、辛西娅·奥斯特曼和理查德·张</blockquote>","source":"ltzww","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGlobal bank losses may top $6 billion on Archegos downfall<blockquote>Archegos垮台导致全球银行损失可能超过60亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nReuters2021-03-30 08:21\n\n</h4>\n</header>\n<article>\nTOKYO/ZURICH/NEW YORK (Reuters) - Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the U.S. investment firm said on Monday, as regulators and investors feared the episode would reverberate more widely.<blockquote>路透东京/苏黎世/纽约-熟悉Archegos Capital交易的消息人士周一表示，全球银行可能因Archegos Capital的倒闭而损失超过60亿美元，因为监管机构和投资者担心这一事件会产生更广泛的影响。</blockquote> Japan’s Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.<blockquote>日本野村证券（Nomura）和瑞士瑞信银行（Credit Suisse）警告称，向Archegos提供股票衍生品交易贷款将造成重大损失，引发全球银行股抛售。</blockquote> Morgan Stanley shares fell 2.6% and Goldman Sachs Group dropped 1.7%. Nomura shares closed down 16.3%, a record one-day drop, while Credit Suisse shares tumbled 14%, their biggest fall in a year. Deutsche Bank dropped 5% and UBS was off 3.8%.<blockquote>摩根士丹利股价下跌2.6%，高盛集团下跌1.7%。野村证券股价收跌16.3%，创单日跌幅纪录，瑞信股价暴跌14%，创一年来最大跌幅。德意志银行下跌5%，瑞银集团下跌3.8%。</blockquote> Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks including ViacomCBS and Discovery on Friday, a source familiar with the matter said.<blockquote>一位知情人士称，由前老虎亚洲经理Bill Hwang经营的Archegos Capital Management的亏损引发了周五维亚康姆哥伦比亚广播公司(ViacomCBS)和Discovery等股票的抛售。</blockquote> “This is a challenging time for the family office of Archegos Capital Management, our partners and employees,” company spokesperson Karen Kessler said in a statement. “All plans are being discussed as Mr. Hwang and the team determine the best path forward.”<blockquote>公司发言人凯伦·凯斯勒(Karen Kessler)在一份声明中表示：“对于Archegos Capital Management的家族办公室、我们的合作伙伴和员工来说，这是一个充满挑战的时期。”“黄先生和团队正在讨论所有计划，以确定最佳的前进道路。”</blockquote> Archegos was unable to meet banks’ calls for more collateral to secure equity swap trades they had partly financed. After those positions fell sharply in value, lenders sold big blocks of securities to recoup what they were owed, the sources said.<blockquote>Archegos无法满足银行的评级，以获得更多抵押品来确保其部分融资的股权互换交易。消息人士称，在这些头寸价值大幅下跌后，贷方出售了大量证券以收回所欠债务。</blockquote> “This is the kind of thing that happens in a speculative environment. You start finding that things go wrong,” said Richard Bernstein, chief executive of Richard Bernstein Advisors. “When you have people making certain bets based on what has outperformed in the past and the tide turns they get burned. The question is how much leverage they used.”<blockquote>Richard Bernstein Advisors首席执行官Richard Bernstein表示：“这是在投机环境中发生的事情。你开始发现事情出错了。”“当人们根据过去的表现进行某些押注并且潮流发生逆转时，他们就会被烧伤。问题是他们使用了多少杠杆。”</blockquote> Nomura, Japan’s largest investment bank, warned of a possible $2 billion loss, while Credit Suisse said a default on margin calls by a U.S.-based fund could be “highly significant and material” to its first-quarter results.<blockquote>日本最大投行野村证券（Nomura）警告称，日本可能损失20亿美元，而瑞士信贷（Credit Suisse）表示，一家美国基金的保证金评级违约可能对其第一季度业绩产生“非常重大和实质性”的影响。</blockquote> Two sources said Credit Suisse’s losses were likely to be at least $1 billion. One of them said the losses could reach $4 billion, a figure also reported by the Financial Times. Credit Suisse declined to comment.<blockquote>两位消息人士称，瑞信的损失可能至少为10亿美元。其中一人表示，损失可能达到40亿美元，英国《金融时报》也报道了这一数字。瑞士信贷拒绝置评。</blockquote> But several other banks appeared to be relatively unscathed. The financial impact on Goldman Sachs was immaterial, a separate source said. Likewise, Morgan Stanley, which sold $4 billion in stocks related to Archegos on Friday, did not incur major losses, CNBC reported.<blockquote>但其他几家银行似乎相对毫发无损。另一位消息人士称，对高盛的财务影响并不重大。同样，据CNBC报道，摩根士丹利周五出售了40亿美元与Archegos相关的股票，但并未遭受重大损失。</blockquote> Deutsche Bank said in a statement it had significantly de-risked its Archegos exposure without incurring any losses and was managing down its “immaterial remaining client positions,” on which it did not expect to incur a loss.<blockquote>德意志银行在一份声明中表示，它已显着降低了Archegos的风险，没有造成任何损失，并正在管理其“非实质性的剩余客户头寸”，预计不会造成损失。