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DIA313.98-5.55 -1.74%
IXIC13,119.43-478.54 -3.52%

Fitch Rtgs: US Financial Institutions Face Second Order Effects from GameStop Volatility

· 02/04/2021 16:46
Fitch Rtgs: US Financial Institutions Face Second Order Effects from GameStop Volatility

(The following statement was released by the rating agency)

Fitch Ratings-New York/Chicago-04 February 2021: U.S. financial institutions appear to have effectively managed the recent significant share price volatility in GameStop and other stocks experiencing heavy retail trading volume, with no rating actions as a result thus far. However, these new market dynamics, including social media’s ability to increase retail investors’ impact on price discovery (particularly for small capitalization or thinly-traded equities), could have longer-term implications for financial institutions in terms of regulation, market structure, risk management, political and reputational risks and overall financial stability, Fitch Ratings says. Since a small group of stocks began exhibiting extreme price volatility last month, U.S. banks, clearinghouses, securities firms, and retail brokers, have been implementing risk management adjustments to mitigate counterparty risk, including raising margin requirements and restricting more complex option strategies such as naked call writing that can result in material unsecured margin exposure to retail brokers. Financial institutions are sensitive to bouts of severe market volatility, which can be exacerbated by margin calls, other leveraged trades and residual effects on market confidence. Potential contagion risks could stem from the interconnectivity between the bank and non-bank sectors amid the continued migration of certain activities out of the banking sector since the global financial crisis (GFC). Fitch expects limited rating implications for clearinghouses given strong risk management frameworks including intraday margining, ability to adjust collateral requirements, mutualized guaranty funds and ongoing counterparty monitoring. Clearing members are mainly the largest banks and brokers, with little direct retail exposure. However, increased retail trading in commodities, such as silver, could increase price volatility and raise margin requirements from derivatives clearinghouses, such as CME Group (‘AA-’/ROS) or Intercontinental Exchange. The broad introduction of central clearing in the equities and derivatives space post-GFC strengthened systemic resilience. Counterparty defaults during the pandemic-driven stress in 2020 were limited to a few relatively small players and Fitch-rated financial institutions exhibited fairly stable credit performance. However, decisive actions from major central banks were a meaningful contributor to the stability, particularly in the face of liquidity strains on banks and other clearing members as a result of elevated margin calls from clearinghouses.