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2021-03-30

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Global bank losses may top $6 billion on Archegos downfall<blockquote>Archegos 倒闭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%。野村证券股价收盘下跌16.3%，创单日跌幅纪录，瑞士信贷股价暴跌14%，创一年来最大跌幅。德意志银行下跌 5%，瑞银下跌 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 Tiger Asia 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）在一份声明中说：”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。“在黄先生和团队确定最佳前进道路的过程中，所有计划都在讨论中”。</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 无法满足银行评级的要求，要求提供更多抵押品，以确保他们部分融资的股权互换交易。消息人士称，在这些头寸价值急剧下降后，贷款人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>“理查德-伯恩斯坦顾问公司（Richard Bernstein Advisors）首席执行官理查德-伯恩斯坦（Richard Bernstein）说：”这种事情发生在投机环境中。“当人们根据过去的表现和潮流转向进行某些赌注时，他们就会被烧毁。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>日本最大的投资银行野村证券（Nomura）警告称，可能会损失 20 亿美元，而瑞士信贷（Credit Suisse）则表示，一家美国基金拖欠保证金评级可能会对其第一季度业绩 “产生重大影响”。</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，瑞士信贷的损失可能至少为 10 亿美元。其中一位人士表示，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没有受到影响。另一位消息人士称，对高盛的财务影响微不足道。据 CNBC 报道，同样，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说，它已大幅降低了 Archegos 风险敞口的风险，没有遭受任何损失，并正在减少其 “微不足道的剩余客户头寸”，预计不会因此遭受损失。</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%，对大盘的影响较小。</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）说：”整体市场继续走强。拉斯维加斯 Bright Trading LLC 市场结构主管丹尼斯-迪克（Dennis Dick）说。</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 问题的全部影响是否已经实现。</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就因空头头寸遭受了重大损失。这迫使对冲基金梅尔文资本管理公司从另一家基金借钱以维持运营。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、作为家族办公室的监管较轻的结构以及由历史低利率推动的高杠杆率引发了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，允许投资者在不拥有标的证券的情况下押注股价变动。该基金以证券为抵押品，而不是直接用现金购买。</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 的头寸被高度利用。据这位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-海耶斯（Thomas Hayes）说，众所周知，黄以 “高度集中、高杠杆的账簿”而闻名。</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>标的股票由 Archegos 的主要经纪人持有，这些经纪人向 Archegos 提供贷款，并组织和处理其交易。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>平仓导致银行抛售大量股票。维亚康姆哥伦比亚广播公司 (ViacomCBS) 和 Discovery 的股价周五分别下跌约 27%，而总部位于中国的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>其他陷入与 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 Ltd、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，曾在 2001 年至 2012 年期间管理 Tiger Asia 的 Hwang 将该对冲基金更名为 Archegos Capital，并将其改造成一个家族办公室。家族理财室充当私人财富管理者，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>对冲基金经理们表示，鉴于维亚康姆哥伦比亚广播公司（ViacomCBS）和探索频道（Discovery）的巨额赌注，他们不知道为什么被一些人形容为 “聪明人 ”的黄某会在这两家公司身上下如此大的赌注。消息人士称，与在 COVID-19 大流行期间表现优异的其他媒体股相比，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>Hwang 和他的公司在 2012 年支付了 4400 万美元来解决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 在班加罗尔，Rachel Armstrong 和 Julien Ponthus 在伦敦，Tom Sims 在法兰克福，Svea Herbst-Bayliss 在波士顿，Matt Scuffham、Herbert Lash 和 Elizabeth Dilts 和 John McCrank 在纽约报道；编剧：Jane Merriman 和 David Randall 剪辑：Carmel Crimmins、Susan Fenton、Cynthia Osterman 和 Richard Chang</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 倒闭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>东京/苏黎世/纽约（路透社）-熟悉这家美国投资公司Archegos Capital交易的消息人士周一表示，全球银行可能会因Archegos Capital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）和瑞士瑞士信贷（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，引发全球银行股的抛售。</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%。野村证券股价收盘下跌16.3%，创单日跌幅纪录，瑞士信贷股价暴跌14%，创一年来最大跌幅。德意志银行下跌 5%，瑞银下跌 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 Tiger Asia 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）在一份声明中说：”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。“在黄先生和团队确定最佳前进道路的过程中，所有计划都在讨论中”。</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 无法满足银行评级的要求，要求提供更多抵押品，以确保他们部分融资的股权互换交易。消息人士称，在这些头寸价值急剧下降后，贷款人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>“理查德-伯恩斯坦顾问公司（Richard Bernstein Advisors）首席执行官理查德-伯恩斯坦（Richard Bernstein）说：”这种事情发生在投机环境中。“当人们根据过去的表现和潮流转向进行某些赌注时，他们就会被烧毁。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>日本最大的投资银行野村证券（Nomura）警告称，可能会损失 20 亿美元，而瑞士信贷（Credit Suisse）则表示，一家美国基金拖欠保证金评级可能会对其第一季度业绩 “产生重大影响”。</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，瑞士信贷的损失可能至少为 10 亿美元。其中一位人士表示，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没有受到影响。另一位消息人士称，对高盛的财务影响微不足道。据 CNBC 报道，同样，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说，它已大幅降低了 Archegos 风险敞口的风险，没有遭受任何损失，并正在减少其 “微不足道的剩余客户头寸”，预计不会因此遭受损失。</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%，对大盘的影响较小。</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）说：”整体市场继续走强。拉斯维加斯 Bright Trading LLC 市场结构主管丹尼斯-迪克（Dennis Dick）说。</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 问题的全部影响是否已经实现。</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就因空头头寸遭受了重大损失。这迫使对冲基金梅尔文资本管理公司从另一家基金借钱以维持运营。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、作为家族办公室的监管较轻的结构以及由历史低利率推动的高杠杆率引发了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，允许投资者在不拥有标的证券的情况下押注股价变动。该基金以证券为抵押品，而不是直接用现金购买。</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 的头寸被高度利用。据这位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-海耶斯（Thomas Hayes）说，众所周知，黄以 “高度集中、高杠杆的账簿”而闻名。</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>标的股票由 Archegos 的主要经纪人持有，这些经纪人向 Archegos 提供贷款，并组织和处理其交易。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>平仓导致银行抛售大量股票。维亚康姆哥伦比亚广播公司 (ViacomCBS) 和 Discovery 的股价周五分别下跌约 27%，而总部位于中国的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>其他陷入与 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 Ltd、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，曾在 2001 年至 2012 年期间管理 Tiger Asia 的 Hwang 将该对冲基金更名为 Archegos Capital，并将其改造成一个家族办公室。家族理财室充当私人财富管理者，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>对冲基金经理们表示，鉴于维亚康姆哥伦比亚广播公司（ViacomCBS）和探索频道（Discovery）的巨额赌注，他们不知道为什么被一些人形容为 “聪明人 ”的黄某会在这两家公司身上下如此大的赌注。消息人士称，与在 COVID-19 大流行期间表现优异的其他媒体股相比，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>Hwang 和他的公司在 2012 年支付了 4400 万美元来解决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 在班加罗尔，Rachel Armstrong 和 Julien Ponthus 在伦敦，Tom Sims 在法兰克福，Svea Herbst-Bayliss 在波士顿，Matt Scuffham、Herbert Lash 和 Elizabeth Dilts 和 John McCrank 在纽约报道；编剧：Jane Merriman 和 David Randall 剪辑：Carmel Crimmins、Susan Fenton、Cynthia Osterman 和 Richard Chang</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":{"MS":0.9,"NMR":0.9,"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":407,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355698623"}