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An Opaque $3.5b Business Gives Wall Street A Hangover

by bloomberg.com posted 1year ago 73 views
The implosion of a company with ties to South Africa’s wine country has caused a hangover for one of Wall Street’s most opaque businesses. When shares in Steinhoff International Holdings NV cratered in December, global investment banks lost more than $1 billion tied to so-called corporate equity derivatives. That’s equivalent to almost one-third of the revenue generated last year from such deals, which allow large clients to use shares to fund investments.

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