Fazzaco Weekly Digest: Credit Suisse Turmoil Resurfaces; AUS Global Opens Dubai Office; US Regulator Sues Binance

1. AUS Global Opens New Office in Dubai, Eyes Expansion in Middle East​

AUS Global, a global trading firm, has announced the opening of a new office in Dubai, United Arab Emirates, as part of the company's expansion strategy in the Middle East. The new office is in one of Dubai's prime business locations and serves as the company's regional headquarters.

This move comes as AUS Global continues to experience rapid growth and expansion worldwide. The company has been recognized for its innovative approach to trading and its ability to adapt to changing market conditions.

2. Credit Suisse Turmoil Resurfaces: Uncovering the UBS and Credit Suisse Merger

In this February, Credit Suisse released its 2022 financial report, showing a sharp decline in net income from CHF 22.7 billion in the 2021 fiscal year to CHF 14.9 billion, a decrease of 34%. In the article "Will Credit Suisse Survive Out 2023?" by Fazzaco, it was pointed out that although Credit Suisse has taken measures to deal with the worsening situation and its chain of scandals, many insiders are not optimistic about the effectiveness of these measures given the huge loss reported.

To address the trust crisis of confidence in the market, the Swiss government stepped in and facilitated a full stock acquisition of Credit Suisse by UBS Group on March 19, with a total acquisition amount of $3.25 billion. In addition, the government provided potential loss guarantees of CHF 9 billion for the merger. As one of Switzerland's two largest banks, UBS stated that after this historic merger, it will still focus on growth in the Americas and Asia-Pacific regions, while reducing the investment banking arm of Credit Suisse.

3. US Regulator Sues Crypto Exchange Binance and Boss Changpeng Zhao​

Binance and its chief executive, Changpeng Zhao, are being sued in the US by commodity market regulators in a complaint that claims the defendants committed "wilful evasion of US law".

The move is the most significant US enforcement action yet against the world’s largest cryptocurrency exchange.

4. Listen to the Article: How to Balance Potential and Concern? A Crypto Trading Experiment Involving GPT4 Tells You More

The AI community has seen rapid growth, never before, from the end of 2022 to the beginning of 2023. First, there was the game-changing ChatGPT, followed by Bard, Bing Bot, and more. These new techs continue to emerge, including AI image generators such as Stable Diffusion and Midjourney, something that many artists are worrying about being replaced by them soon.

Recently, the development rate of AI has shown exponential growth, and the competition in chatbot in particular has become more intense. For example, Github launched Copilot, an automatic code-writing tool, and Midjourney quietly released V5. Today, we are going to discuss the GPT-4 version released by OpenAI on March 14. This release has received widespread attention in the industry, not only because it can be applied to language understanding and generation, but also to automated writing and text editing. The question-and-answer and conversational capabilities of GPT-4 are also more precise and fluent than before, bringing more possibilities for the future development of artificial intelligence.

5. Institutional FX Trading Volume Continues Upward Trend, Rises in February 2023​

The trading volumes of leading institutional FX and ECN platforms in February 2023 have been revealed, generally showing an overall rise.

The report covers Average Daily Volume (ADV) of institutional FX trading volumes from six major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv and 360T, as shown in the chart below.

6. First Citizens Bank to Buy Large Chunk of Failed Silicon Valley Bank

First Citizens Bank & Trust Co will buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, just over two weeks after the biggest U.S. banking collapse since Lehman Brothers.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain "in receivership for disposition by the FDIC."

7. Saxo Australia Introduced Automated Investment Service SaxoSelect​

Saxo Australia, the Australian unit of Copenhagen-based multi-asset trading and investing platform Saxo, has introduced SaxoSelect, a fully digital and automated investment service.

The new offering lets investors have their their money managed by global investment management experts based on their preferred investment style, including Blackrock, Brown Advisory, MorningStar, Nasdaq and MacroFX.