U.S. Stocks on the Move | Swiss lawmakers vote in favor of raising capital requirements; UBS (UBS.US) falls more than 5% over two days.

Zhito Finance APP has learned that on Wednesday, UBS (UBS.US) continued its decline, falling nearly 2% as of press time, with a two-day drop of more than 5%. On the news front, UBS Group suffered a setback as Swiss lawmakers voted by a clear margin in favor of a plan that could ultimately force the global wealth management giant to hold billions of dollars in additional capital. The plan stipulates that the bank must back 90% of the value of its foreign subsidiaries with its highest-quality capital, namely CET1. Although this standard is lower than the 100% backing requirement pushed by the government, it also deviates from a compromise plan favored by UBS that makes extensive use of convertible bonds.