Archegos Capital Management, LP

Archegos Capital Management colapsó en marzo de 2021 cuando la caída de precios generó llamadas de margen que no pudo satisfacer. El evento institucional mayor fue una prueba de si los corredores principales globales podían gestionar la concentración y el apalancamiento de una contraparte opaca antes de una liquidación desordenada. Los veredictos penales establecieron delitos de fraude y manipulación del mercado por parte de Bill Hwang y Patrick Halligan.

Archegos Capital Management failed in March 2021 when falling share prices produced margin calls it could not meet. That description is accurate but incomplete. The larger institutional event was a test of whether global prime brokers could aggregate an opaque counterparty's leverage, challenge its representations, convert concentration into risk-sensitive collateral, and escalate persistent limit breaches before a disorderly liquidation made every dealer's decision dependent on every other dealer's speed. Criminal verdicts later established fraud and market-manipulation offenses by Archegos founder Bill Hwang and fraud offenses by chief financial officer Patrick Halligan. Civil complaints,