UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n
Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In finance, a subtle yet crucial transformation has been taking place. It is a change that has the potential to impact the very core of the financial system. In Washington, D.C., regulators recently gathered to discuss a significant shift in how they approached risk and oversight.<\/p>\n\n\n\n The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
SEC has rejected attempts by several crypto firms to register a spot Bitcoin ETF. Recently, a U.S. court made a final ruling<\/a> invalidating the SEC's rejection of a spot Bitcoin ETF filing by Grayscale. BlackRock and Fidelity are other asset managers that have filed for spot Bitcoin ETFs in the U.S.\u00a0<\/p>\n","post_title":"Fear of Missing Out? Hong Kong Considers Spot Crypto ETF Amid U.S. Indecision","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fear-of-missing-out-hong-kong-considers-spot-crypto-etf-amid-u-s-indecision","to_ping":"","pinged":"","post_modified":"2023-11-10 23:00:40","post_modified_gmt":"2023-11-10 12:00:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14227","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14205,"post_author":"18","post_date":"2023-11-10 00:50:07","post_date_gmt":"2023-11-09 13:50:07","post_content":"\n In finance, a subtle yet crucial transformation has been taking place. It is a change that has the potential to impact the very core of the financial system. In Washington, D.C., regulators recently gathered to discuss a significant shift in how they approached risk and oversight.<\/p>\n\n\n\n The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
BitMEX co-founder Arthur Hayes believes Hong Kong's entry increases competition with the U.S., which is good for Bitcoin. Coin Bureau added that the entry of other jurisdictions like Hong Kong pressures the SEC regarding a spot Bitcoin ETF approval. <\/p>\n\n\n\n SEC has rejected attempts by several crypto firms to register a spot Bitcoin ETF. Recently, a U.S. court made a final ruling<\/a> invalidating the SEC's rejection of a spot Bitcoin ETF filing by Grayscale. BlackRock and Fidelity are other asset managers that have filed for spot Bitcoin ETFs in the U.S.\u00a0<\/p>\n","post_title":"Fear of Missing Out? Hong Kong Considers Spot Crypto ETF Amid U.S. Indecision","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fear-of-missing-out-hong-kong-considers-spot-crypto-etf-amid-u-s-indecision","to_ping":"","pinged":"","post_modified":"2023-11-10 23:00:40","post_modified_gmt":"2023-11-10 12:00:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14227","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14205,"post_author":"18","post_date":"2023-11-10 00:50:07","post_date_gmt":"2023-11-09 13:50:07","post_content":"\n In finance, a subtle yet crucial transformation has been taking place. It is a change that has the potential to impact the very core of the financial system. In Washington, D.C., regulators recently gathered to discuss a significant shift in how they approached risk and oversight.<\/p>\n\n\n\n The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n However, Judge Sara Cockerill ruled in favor of Credit Suisse<\/a>. She stated that there was insufficient evidence to support Loreley's claim of systemic fraud and that the alleged fraud was limited to \"isolated documents.\" This verdict marks a significant legal win for Credit Suisse and puts an end to one of its lingering legal disputes.<\/p>\n\n\n\n UBS, the current owner of Credit Suisse, inherited several legal battles following its state-assisted rescue of the bank earlier in the year. Some of these disputes have been resolved, but the Loreley Financing case was one of the major challenges that UBS had to face.<\/p>\n\n\n\n Meanwhile, Santander, the Spanish lender, agreed to bring on board David Miller<\/a>, the former co-head of Credit Suisse's investment bank, the Financial Times<\/em> reported. This addition marks Santander's latest move in recruiting talent from the collapsed Swiss lender.<\/p>\n\n\n\n David Miller will assume the role of vice-chair in Santander's corporate and investment bank, based in New York. He is expected to report to Jos\u00e9 Linares, the head of this division, starting in January.<\/p>\n","post_title":"Credit Suisse Triumphs In London Court: Legacy Mortgage Securities Case Resolved\u00a0\u00a0\u00a0\u00a0\u00a0","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"credit-suisse-triumphs-in-london-court-legacy-mortgage-securities-case-resolved","to_ping":"","pinged":"","post_modified":"2023-11-05 22:58:16","post_modified_gmt":"2023-11-05 11:58:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14183","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
BitMEX co-founder Arthur Hayes believes Hong Kong's entry increases competition with the U.S., which is good for Bitcoin. Coin Bureau added that the entry of other jurisdictions like Hong Kong pressures the SEC regarding a spot Bitcoin ETF approval. <\/p>\n\n\n\n SEC has rejected attempts by several crypto firms to register a spot Bitcoin ETF. Recently, a U.S. court made a final ruling<\/a> invalidating the SEC's rejection of a spot Bitcoin ETF filing by Grayscale. BlackRock and Fidelity are other asset managers that have filed for spot Bitcoin ETFs in the U.S.