Credit Suisse shares tumbled on Wednesday amid increasing difficulties following the collapse of two US banks. The Swiss National Bank and the Swiss Financial Market Supervisory Authority released a statement indicating that the “problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets.”
“The SNB and FINMA are pointing out in this joint statement that there are no indications of a direct risk of contagion for Swiss institutions due to the current turmoil in the US banking market.” “Credit Suisse’s stock exchange value and the value of its debt securities have been particularly affected by market reactions in recent days. FINMA is in very close contact with the bank and has access to all information relevant to supervisory law. Against this background, FINMA confirms that Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks.
The USD/CHF is trading slightly below 0.9300, after rising more than 150 pips. The Swiss Franc is among the worst performers on Wednesday. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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