DGAZF Disaster Strikes As Dying ETN Blows Out Past Real Net Asset Value

Thursday, 13 August 2020, 16:08:17
Another disaster in the world of exchange-traded notes occurred Wednesday when the VelocityShares 3x Inverse Natural Gas ETN (OTC: DGAZF ) entered the day with a net asset value of $121 from Tuesday only to trade as high as $25,000. What Happened : No, that $25,000 isn’t a misprint and, no, that’s not supposed to happen with exchange-traded products. First, some quick backstory on DGAZF arrived at this wild place. Back in June, Credit Suisse (NYSE: CS ), the issuing bank behind the VelocityShares ETNs, announced it was delisting nine of those products from the Nasdaq and New York Stock Exchange. The old DGAZ being part of that group was largely overlooked because some gold and silver products were included on the list and those are among this year’s best-performing commodities. The usual methodology of delisting is to close an ETF or ETN, but Credit Suisse moved the nine inverse and … Full story available on Benzinga.com
— Benzinga

Credit Suisse AG Announces the Acceleration at Its Option of its Previously Delisted VelocitySharesTM 3x Inverse Natural Gas ETNs

Wednesday, 12 August 2020, 23:00:00
NEW YORK, Aug. 12, 2020 /PRNewswire/ — Credit Suisse AG (“Credit Suisse”) announced today that it will accelerate at its option its VelocityShares™ 3x Inverse Natural Gas ETNs (the “ETNs”), which were previously delisted from the NYSE Arca. The ETNs were originally listed on the NYSE…
— PR Newswire

DWS Replaces Swiss Boss

Wednesday, 12 August 2020, 14:28:33
An ex-Credit Suisse asset manager who just joined DWS’ Swiss unit is taking over as country head, effective immediately.
— Finews

Goldman, Morgan Stanley, Deutsche Hit With The Fed’s Highest Capital Requirements

Monday, 10 August 2020, 17:38:06
Goldman, Morgan Stanley, Deutsche Hit With The Fed’s Highest Capital Requirements Tyler Durden Mon, 08/10/2020 – 11:38 Following its stress tests earlier this year, this morning the Fed announced individual large bank capital requirements which will become effective on October 1. Somewhat counterintuitively the Fed unveiled that banks without major net interest income – such as Goldman and Morgan Stanley (as well as the usual foreign suspects such as Deutsche Bank and Credit Suisse) – would face the stiffest capital demands even though it emerged in recent quarters that balance sheet and loan exposure is in fact the biggest risk the US banking system currently faces. As shown in the table below, the capital levels determined by the Fed’s most recent stress-test process, give Goldman Sachs the highest CET1 Capital Requirement target among domestic banks, with an overall capital minimum at 13.7% of risk-weighted assets, while Morgan Stanley is second with a target of 13.4%; JPMorgan Chase, the largest U.S. bank, will need to maintain 11.3% under the standards taking effect Oct. 1.
— Zero Hedge

Francesco de Ferrari Faces New AMP Scandal

Monday, 10 August 2020, 10:35:42
Credit Suisse’s former top private banker in Asia is confronting tawdry personal issues as CEO of Australia’s AMP. A «devastating» scandal cost him a long-standing close ally.
— Finews