Australia markets open in 7 hours 31 minutes
  • ALL ORDS

    7,670.90
    +12.00 (+0.16%)
     
  • AUD/USD

    0.7368
    -0.0018 (-0.24%)
     
  • ASX 200

    7,394.40
    +8.00 (+0.11%)
     
  • OIL

    72.17
    +0.26 (+0.36%)
     
  • GOLD

    1,802.10
    -3.30 (-0.18%)
     
  • BTC-AUD

    46,405.05
    -257.99 (-0.55%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     

Japan's FSA disappointed by Archegos global fallout

·1-min read
FILE PHOTO: A man walks past a sign of Japan's Financial Services Agency in Tokyo

TOKYO (Reuters) - The head of Japan's financial watchdog said he was disappointed by the global fallout from the collapse of investment fund Archegos Capital Management despite past regulatory reforms.

"Although the problem didn't result in the collapse of financial system, it's very disappointing such a major incident happened," Ryozo Himino, Financial Services Agency (FSA) Commissioner, said in an online speech.

Global banks including Credit Suisse and Nomura Holdings Inc reported losses from Archegos, taking the total hit beyond $10 billion.

Nomura said last month it had completed the unwinding of positions related to an unnamed U.S. client, which was widely reported to be Archegos.

The FSA will have to monitor risk management at prime brokers, as well as regulations for family offices like Archegos, Himino also said.

(Reporting by Takashi Umekawa; Editing by Alexander Smith)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting