Australian investors have gone on a buying spree, with trades in US banks up 932 per cent on one trading platform.
, with trading volumes linked to American banks up as much as 932 per cent on trading platform Superhero.
which claims to have 220,000 traders. The two-year-old platform has been dubbed Australia’s answer to America’s Robinhood.Superhero also reported Credit Suisse was the 13th most traded company last week, followed by US banks Charles Schwab and JPMorgan. It follows a horror 10 days for the international banking sector, which started when Silicon Valley Bank collapsed after suffering a run on deposits, then Signature Bank collapsing two days later.In Europe, investment banking giant UBS was forced to absorb rival Credit Suisse at a 60 per cent discount on Mondayafter Credit Suisse found “material weaknesses” in its financial reporting, triggering a share price rout.
“We saw clear interest in US banking stocks, with investors buying exposure to US banks including First Republic and Bank of America. The buy/sell ratio with customers tells a clear story, with the news being viewed as an opportunity to purchase stock in banking companies at a potential discount.
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