CS had previously worked with Hwang
One theme from the Archegos fallout is the huge, still unstatisfied KYC opportunity. Did Nomura & Credit Suisse vet Bill Hwang before extending his firm so much leverage? Did they truly "know their customer"? Exchanges & data co's KYC services help prevent this kind of blowup.
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So they indeed did know who they were overexposed to. Whoever hit the “manual override” button on their compliance/risk management process is the bagholder for their -12% drop today
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KYC = know your chad
End of conversation
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Knowing and caring are very different. Don’t worry, if it wasn’t hwang, it would have been someone else eventually. They never really learn.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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One step closer to central clearing of OTC equity derivatives?
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Seems likely. Exchanges never get blamed for defaults bc they're not the ones holding the bag. Could be a repeat of '08 where regulators push more markets on-exchange & force banks to give up more power.
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