Archegos equity swap losses may hit $6 billion

Last week, Goldman Sachs and Morgan Stanley started making margin calls to family office Archegos, which ultimately led to liquidation in large block trades that surprised the market. We now hear that equity swaps issued by Credit Suisse and Nomura may cause billions in losses. Hedge funds, their investors and their prime brokers are getting a sharp reminder that leverage is still a serious risk, and that equity swaps risk can surprise at the worst time.
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