As a result of the huge sales launched by financial intermediaries due to the ARChegos Investment Fund, global banks lost large losses resulting in sharp declines on shares of some Chinese and American companies.
According to Arab Net, the Archego Fund was established for Wealth Management in 2001 by Bill Hwang.
HWANG has been transformed into a family fund in 2013 after accusing it by illegal trading by internal information.
He expressed a deal with the authorities HWang admitted to the charges and paid a fine reached $ 60 million.
At the end of last week, exposed centers of the Fund have exceeded $ 20 billion to a hectic sales started last Friday and have not stopped.
The main indicators in Wall Street opened a decline in Monday after an increase in the previous session. International banks said they face possible losses because of the default fund payment of requests for margin coverage.
The Dow Jones industrial has climbed 14.7 points equivalent to 0.04% to 33087.55, and opened the Standard & Poor's 500 index fell 5.2 points or 0.13% to 3969.31 points, Nasdaq compounded 34.8 points or 0.26% to 13103.971 points.
In the last minutes of last Friday transactions, US financial markets were a date with a surprise of a heavy caliber with US-based stock operations for a number of major giant giant Chinese technology and the American Viacomcbs operating in the media.
It was not specifically known from the huge liquefaction operations caused by losses of $ 35 billion and not even the reasons paid to do.
However, a news report of the Bloomberg newspaper was transferred from sources that did not say that the massive liquidation of the market was behind the famous investor and one of the former Bill Hunge fund managers, which was condemned by manipulating the US capital by using internal information and achieving gains in 2018 .
Hang is called the title of the Tiger Cub or Tiger Cub in reference to his work in Tiger Management Fund with the famous legendary investor and the title with Wal-Wall Street Julian Robertson.
