Bank of America halts trading with Credit Suisse electronic stocks desk -email

📆 21/03/2023 04:05:00
📰 Reuters

⏱ Reading Time:
36 sec. here
2 min. at publisher
📊 Quality Score:
News: 18%
Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Bank of America's electronic stocks desk has halted trading with a desk at Credit Suisse that uses computer-led strategies, 'out of an abundance of caution effective today,' an email seen by Reuters on Monday said.

website. The U.S. Securities and Exchange Commission website calls the ATS Crossfinder a "dark pool."On Sunday, the 167-year old Swiss lender was subsumed into its larger rival UBS

, which agreed to pay 3 billion Swiss francs for Credit Suisse in a package engineered by Swiss regulators.The Credit Suisse was backed by a massive Swiss government guarantee, helping prevent what would have been one of the largest banking collapses since the fall of Lehman Brothers in 2008.260 billion francs in liquidity lines and guarantees to UBS to help smooth the takeover as Credit Suisse clients and counterparties reassess their relationship with the stricken lender.

The deal will also make UBS Switzerland's only global bank and the Swiss economy more dependent on a single lender. Reporting by Nell Mackenzie and Lananh Nguyen; Editing by Dhara Ranasinghe; Editing by David Gregorio

Write Comment

Thanks for playing

... and

BankofAmerica 💙✌🏼❤️

should have done this later

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of England welcomes Credit Suisse-UBS mergerThe Bank of England on Sunday said it welcomed the actions by the Swiss authorities to merge Credit Suisse with UBS Group . 'merger' haha Of course they do.
Source: Reuters - 🏆 2. / 97 Read more »