</blockquote> The broader market impact was muted with the U.S. S&amp;P 500 benchmark closing slightly lower, while financials ended down more than 2%.<blockquote>美国标普500基准指数收盘小幅走低，而金融股收盘下跌超过2%，对大盘的影响减弱。</blockquote> “You continue to see strength in the overall market. There is not fear of selling stocks all together, there’s just fear in pockets of the market,” said Dennis Dick, head of market structure at Bright Trading LLC in Las Vegas.<blockquote>拉斯维加斯Bright Trading LLC市场结构主管丹尼斯·迪克(Dennis Dick)表示：“你继续看到整体市场走强。人们并不担心全部抛售股票，只是市场的某些部分感到恐惧。”</blockquote> REGULATORS WATCHING CLOSELY<blockquote>监管机构密切关注</blockquote> Investors questioned if the full impact of Archegos’ problem had been realized.<blockquote>投资者质疑Archegos问题的全面影响是否已经实现。</blockquote> Market observers noted that only in February, hedge funds took major losses on short positions during the run-up in GameStop Corp stock. That forced hedge fund Melvin Capital Management to borrow money from another fund to stay afloat. Hedge fund de-leveraging also contributed toward turmoil in the U.S. Treasuries market in March 2020.<blockquote>市场观察人士指出，仅在2月份，对冲基金在游戏驿站公司股票上涨期间空头头寸就遭受了重大损失。这迫使对冲基金梅尔文资本管理公司从另一只基金借钱来维持生计。对冲基金去杠杆化也导致了2020年3月美国国债市场的动荡。</blockquote> In the case of Archegos, the opaque and complex nature of its derivative trades, lightly regulated structure as a family office and high leverage - fueled by historically low interest rates - prompted concern about potential systemic risk.<blockquote>就Archegos而言，其衍生品交易的不透明和复杂性质、家族理财室监管宽松的结构以及高杠杆率（由历史低利率推动）引发了人们对潜在系统性风险的担忧。</blockquote> Regulators in the United States, UK, Switzerland and Japan said they were closely monitoring developments.<blockquote>美国、英国、瑞士和日本的监管机构表示，他们正在密切关注事态发展。</blockquote> Archegos bought derivatives known as total return swaps, which allow investors to bet on stock price moves without owning the underlying securities, according to one source familiar with the trades. The fund posts collateral against the securities rather than buying them outright with cash.<blockquote>据一位熟悉交易的消息人士透露，Archegos购买了被称为总回报掉期的衍生品，这种衍生品允许投资者在不拥有标的证券的情况下押注股价走势。该基金以证券为抵押，而不是用现金直接购买。</blockquote> Archegos’ positions were highly leveraged. The firm had assets of around $10 billion but held positions worth more than $50 billion, according to the source who declined to be identified.<blockquote>Archegos的头寸杠杆率很高。据不愿透露姓名的消息人士称，该公司拥有约100亿美元的资产，但持有价值超过500亿美元的头寸。</blockquote> Thomas Hayes, chairman of Great Hill Capital LLC in New York, said Hwang was known to run “a very concentrated, highly leveraged book.”<blockquote>纽约Great Hill Capital LLC董事长托马斯·海斯(Thomas Hayes)表示，众所周知，黄禹锡经营着“非常集中、高杠杆的账簿”。</blockquote> The underlying shares were held by Archegos’ prime brokers, which lent it money and structured and processed its trades. They included Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse and Nomura.<blockquote>相关股票由Archegos的主要经纪商持有，这些经纪商向其提供贷款并构建和处理其交易。其中包括高盛、摩根士丹利、德意志银行、瑞士信贷和野村证券。</blockquote> Unwinding the positions led banks to sell large blocks of stock. Shares of ViacomCBS and Discovery each tumbled around 27% on Friday, while U.S.-listed shares of China-based Baidu and Tencent Music plunged as much as 33.5% and 48.5% last week.<blockquote>平仓导致银行出售大量股票。维亚康姆哥伦比亚广播公司(ViacomCBS)和探索频道(Discovery)的股价周五分别下跌约27%，而百度和腾讯控股音乐在美国上市的股价上周分别暴跌33.5%和48.5%。</blockquote> Other stocks caught up in Archegos-related liquidations included Baidu Inc, Tencent Music Entertainment Group, Vipshop Holdings Ltd, Farfetch Ltd, iQIYI Inc and GSX Techedu Inc.<blockquote>其他陷入Archegos相关清算的股票包括百度公司、腾讯控股音乐娱乐集团、唯品会控股有限公司、Farfetch有限公司、爱奇艺公司和跟谁学公司。</blockquote> Hwang, who ran Tiger Asia from 2001 to 2012, renamed the hedge fund Archegos Capital and converted it to a family office, according to a page capture of the fund’s website. Family offices act as private wealth managers and have lower disclosure requirements than other investment companies.<blockquote>根据该基金网站的页面截图，2001年至2012年经营Tiger Asia的Hwang将对冲基金更名为Archegos Capital，并将其转变为家族办公室。家族办公室充当私人财富管理机构，披露要求低于其他投资公司。