\u00a0<\/p>\n","post_title":"Fear of Missing Out? Hong Kong Considers Spot Crypto ETF Amid U.S. Indecision","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fear-of-missing-out-hong-kong-considers-spot-crypto-etf-amid-u-s-indecision","to_ping":"","pinged":"","post_modified":"2023-11-10 23:00:40","post_modified_gmt":"2023-11-10 12:00:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14227","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14205,"post_author":"18","post_date":"2023-11-10 00:50:07","post_date_gmt":"2023-11-09 13:50:07","post_content":"\n In finance, a subtle yet crucial transformation has been taking place. It is a change that has the potential to impact the very core of the financial system. In Washington, D.C., regulators recently gathered to discuss a significant shift in how they approached risk and oversight.<\/p>\n\n\n\n The stage was set at the Financial Stability Oversight Council (FSOC), a powerful entity led by the Treasury Department, with a mission to safeguard the financial system from potential threats. They agreed to ramp up their oversight of a group that had, until recently, operated in relative obscurity: non-banks.<\/p>\n\n\n\n Non-banks, including asset managers and hedge funds, have gained prominence in the financial world. Concerns were growing about the risks they might pose to the system. But this wasn't a sudden decision; it was a revival of a tough regime that had been somewhat sidelined under the previous administration.<\/p>\n\n\n\n The key change in the process was the designation of non-banks as \"systemically important financial institutions\" (SIFIs). This designation would subject them to greater oversight and stricter capital and liquidity requirements, potentially giving the U.S. Federal Reserve more say in their operations.<\/p>\n\n\n\n The new approach marked a significant departure from the previous one, where regulators focused on policing risky activities instead of individual firms. Treasury Secretary Janet Yellen voiced concerns about this outdated perspective, stating that it was \"a flawed view of how financial risks develop and spread.\" <\/em>She emphasized that designating firms as SIFIs was one of several tools available to the panel.<\/p>\n\n\n\n Under the revamped process, FSOC would identify potential SIFIs based on existing information and give the company a chance to respond. The company would then discuss the matter with its primary regulator and the FSOC. Only if two-thirds of FSOC's 10 members voted in favor would a non-bank be designated as a SIFI. These designations would be reviewed annually.<\/p>\n\n\n\n The financial industry's reaction was swift and critical. Experts described the SIFI designation as a blunt tool that focused disproportionately on individual companies, rather than holistically assessing risk. Similarly, the Managed Funds Association, which represents hedge funds, argued that non-banks didn't pose the same risks as banks and criticized the designation process.<\/p>\n\n\n\n As the financial landscape undergoes these changes, the implications remain uncertain. However, the new approach is aimed at addressing the concerns about non-banks gradually taking on more financial activity, often with less transparency.<\/p>\n\n\n\n Although the changes may create uncertainty in the market, the regulatory shift is aimed at maintaining the stability of the financial system. The financial industry may grumble, but this evolution reflects an ongoing effort to adapt to the ever-changing world of finance.<\/p>\n\n\n\n So, what's next? Only time will tell how this new oversight regime will play out. As financial activity continues to evolve and adapt, regulatory bodies must remain vigilant to ensure the stability and security of the financial system.<\/p>\n\n\n\n In this evolving financial landscape, one thing is certain: the watchful eye of regulators will continue to keep a close look on non-banks, as they play an increasingly significant role in the financial world. While the road ahead may be uncertain, regulators are committed to safeguarding the financial system from potential risks, wherever they may arise.<\/p>\n","post_title":"Regulators Strengthen Financial Controls As Non-Banks To Have Enhanced Oversight","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regulators-strengthen-financial-controls-as-non-banks-to-have-enhanced-oversight","to_ping":"","pinged":"","post_modified":"2023-11-10 00:50:16","post_modified_gmt":"2023-11-09 13:50:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14183,"post_author":"13","post_date":"2023-11-05 22:56:48","post_date_gmt":"2023-11-05 11:56:48","post_content":"\n Credit Suisse has emerged victorious in a long-standing case involving mortgage-backed securities valued at $100 million. Loreley Financing, a special purpose vehicle representing German bank IKB, had sued the lender in London's High Court, claiming that the bank's actions were deceitful.<\/p>\n\n\n\n According to a report by Reuters<\/em>, the notes in question were linked to residential mortgage-backed securities<\/a> and were purchased as part of a collateralized debt obligation deal just before the 2008 financial crisis.<\/p>\n\n\n\n At the heart of the dispute was Loreley's contention that it had been misled by Credit Suisse, which had allegedly made \"false and dishonest representations\" about the value of these notes. The special purpose vehicle went further, accusing Credit Suisse of being involved in a \"systemic fraud\" regarding the securitization of residential mortgage-backed securities.<\/p>\n\n\n\n Loreley's lawyer, Tim Lord, reportedly brought up Credit Suisse's $5.28 billion settlement with the US Department of Justice, which was reached in 2016 to resolve claims that the bank had deceived investors in residential mortgage-backed securities. However, Credit Suisse countered this argument by emphasizing that the settlement with the DOJ did not explicitly mention dishonesty or fraud.<\/p>\n\n\n\n
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