For options traders, betting that shares of Signature Bank and SVB Financial would plummet was the easy part. Trying to cash out has been harder.
Photo illustration: Madeline MarshallFor options traders, betting that shares of Signature Bank and SVB Financial Group would plummet was the easy part. Trying to cash out has been harder—and, for many, unexpectedly costly.
and were taken over by regulators, which essentially wiped out the value of their shares. That is an outcome that should be good news for investors owning puts, options that confer the right to sell shares at a stated price by a certain date.
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Bank collapse: First Citizens Bank buys Silicon Valley BankAll SVB customers will automatically become customers of First Citizens Bank.
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Silicon Valley Bank has a buyerFounded in 1983, SVB became the go-to bank and financial services partner of technology startups.
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Top Bank Regulators to Face Senate Questions Over SVB, Signature CollapsesThree top U.S. officials are likely to face pointed questions from senators on Tuesday about their oversight of Silicon Valley Bank and Signature Bank
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Senate holds its first hearing into SVB and Signature Bank failuresThe Banking Committee is set to hear from three key regulators Tuesday after the collapse of Silicon Valley Bank and resulting turbulence in the financial sector.
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US regulators to face sharp questions from Congress over bank collapsesLawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday.
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US regulators face sharp questions from Congress over bank collapsesLawmakers demanded details from top U.S. bank regulators on the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank during testimony on Tuesday.
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