The Federal Reserve Board on Friday reiterated its supervisory expectations for large banks' risk management with investment funds. The supervisory message follows a review by the Board of the default and failure of Archegos Capital Management, a concentrated and leveraged fund. The message describes the Board's existing expectations for large banks' counterparty credit risk management and margin practices, as well as existing practices that do not meet supervisory expectations, and identifies ways to mitigate those practices. Regardless of the type of client, banks are expected to undertake proper due diligence with ... (full story)