Silicon Valley Bank closed

SVB works with literally like half of all US VC-backed startups, If they find they've lost any significant portion of their funding then we're going to see a large wave of western start-ups wiped off by SVB collapsing.They are a huge lender and banker for several of the largest VCs in the world, and now that money is gone. Will send shockwaves through the financial sector. Large multi-billion dollar funds will have to withdraw cash from other banks to cover debt owed now to the FDIC. There is almost no way this is the only bank to fail.

legend101 wrote:

SVB works with literally like half of all US VC-backed startups, If they find they've lost any significant portion of their funding then we're going to see a large wave of western start-ups wiped off by SVB collapsing.They are a huge lender and banker for several of the largest VCs in the world, and now that money is gone. Will send shockwaves through the financial sector. Large multi-billion dollar funds will have to withdraw cash from other banks to cover debt owed now to the FDIC. There is almost no way this is the only bank to fail.

Any idea about the impact of this on investments done via INDMoney and Vested, which uses Alpaca and DriveWealth as their US brokers ?

BlueFlash wrote:
Any idea about the impact of this on investments done via INDMoney and Vested, which uses Alpaca and DriveWealth as their US brokers ?

.

legend101 wrote:
Yeah drive wealth is a goner too. Your investment should be safe as they are held with the depository and not the broker. But you will still need a broker to sell them. So either sell if you can or wait till they find a new broker

In US, the broker only keeps the shares, not depository like here in India... not sure about the technical terms, but it's different from India as far as I know...
Anyways, I am a bit worried, have a relatively good portion of my overall investments in US ETFs via them... will wait for the time being as my goal was for long term...

BlueFlash wrote:
Any idea about the impact of this on investments done via INDMoney and Vested, which uses Alpaca and DriveWealth as their US brokers ?

Nothing will happen to your holdings. Jpow is a legend, keep an eye on him

BlueFlash wrote:
In US, the broker only keeps the shares, not depository like here in India... not sure about the technical terms, but it's different from India as far as I know...
Anyways, I am a bit worried, have a relatively good portion of my overall investments in US ETFs via them... will wait for the time being as my goal was for long term...

Ignore that, drivewealth is safe, i misread the article

So less interaction on this major topic..Might be no one knows about it...

Banks are the building blocks of the economy and if they collapse people will lose trust and eventually sell in panic and regulators will have to take stern steps

Pretty much irked by all this and don't know how Indian market will take this...one thing is for sure...selling selling selling coming 😌

FDIC Information for Silicon Valley Bank, Santa Clara, CA

On Friday, March 10, 2023, Silicon Valley Bank, Santa Clara, CA was closed by the California Department of Financial Protection & Innovation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

MrKool_JJ wrote:

So less interaction on this major topic..Might be no one knows about it...

Banks are the building blocks of the economy and if they collapse people will lose trust and eventually sell in panic and regulators will have to take stern steps

Pretty much irked by all this and don't know how Indian market will take this...one thing is for sure...selling selling selling coming 😌

FDIC Information for Silicon Valley Bank, Santa Clara, CA

On Friday, March 10, 2023, Silicon Valley Bank, Santa Clara, CA was closed by the California Department of Financial Protection & Innovation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

And their depositors are going to get insurance amount on Monday Morning... That is within 1 working day.

dhinchakrohit wrote:
And their depositors are going to get insurance amount on Monday Morning... That is within 1 working day.

That's US
This is going to have a bad impact on us for sure
Hope we don't bleed too much

MrKool_JJ wrote:
That's US
This is going to have a bad impact on us for sure
Hope we don't bleed too much

Bad impact how?

dhinchakrohit wrote:
Bad impact how?

Already sb laal laal hai