Swiss Watchdog In Contact With Credit Suisse On US Defaults

Law360, London (March 29, 2021, 3:54 PM BST) -- Switzerland's financial watchdog said on Monday that it is in contact with Credit Suisse after investment banks began reporting potential losses from their exposure to a hedge fund that defaulted on margin calls.

The Swiss Financial Market Supervisory Authority said it was told of the defaults by Credit Suisse Group AG after the wealth manager announced on Monday that a U.S. hedge fund, which it did not name, had failed to meet margin commitments last week.

The Swiss watchdog, known as FINMA, and Credit Suisse said that several other international banks are also involved in the case.

"Credit Suisse and a...

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