Die Prime-Broker - darunter Credit Suisse und Nomura - sind indirekt betroffen, weil sie dem zusammengebrochenen Hedgefonds Archegos (geleitet von Bill Whang, siehe # 448) Kredite für hochriskante Hebelgeschäfte mit Aktien gegeben hatten.
Die Umstände lassen vermuten, dass Goldman und andere Wallstreet-Bänker die Pleite von Archegos durch Shortverkäufe gezielt ausgelöst haben (siehe Link zu Zerohedge unten).
wolfstreet.com/2021/03/29/...-it-blows-up-and-hits-the-banks/
Archegos Implosion is a Sign of Massive Stock Market Leverage that Stays Hidden until it Blows Up and Hits the Banks
The implosion of an undisclosed hedge fund, now widely reported to be Archegos Capital Management, is hitting the stocks of banks that served as prime brokers to the fund. The highly leveraged derivative positions, based on stocks, had blown up spectacularly. Banks get into these risky leveraged deals because they generate enormous amounts of profit – until they blow up and banks get hit as counterparties.
Credit Suisse [CS] is down 13% at the moment in US trading after it warned this morning that “a significant US-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks,” and that it and “a number of other banks are in the process of exiting these positions,” and that the loss resulting from this exit “could be highly significant and material to our first quarter results.” The bank deemed it “premature to quantify” the loss.
Nomura Holdings [NMR] is down 14% at the moment in US trading after it warned this morning that “an event occurred that could subject one of its US subsidiaries to a significant loss arising from transactions with a US client.” It estimated the loss from this one client at “approximately $2 billion, based on market prices as of March 26.”
As Credit Suisse pointed out, “a number of other banks” are also involved as counterparties to that one unnamed hedge fund, and have been trying to get out of these positions since last week...
Last week, Archegos – which manages the wealth of former Tiger Asia manager Bill Hwang and his family – received margin calls from these banks that forced it to liquidate its positions. Last week alone, not counting the liquidations today, sales approached $30 billion, according to sources of the Wall Street Journal...
Heavily involved in these liquidations were the American Depositary Receipts (ADRs) of Chinese companies, such as Baidu, GSX Techedu, Tencent Music, and shares of US media companies such as Discovery and ViacomCBS (Chart unten) And their shares, after skyrocketing since last March, collapsed.
ViacomCBS [VIAC] has collapsed by 54% in five trading days, including today. But after the ludicrous surge – quadrupling between early August and March 22, and multiplying by 10 since the March 2020 low, amid general market mania – shares are now back where they’d been only two months ago…
The forced liquidations became apparent last week with the sale of huge blocks of shares, including shares of Discovery and ViacomCBS, by Goldman Sachs, Deutsche Bank, Morgan Stanley and other banks, amid swirling rumors that a hedge fund had collapsed.
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A.L.: Es könnte auch gut sein, dass Goldman und Co. durch gezielte Verkäufe die Pleite von Archegos vorsätzlich ausgelöst haben, siehe hier: www.zerohedge.com/markets/...gered-biggest-margin-call-lehman
(leider nicht detailliert lesbar, weil Paycontent:)
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The positions “may have topped $50 billion,” but those weren’t actual stocks, but derivatives based on stocks, called Contracts for Difference (CFD), and Archegos may have never owned any of the underlying stocks, according to Bloomberg this morning, citing people familiar with the matter. The size of the fund remains unclear, but before all this transpired, it was estimated to have grown to $5 billion to $10 billion, by riding these leveraged trades to the top.
It is also unclear what remains of the fund at this point, but one thing we already know: Some of the losses were eaten by the banks....
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