US Stock Market Moves | Swiss lawmakers vote to support higher capital requirements, UBS (UBS.US) drops over 5% in two days

According to Zhihui Finance APP, on Wednesday, UBS (UBS.US) continued its decline, falling nearly 2% at the time of publication, with a drop of over 5% in two days. On the news front, UBS Group faced a setback as Swiss lawmakers voted by a clear majority to support a proposal that could eventually force the global wealth management giant to hold several billion dollars in additional capital. The proposal stipulates that the bank must provide capital backing for 90% of the value of its overseas subsidiaries with its highest quality capital (i.e., CET1). Although this standard is lower than the 100% backing requirement promoted by the government, it also deviates from a compromise plan favored by UBS that would have made extensive use of convertible bonds.