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Full-Text Articles in Law
Class Of 2026 Incoming Il Law Students, St. Mary's University School Of Law, St. Mary's University School Of Law
Class Of 2026 Incoming Il Law Students, St. Mary's University School Of Law, St. Mary's University School Of Law
Incoming 1L Photos (Facebooks)
Photographs of incoming law students for the St. Mary’s University School of Law, class of 2026
Total Return Meltdown: The Case For Treating Total Return Swaps As Disguised Secured Transactions, Colin P. Marks
Total Return Meltdown: The Case For Treating Total Return Swaps As Disguised Secured Transactions, Colin P. Marks
Faculty Articles
Archegos Capital Management, at its height, had $35 billion in assets. But in the spring of 2021, in part through its use of total return swaps, Archegos sparked a $30 billion dollar sell-off that left many of the world's largest banks footing the bill. Mitsubishi UFJ Group estimated a loss of $300 million; UBS, Switzerland's biggest bank, lost $861 million; Morgan Stanley lost $911 million; Japan's Nomura lost $2.85 billion; but the biggest hit came to Credit Suisse Group AG, which lost $5.5 billion. Archegos itself lost $20 billion over two days. The unique characteristics of total return swaps and …