</blockquote> Hedge fund managers said they wondered why Hwang, whom several described as a “smart guy,” had made such big bets on ViacomCBS and Discovery, given the large wagers against the companies. The pair are not seen as high-growth plays, in contrast to other media stocks that have outperformed during the COVID-19 pandemic, the sources said.<blockquote>对冲基金经理表示，他们想知道为什么被一些人描述为“聪明人”的黄禹锡在ViacomCBS和Discovery上下了如此大的赌注，因为这些公司的赌注很大。消息人士称，与在COVID-19大流行期间表现出色的其他媒体股相比，这两只股票并不被视为高增长股票。</blockquote> Hwang and his firm in 2012 paid $44 million to settle Securities and Exchange Commission insider trading charges.<blockquote>2012年，黄和他的公司支付了4400万美元来和解美国证券交易委员会的内幕交易指控。</blockquote> Reporting by Megan Davies, Ira Iosebashvili and Kenneth Li in New York, Juby Babu and Sagarika Jaisinghani in Bengaluru, Rachel Armstrong and Julien Ponthus in London, Tom Sims in Frankfurt, Svea Herbst-Bayliss in Boston and Matt Scuffham, Herbert Lash and Elizabeth Dilts and John McCrank in New York; Writing by Jane Merriman and David Randall Editing by Carmel Crimmins, Susan Fenton, Cynthia Osterman and Richard Chang<blockquote>Megan Davies、Ira Iosebashvili和Kenneth Li在纽约、Juby Babu和Sagarika Jaisinghani在本加卢鲁、Rachel Armstrong和Julien Ponthus在伦敦、Tom Sims在法兰克福、Svea Herbst-Bayliss在波士顿以及Matt Scuffham、Herbert Lash和Elizabeth Dilts和John McCrank在纽约的报道；作者：简·梅里曼和大卫·兰德尔编辑：卡梅尔·克里明斯、苏珊·芬顿、辛西娅·奥斯特曼和理查德·张</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.reuters.com/article/us-usa-markets-blocktrades/global-bank-losses-may-top-6-billion-on-archegos-downfall-idUSKBN2BK0OR\">Reuters</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c44a4a2c95a6d7606ead37b18df51490","relate_stocks":{"MS":"摩根士丹利","NMR":"野村控股"},"source_url":"https://www.reuters.com/article/us-usa-markets-blocktrades/global-bank-losses-may-top-6-billion-on-archegos-downfall-idUSKBN2BK0OR","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144990269","content_text":"TOKYO/ZURICH/NEW YORK (Reuters) - Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the U.S. investment firm said on Monday, as regulators and investors feared the episode would reverberate more widely.\nJapan’s Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.\nMorgan Stanley shares fell 2.6% and Goldman Sachs Group dropped 1.7%. Nomura shares closed down 16.3%, a record one-day drop, while Credit Suisse shares tumbled 14%, their biggest fall in a year. Deutsche Bank dropped 5% and UBS was off 3.8%.\nLosses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks including ViacomCBS and Discovery on Friday, a source familiar with the matter said.\n“This is a challenging time for the family office of Archegos Capital Management, our partners and employees,” company spokesperson Karen Kessler said in a statement. “All plans are being discussed as Mr. Hwang and the team determine the best path forward.”\nArchegos was unable to meet banks’ calls for more collateral to secure equity swap trades they had partly financed. After those positions fell sharply in value, lenders sold big blocks of securities to recoup what they were owed, the sources said.\n“This is the kind of thing that happens in a speculative environment. You start finding that things go wrong,” said Richard Bernstein, chief executive of Richard Bernstein Advisors. “When you have people making certain bets based on what has outperformed in the past and the tide turns they get burned. The question is how much leverage they used.”\nNomura, Japan’s largest investment bank, warned of a possible $2 billion loss, while Credit Suisse said a default on margin calls by a U.S.-based fund could be “highly significant and material” to its first-quarter results.\nTwo sources said Credit Suisse’s losses were likely to be at least $1 billion. One of them said the losses could reach $4 billion, a figure also reported by the Financial Times. Credit Suisse declined to comment.\nBut several other banks appeared to be relatively unscathed. The financial impact on Goldman Sachs was immaterial, a separate source said. Likewise, Morgan Stanley, which sold $4 billion in stocks related to Archegos on Friday, did not incur major losses, CNBC reported.