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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

FACEBOOK

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Real-time Quote. Real-time Cboe BZX - 09/20 04:58:07 pm
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Swiss welcome scrutiny in handling Libra cyrptocurrency - watchdog

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09/12/2019 | 01:59am EDT
FILE PHOTO: Libra logo in illustration picture

ZURICH (Reuters) - Switzerland welcomes international scrutiny of the way it oversees the Facebook-led Libra cryptocurrency project and is ready to work with other countries to ensure seamless supervision, the top Swiss financial watchdog said.

Facebook, the world's largest social media network, announced plans in June to launch the new digital currency, but Geneva-based Libra has come under fire from regulators who fear it could destabilise the global financial system.

The Libra Association said on Wednesday it planned to apply to become a Swiss-licensed payments system, casting the spotlight on how the Swiss Financial market Supervisory Authority (FINMA) handles the matter.

FINMA head Mark Branson told the Neue Zuercher Zeitung paper he was ready for the challenge.

"If a financial centre has ambitions, it must be able to live with attention," he said in an interview published on Thursday, noting the Swiss embrace of fintech put it in a good place to handle such innovative and ambitious projects.

It was ready to work with other countries taking a keen interest in Libra, as visits from top-level U.S. officials and warnings from the Group of Seven advanced economies have shown.

"A project of such a global dimension can be addressed only via international coordination and consultation with other supervisors and regulators," Branson said. "It is illusory to believe a single country can regulate and oversee a project like Libra on its own. The supervision of (big Swiss banks) UBS or Credit Suisse also does not take place in complete isolation."

Much concern about Libra and other cryptocurrencies centres on the potential of abuse for laundering money or financing crime.

"Our approach aims to regulate the crypto world in terms of money laundering the same as the conventional financial world. Our requirements here are among the strictest worldwide," Branson said.

"At the same time, new technologies can also bring benefits in the fight against money laundering, for example if traceability of transactions becomes fully available. So there are risks and opportunities."

Branson insisted that the Libra project did not choose Switzerland as its base after a "beauty contest" to see where it might face the lightest regulatory touch.

"Our first contact with the initiators took place after the decision for Switzerland had already been made and communicated. That's positive," he said.

(Reporting by Michael Shields; Editing by Simon Cameron-Moore)

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.27% 12.865 Delayed Quote.19.44%
FACEBOOK -0.11% 189.93 Delayed Quote.44.89%
UBS GROUP -0.65% 11.425 Delayed Quote.-6.01%
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Financials (USD)
Sales 2019 70 251 M
EBIT 2019 24 007 M
Net income 2019 17 666 M
Finance 2019 51 849 M
Yield 2019 -
P/E ratio 2019 31,0x
P/E ratio 2020 20,1x
EV / Sales2019 6,98x
EV / Sales2020 5,55x
Capitalization 542 B
Chart FACEBOOK
Duration : Period :
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Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Average target price 231,80  $
Last Close Price 189,93  $
Spread / Highest target 39,5%
Spread / Average Target 22,0%
Spread / Lowest Target -36,8%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK44.89%542 460
TWITTER49.37%33 108
MATCH GROUP INC83.96%22 265
LINE CORP9.04%8 884
SINA CORP-20.66%3 031
GREE,INC.17.99%1 070