\nDeutsche Bank said in a statement it had significantly de-risked its Archegos exposure without incurring any losses and was managing down its “immaterial remaining client positions,” on which it did not expect to incur a loss.\nThe broader market impact was muted with the U.S. S&P 500 benchmark closing slightly lower, while financials ended down more than 2%.\n“You continue to see strength in the overall market. There is not fear of selling stocks all together, there’s just fear in pockets of the market,” said Dennis Dick, head of market structure at Bright Trading LLC in Las Vegas.\nREGULATORS WATCHING CLOSELY\nInvestors questioned if the full impact of Archegos’ problem had been realized.\nMarket observers noted that only in February, hedge funds took major losses on short positions during the run-up in GameStop Corp stock. That forced hedge fund Melvin Capital Management to borrow money from another fund to stay afloat. Hedge fund de-leveraging also contributed toward turmoil in the U.S. Treasuries market in March 2020.\nIn the case of Archegos, the opaque and complex nature of its derivative trades, lightly regulated structure as a family office and high leverage - fueled by historically low interest rates - prompted concern about potential systemic risk.\nRegulators in the United States, UK, Switzerland and Japan said they were closely monitoring developments.\nArchegos bought derivatives known as total return swaps, which allow investors to bet on stock price moves without owning the underlying securities, according to one source familiar with the trades. The fund posts collateral against the securities rather than buying them outright with cash.\nArchegos’ positions were highly leveraged. The firm had assets of around $10 billion but held positions worth more than $50 billion, according to the source who declined to be identified.\nThomas Hayes, chairman of Great Hill Capital LLC in New York, said Hwang was known to run “a very concentrated, highly leveraged book.”\nThe underlying shares were held by Archegos’ prime brokers, which lent it money and structured and processed its trades. They included Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse and Nomura.\nUnwinding the positions led banks to sell large blocks of stock. Shares of ViacomCBS and Discovery each tumbled around 27% on Friday, while U.S.-listed shares of China-based Baidu and Tencent Music plunged as much as 33.5% and 48.5% last week.\nOther stocks caught up in Archegos-related liquidations included Baidu Inc, Tencent Music Entertainment Group, Vipshop Holdings Ltd, Farfetch Ltd, iQIYI Inc and GSX Techedu Inc.\nHwang, who ran Tiger Asia from 2001 to 2012, renamed the hedge fund Archegos Capital and converted it to a family office, according to a page capture of the fund’s website. Family offices act as private wealth managers and have lower disclosure requirements than other investment companies.\nHedge fund managers said they wondered why Hwang, whom several described as a “smart guy,” had made such big bets on ViacomCBS and Discovery, given the large wagers against the companies. The pair are not seen as high-growth plays, in contrast to other media stocks that have outperformed during the COVID-19 pandemic, the sources said.\nHwang and his firm in 2012 paid $44 million to settle Securities and Exchange Commission insider trading charges.\nReporting by Megan Davies, Ira Iosebashvili and Kenneth Li in New York, Juby Babu and Sagarika Jaisinghani in Bengaluru, Rachel Armstrong and Julien Ponthus in London, Tom Sims in Frankfurt, Svea Herbst-Bayliss in Boston and Matt Scuffham, Herbert Lash and Elizabeth Dilts and John McCrank in New York; Writing by Jane Merriman and David Randall Editing by Carmel Crimmins, Susan Fenton, Cynthia Osterman and Richard Chang","news_type":1,"symbols_score_info":{"CS":0.9,"MS":0.9,"NMR":0.9}},"isVote":1,"tweetType":1,"viewCount":266,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355698623"}